NEW DELHI: Shrugging off weak global cues, the domestic equity market behaved decoupled from the rest of the world once again today as Sensex rallied 479 points to 57,626 and Nifty50 closed above 17,100 level.

Among Sensex stocks,

, , , and were the top gainers in today’s trading session, rising around 2-3.5 per cent. Cements, M&M , Nestle, and also settled higher. However, , Dr Reddy’s Labs, and ended the session with cuts.

Sectorally, Nifty Realty index was the top performer, rising 1.62 per cent. Nifty PSU Bank, FMCG, IT, private bank and auto indexes also ended with gains. Nifty Midcap50 and Smallcap50 surged 0.78 per cent and 0.87 per cent, respectively.

Vinod Nair, Head of Research at

said that “the domestic market was successful in overcoming the weak cues from global peers as it focused on quarterly earnings. The IT earnings season got off to a strong start, which improved the sector’s spirits.”

“In the midst of escalating geopolitical unrest and the prospect of a worldwide economic downturn as the IMF revised down its forecast for global growth, European markets continued to slide. At the same time, oil prices dropped due to sluggish demand amidst recession fears and tightening curbs in China, which was taken positively by the domestic market,” Nair added.

The market capitalization of all listed companies on BSE increased Rs 1.56 lakh crore to Rs 271.67. The market breadth was skewed in favor of bears. About 1,760 stocks declined, 1,681 gained and 130 remained unchanged.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said that “bears took a breather today as markets witnessed a relief rally after getting hammered in the past few sessions. However, the recovery doesn’t seem to be sustainable as multiple negative factors are at play.”

“Technically, the Nifty took support near the 200-day SMA and bounced back sharply. As long as the index is trading above the 17000 mark, the pullback formation is likely to continue. Above the same, the index may touch the level of 17,225-17,275. On the flip side, below 17,000, the index could slip till 16,900,” he added.

Earlier in Asian Market, Japan’s Nikkei 225 closed flat with negative bias, while South Korea’s Kospi surged 0.47 per cent and China’s Shanghai Composite rose 1.53 per cent.

The rupee closed at 82.31 against the US dollar, ending the day almost unchanged, while Brent crude December futures surged 0.32 per cent to $94.59 per barrel.

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By Dipak

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