Stock Market Closing Updates: Sensex, Nifty Up

The stock market staged a spectacular recovery after a sluggish start. The Nifty rallied 107.60 points or 1.4 percent at 7962.65, just one point short of its 2016 closing high. The Sensex was up 328.37 points or 1.3 percent at 26007.30 as banks and largecaps supported the rally.

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Gautam Shah, Associate Director & Technical Analyst at JM Financial feels the recent market rally witnessed over the last few weeks has cemented the base for a bull market in the long-term.

Level of 7750–7800 is a strong support zone as well as a good buying opportunity, Shah said, adding that Nifty could bounce back to 8100–8150 levels. Shah expects Nifty to touch 8650–8700 by year-end.

Auto, banks, IT and metal stocks zoomed 1–2 percent. Hindalco and Tata Steel were up 3–5 percent each.

Meanwhile, major losers in the Sensex were Adani Ports, Hero MotoCorp, Dr Reddy’s Labs, Reliance and Bajaj Auto.