NEW DELHI: The stock market on Tuesday belied all fears and ended with a smile as state election results gave the ruling BJP the much-needed breather.
Early on, selling picked up as RBI Governor's resignation created a flutter and a sense of disquiet.
Global cues improved after reports that the US and China discussed a road map for the next round of trade talks.
All sectors were in the midst of a selloff, with the benchmark Sensex plunging over 500 points. But it recouped all the losses in the second half by settling up 190 points, or 0.54 per cent, at 35,150. The Nifty shut shop with a gain of 61 points, or 0.58 per cent, at 10,549.
Midcaps and smallcap beat the Sensex, with gains of 1.54 per cent each.
We run you through the highlights of today's session:
Rs 1.50 lakh crore added
Tuesday's gains meant over Rs 1.50 lakh crore were added cumulatively to the valuation of BSE listed firms. Total market capitalisation of BSE companies jumped to Rs 1,39,43,347.55 crore, from Rs 1,37,92,970.08 crore on Monday.
Sensex movers & shakers
YES Bank, with a gain of 7.29 per cent, led the pack of Sensex gainers. It was followed by Sun Pharma, Asian Paints, State Bank of India, Axis Bank and ITC. On the flip side, Hero MotoCorp, falling by 1.58 per cent, finished the day as the top loser. Bharti Airtel, HDFC Bank, ICICI Bank and Adani Ports were among the top losers of the Sensex. Out of 31 stocks (including Tata Motors DVR) on the index, 20 ended with gains and 11 suffered losses.
Oil & gas lone sectoral loser
BSE Oil & Gas was the only sector in the red, with a loss of 0.21 per cent, because of losses in HPCL, Indian Oil Corporation and BPCL. Gains in ONGC, Reliance Industries, Castrol India and GAIL capped the fall of the index.
Consumer durables shines
The BSE Consumer Durables index jumped 2.60 per cent, which saw Rajesh Exports fall 0.03 per cent. Symphony, TTK Prestige, VIP Industries, Voltas and Titan Company emerged as the top winners, in that order.
Kotak Bank, Bosch above 200-DMA
NIIT Technologies, Kotak Mahindra Bank, Bosch, Power Finance Corporation, Biocon, Mawana Sugars, GlaxoSmithKline Pharmaceuticals and HeidelbergCement India featured among stocks that witnessed positive breakouts and traded above their 200-DMAs. However, Mahamaya Steel, NRB Industrial, JB Chemicals and Bedmutha Industries industries appeared in the list of stocks that traded below their 200-DMAs.
Potential upside for 76 stocks
Momentum indicator moving average convergence divergence, or MACD, showed bullish crossovers on 76 counters, including YES Bank, Biocon, Glenmark Pharma, NIIT Technologies, TVS Motor, PVR, Bosch and Creative Casting, on the BSE. However, HDFC Bank, BPCL, IL&FS Investment Managers and Simplex Infrastructures, featured among the 66 stocks that showed bearish crossovers.
Overbought & oversold stocks
Momentum oscillator Relative Strength Index, or RSI, showed 58 stocks in the oversold zone on BSE. Among the stocks that remained in the oversold zone were IL&FS Transportation, Natco Economicals, Alchemist, Rama Paper Mills, Punj Lloyd and Arvind. Meanwhile, 21 stocks, including Maestros Electronics, Orient Tradelink, Promact Impex, Econo Trade (India) and Colorchips New Media, featured in the overbought zone.
Spurt in OI
Colgate Palmolive (India), at 24.96 per cent, led the pack of stocks that witnessed the biggest spurt in open interest on the NSE. It was followed by Cholamandalam Investment (24.84 per cent), Torrent Power (17.87 per cent), State Bank of India (17.10 per cent) and Siemens (16.83 per cent).
Nifty makes Strong Bullish candle
The bulls made a strong comeback in the second half as the Nifty formed a Strong Bullish candle on the daily chart. But to maintain the bullish trend, the NSE barometer needs to sustain above 10,333, say analysts. "To retain the bullish bias, the Nifty50 needs to sustain above 10,333 and a breach of this shall resume the downswing with initial targets of 10,191,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.
264 stocks hit 52-week lows
As many as 264 stocks hit 52-week lows on the BSE. Among the stocks that plumbed 52-week lows were Amara Raja Batteries, Asahi India Glass, Bajaj Corp, Hindustan Copper, Indiabulls Real Estate, Vodafone Idea, BHEL, ONGC, NBCC, SAIL, NTPC, Tata Motors and Sun Pharma. On the other hand, 19 stocks, including Generic Pharmasec, Gujarat Poly Electronics, A Infrastructure and Virgo Global, hit 52-week highs.