Sensex jumps over 500 points, Nifty trades near 19,150; JK Tyre zooms 12%; Gujarat Mineral down 10%

Indian equity benchmarks rose sharply in Thursday's early trade, led by gains across all sectors. The 30-share BSE Sensex pack rose 527 points or 0.83 per cent to trade at 64,118, while the NSE Nifty moved 156 points or 0.82 per cent up to trade at 19,145. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.90 per cent and small-cap gained 1.01 per cent.

On the global front, Asian markets advanced today, tracking an overnight rally in Wall Street indices. US Federal Reserve held policy rates steady in the 5.25-5.50 per cent range, with chair Jerome Powell saying that inflation had been coming down and pondering further rate hikes.

Back home, foreign institutional investors (FIIs) sold Rs 1,816.91 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,622.05 crore of stocks, exchange data showed.

All the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services and Nifty IT were outperforming the NSE platform by rising as much as 0.98 per cent, 1.02 per cent and 1.17 per cent, respectively.

On the stock-specific front, Britannia Industries was the top gainer in the Nifty pack as the stock jumped 3.14 per cent to trade at Rs 4,535.25. LTI Mindtree, Kotak Mahindra Bank, Apollo Hospitals and IndusInd Bank gained up to 2.28 per cent.

In contrast, Tata Steel and Hero MotoCorp were among the top laggards.

The overall market breadth was positive as 2,200 shares were advancing while 513 were declining on BSE.

On the 30-share BSE index, index heavyweights such as HDFC Bank, Reliance Industries, Infosys and ICICI Bank were among the top gainers.

Also, JK Tyre & Industries Ltd, SPARC, Arvind, Cressanda Solutions and REC surged up to 11.70 per cent. On the flipside, Gujarat Mineral Development Corporation Ltd, HIL, Greenpanel Industries, Syrma SGS Technology and RattanIndia Power slipped up to 9.56 per cent.

Nifty outlook

"The anticipated dip to 18940 was timed out yesterday, but not before stretching as far as 18,974. Towards this end, the decline from the 19,250 could be deemed complete, encouraging us to look for a break of 19,250 to climb on to the 19,420 trajectory. Alternatively, inability to push above 19,120 or inability to float above 19,030 after initial bounce, could signal weakening of the recovery push, and threaten a revisit of 18,940 or a plunge to 18,600. This though is less favoured today," said Anand James, Chief Market Strategist at Geojit Financial Services.

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