Sensex closes at 82,133 after 2,000 pts rally from day low

Mumbai (The Uttam Hindu): The Indian stock market closed in the green on Friday, with sharp gains in heavyweights like Bharti Airtel, ITC, HUL, and Kotak Mahindra Bank. At Closing, Sensex was up 843.16 points or 1.04 per cent, at 82,133.12 and Nifty was up 219.89 points or 0.89 per cent, at 24,768.30.

During the session, BSE's benchmark made an intra-day high of 82,213 after recovering from a low of 80,082. According to the experts, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, an expectation of an increase in the US spending is propelling the IT sector."

Midcap and smallcap stocks underperformed compared to largcaps. Nifty midcap 100 index closed at 58,991, down 30 points or 0.05 per cent. and the Nifty smallcap 100 index closed at 19,407, down 59 points or 0.30 per cent. In the Sensex pack, Bharti Airtel, ITC, Kotak Mahindra Bank, HUL, Titan Company, UltraTech Cement, HCL Tech, Power Grid, and Nestle were top gainers. Tata Steel, IndusInd Bank, JSW Steel, and Bajaj Finserv were the top losers. Among the sectoral indices, Auto, IT, financial service, FMCG, energy and Infra were top contributors. PSU Bank, pharma, metal, realty and media were top laggards.

Rupak De, Senior Technical Analyst, LKP Securities said, "The equity market in India witnessed a roller-coaster session on the day of the Sensex weekly expiry. On the lower end, the Nifty found support around the neckline of the inverse head-and-shoulders pattern, completing a retest before rallying towards higher levels. Today's low also coincides with the 38.2 per cent retracement level of the previous rally." "Going forward, the trend is likely to remain strong, with the potential to reach 25,000 and higher in the short term. On the lower end, support is placed at 24,550," he added.