Closing market podcast for April 24, 2018

The bulls managed to hold on to momentum despite muted global cues in the morning to push the Nifty50 index back above 10600 levels for the first time since 5th February 2018 and formed a bullish candle on the daily candlestick charts on Tuesday.

The index flirted with 10600 levels on more than one occasion in the recent past but Tuesday’s sessions was a mark of strength from bulls. But, for the rally to gain momentum, the Nifty50 has to close above 10630 levels.

The Nifty50 closed 29.65 points higher at 10,614.35 while the S&P BSE Sensex ended 165 points higher at 34,616. There was plenty of momentum in individual stocks as nearly 100 stocks on the BSE rose to fresh 52-week highs.

Stocks which rose to a fresh 52-week high on the BSE include names like Lakshmi Machine, VST Tillers, Lux Industries, IndusInd Bank, Shriram Transport Finance, Steel Strips, Zydus Wellness, and Kotak Mahindra Bank among others.

Sectorally, the S&P BSE Energy index rose 2.3 per cent, followed by the S&P BSE oil & gas index which gained 1.5 per cent, and the S&P BSE Capital Goods index ended 0.65 per cent higher.

On the losing front, the S&P BSE Metal index slipped 1.8 percent, followed by the S&P BSE IT index which dropped by 1.69 per cent, and the S&P BSE power index closed 0.3 per cent lower.

The S&P BSE midcap index closed flat while the S&P BSE Smallcap index closed 0.13 per cent lower. The market breadth was in favour of declines as advance-decline ratio stood at 3:4.

Top Sensex gainers include names like RIL (3.7 per cent), followed by Yes Bank (up 3.3 per cent), M&M (up 1.9 per cent), ICICI Bank (up 1.6 per cent).

Top Sensex losers: Infosys (down 2.4 per cent), Tata Steel (down 1.2 per cent), TCS (down 0.8 per cent), and SBI (down 0.87 per cent).