Sensex, Nifty end with marginal gains in volatile stock market session, Dr Reddy’s falls 5% – blogwspace.com

Sensex, Nifty end with marginal gains in volatile stock market session, Dr Reddy’s falls 5%

Benchmark stock market indices closed the trading session with marginal gains as the sentiment amongst investors remained positive despite weakness in global markets.

The S&P BSE Sensex rose 102.93 points to 69,928.53 at the closing bell, while the NSE Nifty 50 rose 27.70 points to settle at 20,997.10. The broader market indices also ended the day on a positive note despite higher volatility.

All the Nifty sectoral indices gained despite Pharma, which fell nearly 0.8 per cent after Dr Reddy’s Laboratories shares tanked sharply in early trade. Nifty Metal and Nifty Media were the top gainers, both rising above 1 per cent.

The top five gainers on the Nifty 50 were Ultratech Cement, UPL, Adani Enterprises, Nestle India and Power Grid. On the other hand, the top losers were Dr Reddy’s Laboratories, Axis Bank, Cipla, Eicher Motors and M&M. Dr Reddy’s was the top loser on the 50-share index, down 5 per cent at closing, after its Bachupally unit received three observations from the US Food and Drug Administration (FDA).

Mandar Bhojane, research analyst at Choice Broking, said, “On December 11, the benchmark indices experienced volatility but ultimately closed higher, with the Nifty reaching approximately 21,000. The Sensex concluded the session with a gain of 102.93 points or 0.15 percent at 69,928.53, while the Nifty was up 27.70 points or 0.13 percent, settling at 20,997.10.”

“The daily chart indicates that Nifty is consolidating within the range of 20,850 to 21,000. Overall, Nifty is maintaining a strong bullish trend with support levels at 20,850 and 20,800. Positional traders are advised to hold Nifty with a stop loss at 20,850,” he noted.

“The index has a support zone around 20,850-20,800. Looking at the Open Interest (OI) data, the highest OI on the call side is observed at 21,100, followed by 21,500 strike prices. On the put side, the highest OI is at the 20,900 strike price,” Bhojane added.

Published By:

Koustav Das

Published On:

Dec 11, 2023

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