Sensex Rallies Over 400 Points Led By Gains In Reliance Industries
NDTV
Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Auto index's nearly 1 per cent decline.
The Indian equity benchmarks recovered from early losses and extended gains in noon deals led by gains in index heavyweights like Reliance Industries, Infosys, ITC, Kotak Mahindra Bank and HDFC Bank ahead of monthly expiry of November futures and option contracts. The Sensex rose as much as 664 points and Nifty 50 index touched an intraday high of 17,540.80 after hitting low of 17,351.70.
As of 1:23 pm, the Sensex was up 420 points at 58,761 and Nifty 50 index climbed 108 points to 17,523.
"Our research suggests that the levels of 16,700-17,000 may act as an important support level in the market. If the market sustains above the support of 16,700, we can expect it to trade in the range of 16,700-17,500," said Likhita, senior research analyst at Capitalvia Global Research.
Eight of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Auto index's nearly 1 per cent decline. Nifty Bank, Financial Services, Metal, PSU Bank and Private Bank indexes also fell around 0.5 per cent.
