Sensex Surges 350 pts, Nifty Ends Above 17,300; Ruchi Soya Rallies 16%

Key benchmark indices ended Tuesday’s session on a positive note.  At Close, the Sensex was up 350.16 points or 0.61 per cent at 57,943.65, and the Nifty was up 103.30 points or 0.60 per cent at 17,325.30. About 1307 shares have advanced, 1917 shares declined, and 89 shares are unchanged.

Adani Ports, Eicher Motors, Divis Labs, Bharti Airtel, JSW Steel, HDFC, SBI Life, Ultratech Cement, Cipla, and Shree Cement were the top gainers in the large-cap space, up between 2 per cent and 4.6 per cent. On the downside, Hero MotoCorp, ONGC, Coal India, Indian Oil Corporation, PowerGrid, ITC, and Maruti Suzuki dropped the most, falling between 1 per cent and 6.6 per cent.

Individually, shares of Hero MotoCorp cracked over 6 per cent after reports suggested that the Income Tax Department has found that Hero MotoCorp made more than Rs 1,000 crore bogus expenses and over Rs 100- crore cash transactions for a farmhouse in Chhattarpur, Delhi.

The broader BSE MidCap and SmallCap indices, too, rose in-tandem with their large-cap peers, advancing 0.6 per each.

Adani Power was the biggest MidCap winner as the shares closed over 14 per cent higher. In 6 days, the stock of the Adani Group company has jumped nearly 441 per cent as against a half a per cent rise in the Sensex index during the period.

Ruchi Soya was another top gainer, settling 15 per cent up, after the company clarified that the SMSes pertaining to investments in its follow-on public offering (FPO) have not been issued by the company or its promoters.

On the contrary, JSW Energy, Emami, IDBI Capital, Future Consumer, and Future Supply Chain Solutions were the worst hit.

Sectorally, the Nifty Media index dipped over 1 per cent, followed by the Nifty PSU Bank index, down 0.7 per cent. The Nifty Pharma index added 1.5 per cent, and the Nifty Financial Services gained 1 per cent.

Rupak De, Senior Technical Analyst at LKP Securities, said: “Nifty ended the session just below the resistance of 17,330. The benchmark index witnessed a recovery following a hammer candle on the daily chart. Going forward, 17,330 may continue to act as the point of polarity. A decisive move beyond 17,330 may induce a strong rally in the market. On the lower end, support is visible at 17,200”