Sensex, Nifty gain momentum after weak start; Adani Enterprises jumps over 5%

By Koustav DasBenchmark stock market indices gained momentum after opening flat on Monday, signalling the investors remain bullish despite last week’s minor blip.

The S&P BSE Sensex was up 224.27 points to 61,953.95 at 9:47 am, while the NSE Nifty 50 climbed to 18,285.10 after rising 82.35 points. Broader market indices also traded in positive territory in early trade.

Most of the major sectoral indices gained except banks and financial services. Nifty IT was the top gainer, up nearly 1 per cent.

Adani Enterprises was the top stock on the Nifty 50, up 5.5 per cent. The development comes after an expert committee appointed by the Supreme Court said in its report that there was no “regulatory failure” on price manipulation charges.

Among other stocks that gained were Adani Ports, Divi’s Laboratories, Power Grid, Bajaj Auto and NTPC. On the other hand, the top drags on the 50-share index were IndusInd Bank, UPL, Hindalco, Eicher Motors and Nestle India.

Domestic markets have been on a good run so far this year, especially the last few weeks due to strong Q4 earnings by companies. Positive macroeconomic data and sustained buying by foreign institutional investors has also lifted the mood on Dalal Street.

Deven Mehata, research analyst at Choice Broking, said, “The charts indicate that the Nifty may get support at 18,150, followed by 18,100 and 18,050. If the index advances, 18,275 would be the initial key resistance level to watch out for, followed by 18,320 and 18,400.”

“A market rebound from major support levels signals bullishness, and we may expect the market to continue rising. Positional traders can purchase declines with suitable SL near the crucial support noted at 18,050 levels,” he added.