Sensex surges over 750 points; HDFC twins & ICICI Bank contribute most to Sensex gains

Market Update at 3:00 PM: Sensex is up by more than 750 points during the closing hour of today's session even as European markets opened on a mixed note.  

HDFC twins and ICICI Bank put together are seen contributing most to Sensex gains on Monday.  

L&T, Bharti Airtel, and Nestle are the top losers on Sensex in today's trade.  

Except for BSE Telecom index, all other sectoral indices are trading in green. 

Bankex is the top sectoral gainer, up by more than 3 per cent on an intraday basis.  

Adani Group stocks are seen outperforming on bourses with Adani Enterprises and Adani Green inching higher by more than 5 per cent each while Adani Transmission gained 4.8 per cent.  

Balkrishna Industries is the top mid-cap gainer while Cheviot Company is the top small-cap gainer on bourses.  

The mid-cap and small-cap indices are both trading in line with the frontline indices while Sensex is up by nearly 1.5 per cent.  

BSE Metal and BSE Realty are trading in green at the time of the closing hour, trading up by more than 1 per cent each.  

Market Update at 12:30 PM:Sensex builds on its morning session gains and is trading up by more than 500 points in the afternoon session.  

SBI is the leading the way for the banks by being the top Sensex gainer, rising up by more than 5 per cent. IndusInd Bank, ICICI Bank and Bajaj twins are dominating Sensex gains even as L&T, Bharti Airtel and Sun Pharma dragged.  

Small-cap and mid-cap indices gained in line with the frontline indices. Stocks such as HFCL, Medicamen Biotech, Quick Heal, Balkrishna Industries, Birla Corporation, Praj Industries, Lakshmi Machine Works and Muthoot finance zoomed in today's trading session.  

Bankex is the top sectoral gainer, up by nearly 3 per cent even as BSE Metal, BSE Oil & Gas and BSE Consumer Durables plunged.  

Market Update at 10:25 AM: Sensex gained by more than 400 points on the first day of the week, taking cues from global markets. Sensex, now, is decisively trading above the 49,000 mark.  

IndusInd Bank emerged as the top Sensex gainer during Monday's morning session with gains of more than 3.5 per cent, followed by Bajaj Finserv, which is also up by more than 3 per cent.

ICICI Bank, SBI Bank, Bajaj Finance, HDFC Bank and Kotak Mahindra Bank are trading in green thereby, helping markets gain more than 400 points in today's session.  

BSE Small-cap index is outperforming Sensex with gains in excess of one per cent with Hester Biosciences being the top-performing small-cap gainer, followed by Quick Heal and Dalmia Sugar, which are up by more than 12 per cent each.  

Meanwhile, BSE Mid-cap index is performing in line with Sensex. Adani Enterprises, Godrej Agro and Muthoot Finance are the top-performing mid-caps in the morning session.  

Barring telecom, metal & consumer durables indices, all the other sectoral indices are trading in green with Bankex being the top sectoral gainer.  

In the week gone by, Nifty witnessed a scintillating start, and it was quite close to reclaiming its important psychological mark of 15,000. However, the gap-down in the subsequent session threw cold showers on the dream of bulls to achieve this landmark. Meanwhile, in the remaining part of the week, the bears continued to dominate as Nifty continued its sequence of lower high & lower low formation. As a result, Nifty ended the week with a loss of about 1 per cent. The broader indices too witnessed selling pressure in the latter part of the week.   

Nifty closed below the 14,700 mark while on the weekly chart, it formed a bearish candle; however, on the weekly time scale, the index didn’t register a lower low and also, could not cross the level of 15,044, which was the high of the weekend of April 30.   

On the weekly chart, Nifty has taken support at its 20-week MA, which currently stands at 14,621 while a decisive move below this level could intensify selling pressure in the index, which eventually might head towards the levels of 14,440-14,400 in the near term.   

On the daily chart, Nifty has breached its upward rising trendline, along with this the -DMI is above the +DMI. The  trajectory of -DMI is upwards and it’s nearing its previous swing high level while at the same time, the +DMI is nearing the support level of 25. Now, if the -DMI crosses above its previous swing high, it would mean that the bearish phase would get wind behind its back, while on other hand, if the -DMI fails to cross above its previous swing high and +DMI takes support at 25 & trends higher, it would mean that the bears have gained their strength back and it may again try to attempt to test the higher-end of the consolidation range of 14,950-15,050.   

Overall, the market is stuck in a range and as long as it does not move out of this range, trading in the index would be quite tricky for the trend traders. Hence, stock-specific opportunities should be favoured.   

Securities in ban for May 17 are: BHEL, Cadila Healthcare, Canara Bank, PNB, SAIL, and Sun TV.