Sensex surges on election results; auto, pharma and realty gain

Mumbai, Oct 8 : Indian equity benchmark closed on a positive note, on the back of election results which supported PSU stocks and brought optimism in the market.

At closing, Sensex was up 584 points or 0.72 per cent at 81,634 and Nifty was at 25,013, up 217 points or 0.88 per cent.

The market trend was positive in the session. On BSE, 3,020 shares closed in the green, 924 shares in the red and 101 shares closed without any change.

Due to sharp gain, the market cap of all companies listed on the Bombay Stock Exchange (BSE) increased by about Rs 7 lakh crore to Rs 459 lakh crore, which was earlier Rs 452 lakh crore.

In the Sensex pack, M&M, Reliance, HDFC Bank, L&T, SBI, NTPC, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Asian Paints, HCL Tech, Infosys and ICICI Bank were the top gainers. Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Tata Motors, Wipro, HUL and ITC were the top losers.

Buying was also seen in the midcap and smallcap. The Nifty midcap 100 index was at 58,535, up 1,235 points or 2.16 per cent, and the Nifty smallcap 100 index was at 18,617, up 374 points or 2.05 per cent.

Rupak De, Senior Technical Analyst, LKP Securities said: "The Nifty formed a bullish pattern on the daily timeframe, indicating rising optimism. Additionally, the index has moved above a critical moving average on the hourly time frame. The RSI has made a bullish crossover in the shorter timeframe, further supporting the positive outlook."

"In the near term, the index may move towards the 25,350–25,400 range. On the downside, support is placed at 24,850, and a break below this level could lead to weakness," De added.