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Sensex Jumps 149 Pts; Nifty Ends Near 18k

The Sensex and Nifty recovered from their day's lows backed by buying in Banking, Metal and FMCG stocks in the closing trade. Shares of Public sector banks surged the most among all other sectors in the market.

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Sensex and Nifty witnessed a small recovery after gyrating between gains and losses for most of the trading session on Tuesday, October 12. The Sensex ended the day's session at 60,248.31, up 148.53 points, while the Nifty-50 added 46.00 points to close at 17,991.95.

Late buying in Banking counters, mainly in the Public sector banks helped the markets to turn green in the closing trade on Tuesday. In another development, the country's drug regulator has approved vaccination for children aged 2-18 years, the move also further developed a strong sentiment across the country, said experts.

Overall in the 30-share pack Sensex, 17 shares advanced, while 13 ended in the red. Titan Company bagged the top gainer of the index as the stock surged over five per cent in the intraday session, while those of SBI, Bajaj Finserv, Nestle, and Bajaj Auto gained 2-3 per cent each. However, on the flipside, IT stocks continued to drag as HCL Tech dipped over three per cent, while Tech Mahindra and TCS fell a per cent each in the day's trade.

Except for the IT sector, all other sectors closed in the green. The Nifty PSU Bank was the top gainer among others as the index jumped over three per cent backed by shares of Indian Bank(+9.60 per cent) and Canara Bank(+5.89 per cent). Nifty FMCG and Metal also closed higher by a per cent each in the day's trade on Tuesday.

The upside in the markets will further continue as every small correction is being recovered which defines the strong sentiment among investors, experts said. However, higher commodity prices are leading to fears of inflation across the globe and the forein markets are trading on the sidelines, any further negatives around that corner can lead to a negative movement in the home too, experts added.

Moving ahead, experts tracking the technical factors are of a view that if the Nifty-50 index manages to sustain above 18,000 we can witness higher levels in the coming days.

Ashish Biswas, Head of Technical Research, CapitalVia Global Research, said, "If the market is able to sustain the level of 18000, we can witness higher levels of 18250."

In the overall market breadth today, around 1664 shares advanced, 1483 shares declined, and 115 shares were unchanged.


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