Stock Market: Unyielding bulls help Nifty gain grounds with pre-festive rally signs

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By S Jha

New Delhi, September 27: Nifty staged a recover of over 150 points, shrugging off the naysayers amid hectic buying in select scrips, while the pahrma sector buzzed during the day on Wednesday. Bank Nifty recovered over 300 points, with Axis Bank and Punjab National Bank leading the show in the index.

Nifty’s crucial level of 19600 was breached in the early hours of the trade, with the bears taking the index down to almost 19560 level. But the bulls did not yield the ground, and they rode the heavyweights to stage a strong comeback in the market.

The index recovery was helped by the heavyweight Reliance Industries, which bounced from the low level, while taking support from the lower range of trading in the scrip. Larsen and Toubro, which as per chartists, had given a breakout a week ago also helped the index by gaining strongly to almost touch the level of Rs 3000, a first for the scrip.

Amid the geo-strategic play with the focus on data localisation, Map My India trended up on Wednesday, gaining over seven per cent. India is also likely to promote the indigenous mapping, on the lines of China. Map My India has consolidated for a long time after listing on the bourses.

The power sector has been buzzing for a few months on the bourses, and Power Finance and Rural Electrification were buzzing on Wednesday, with each gaining strongly. Power Finance almost crossed its 52-week high, which is seen as a strong technical indicator. Both the scrips have outperformed the market in the recent months.

Dixon Technology continued its stellar show in the market by almost coming close to the level of Rs 5300. The scrip is buzzing ever since the government announced the intent to ban import of laptop, tablets in a bid to promote local manufacturing.

Ahead of the festive season, Maruti, the largest automaker of India, once more showed strength, coming almost close to the level of Rs 10700. The scrip as per chartists has given a breakout, with brokerages speaking favourably on the basis of the automaker bracing with inventory to meet the festive season demand.

The small and midcap pharma scrips were buzzing in the session after the likes of Sun Pharma, Cipla, Dr Reddy’s, Divi’s Laboratory from the large cap gave solid start to the sector on the bourses.

(Disclaimer: Please consult SEBI-certified consultants before making any investment decision)