Nifty Ends Above 16,600, Sensex Jumps 403 Points

Nifty and Sensex end in green with Nifty closing above 16,600 led by Metal, Pharma and Banking stocks.

At close, the Nifty was up 128.15 points or 0.78 per cent and the Sensex was up 403.19 points at 55,958.98. About 2067 shares have advanced, 969 shares declined and 122 shares remain unchanged.

On the Nifty 50 index, Bajaj Finserv (7.79 per cent), Adani Ports (4.06 per cent), Hindalco (3.44 per cent), Tata Steel (3.39 per cent) and Bajaj Finance (3.38 per cent) were the top gainers for the day, while Britannia (-1.40 per cent), Nestle (-1.20 per cent), HDFC (-1.13 per cent), Infosys (-1.03 per cent) and Asian Paints (-1.02 per cent) were the top losers for the day.

On the sectoral front, except Nifty IT and Nifty FMCG, all other sectoral indices ended in green.

The BSE Midcap and Smallcap indices gained 1.52 per cent and 1.69 per cent respectively.

Author’s View: It is going to be crucial for the short-term market scenario to sustain above the 16,600 level. Sustaining above 16,600, the market expects to gain momentum, leading to an upside projection till 16,700 level. Technical indicators suggest, a volatile movement in the market in a small range between 16,500-16,700.

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