Market posted strong gains, most of Adani Group stocks recover
At close, the Sensex was up 1,961.32 points or 2.54% at 79,117.11, and the Nifty was up 557.35 points or 2.39% at 23,907.25.
Stocks face resistance at 5-month highs as prices rallied for the 5th week in a row on Monday and investors preferred to buy into beaten down blue chips rather than bet on shares that are already trading at fresh highs.
The Nifty rose 12 points to 8,833 points on the National Stock Exchange. This five-week rally has been the best since November 2014 and has wrong footed most traders and caught investors unawares.
Here are the major trading events of the day:
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* Telecom rivals Idea Cellular and Bharti Airtel led the gainers list with GAIL, Tata Steel and TCS making up the top five gainers on the Nifty. They were among 33 shares that gained on the Nifty.
* Hindalco, HDFC, Yes Bank, Bosch and Tech Mahindra lost 0.8-1.7 per cent and were among 15 losers on the Nifty.
* Jindal Steel & Power, Hindalco and Sun Pharma were the top traded shares by value.
* JP Associates, Jindal Steel & Power and Marksans Pharma were the most active shares by volume.
* The Nifty 100, 200 and 500 inched up in trade as bulls refused to let go of sentiment on Dalal Street. Gains on the small cap and mid cap benchmarks were on the higher side.
* The entire sectoral space was tinged with a mild shade of green. Strong gains were seen on metals and realty shares and mild upticks were observed on pharma and auto companies.
* The broader market remained in bull grip with 1,116 shares rising compared to just 460 that fell.
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