Stock Market: Sensex Rises 110 Points, Nifty at 19,300. Reliance Slips 1 Per Cent; Bank, Pharma Lead

Stock update: On the 30-share Sensex platform, Reliance, Nestle, HCL, Titan, ITC, Tata Motors, Airtel were among the losers. L&T, M&M, HDFC Bank, Sun Pharma, Maruti, Axis Bank emerged gainers

In the broader markets, the BSE MidCap and SmallCap indices added 0.6 per cent each.

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The two key equity benchmarks, Sensex and Nifty, on Monday closed in the green after a two-day losing run. The BSE Sensex closed at 64,996, up 110 points. On the other hand, the NSE Nifty ended up 40 points to 19,306.       

On the 30-share Sensex platform, Reliance, Nestle, HCL, Titan, ITC, Tata Motors, Airtel were among the losers. On the flipside, L&T, M&M, HDFC Bank, Sun Pharma, Maruti, Axis Bank emerged gainers.

Reliance Chairman Mukesh Ambani in the 46th Annual General Meeting (AGM) unfolded plans for Reliance Retail, Jio Financial Services, and Reliance Jio. Shares of the company ended as the top large-cap laggards amid profit booking. Shares of Reliance sank 1.4 per cent, those of Jio Financial Services fell 0.97 per cent.

In the broader markets, the BSE MidCap and SmallCap indices added 0.6 per cent each.

Among sectors, the Nifty IT and FMCG indices were the only losers, falling 0.46 per cent and 0.23 per cent, respectively. On the upside, the Nifty Bank, Auto, Pharma, and Realty indices added between 0.6 per cent and 0.9 per cent.

In the previous session, the S&P BSE Sensex closed the day with a loss of 366 points at 64,887, while NSE Nifty 50 ended 121 points lower at 19,266.

"The highly anticipated Jackson Hole meeting didn't bring much surprise, as the Fed chair expressed satisfaction with the progress of policy measures and reiterated its commitment to managing inflation within target bounds. This has raised expectations of a rate hike during the November Fed meeting. Global markets traded positively, led by Asian peers, as China's measures to support the property sector boosted sentiment. Domestically, all major sectors, along with mid and small caps, remained positive, except for the IT sector, which faced concerns related to potential rate hikes," said Vinod Nair, Head of Research at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended with gains. European markets were trading in the green. The US markets ended in the positive territory on Friday.

Global oil benchmark Brent crude climbed 0.37 per cent to $84.79 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,638.21 crore on Friday, according to exchange data.

Meanwhile, the rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices. Forex traders said the Indian rupee witnessed modest gains on Monday on positive domestic equities. However, rising US dollars and recovery in crude oil prices capped sharp gains.

At the interbank foreign exchange, the domestic unit opened at 82.58 and finally settled for the day at 82.63 against the American currency. During the day, the rupee witnessed an intra-day high of 82.52 and a low of 82.65 against the greenback. On Friday, the rupee declined by 8 paise to settle at 82.64 against the US dollar.

Meanwhile, the rupee consolidated in a narrow range and settled for the day higher by 1 paisa at 82.63 against the US dollar, as the support from positive domestic equities was negated by rising American currency and recovery in crude oil prices. Forex traders said the Indian rupee witnessed modest gains on Monday on positive domestic equities. However, rising US dollars and recovery in crude oil prices capped sharp gains.

At the interbank foreign exchange, the domestic unit opened at 82.58 and finally settled for the day at 82.63 against the American currency. During the day, the rupee witnessed an intra-day high of 82.52 and a low of 82.65 against the greenback.