The Indian equity benchmarks gained for second straight session on Monday led by gains HDFC, Infosys, Kotak Mahindra Bank, Bajaj Finserv, Titan and Bajaj Finance. The benchmarks edged lower in opening deals but staged a strong recovery in afternoon trading with Sensex rising as much as 819 points from the day’s lowest level and Nifty 50 index touching high of 18,079.85 after hitting an intraday low of 17,836.The Sensex ended 478 points higher at 60,546 and Nifty 50 index advanced 152 points to settle at 18,069.”The Nifty witnessed some swift recovery from the support levels and was able to breach an important resistance level of 18,000. If Nifty is able to sustain the level of 18,000, it can witness a positive momentum in the market which can lead to the higher levels near 18,250. The momentum indicators like RSI and MACD indicating positive momentum in the market,” said Vijay Dhanotiya, lead of technical research at CapitalVia Global Research.Eleven of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU Bank index’s over 2 per cent gain. Nifty Realty, metal, Media, IT, FMCG and Financial Services indexes also rose between 1-1.5 per cent.On the other hand, Nifty Bank, Private Bank, Pharma and Healthcare indices ended lower.Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index advanced 1.2 per cent and Nifty Smallcap 100 index rose 1 per cent.In the IPO market, Paytm’s Rs 18,300 crore share sale via IPO, which opened for subscription today, was subscribed 16 per cent by 3:40 pm.Titan was top Nifty gainer, the stock rose 4.5 per cent to close at Rs 2,542. Indian Oil, Bajaj Finserv, UltraTech Cement, Tech Mahindra, Kotak Mahindra Bank, Grasim Industries, Bharat Petroleum, HDFC, NTPC and Adani Ports also rose between 2.4-4.5 per cent.On the flipside, IndusInd Bank dropped 10.5 per cent to close at Rs 1,064 after a report suggested that whistleblowers raised issue of ever greening of loans at its arm Bharat Financial Inclusion Limited (BFIL). Whistleblowers including a group of senior employees at Bharat Financial Inclusion alerted the Reserve Bank of India and the board of IndusInd Bank about lapses in governance and accounting norms to allegedly ‘evergreen’ loans running into thousands of crores since the outbreak of Covid-19, The Economic Times newspaper reported on November 5. Meanwhile, IndusInd Bank has clarified that the allegations made by certain anonymous individuals purportedly acting as whistleblowers are grossly inaccurate and baseless.Divi’s Labs, Mahindra & Mahindra, State Bank of India, Hindalco, Asian Paints, Maruti Suzuki TCS and ICICI Bank were also among the losers.The overall market breadth was positive as 1,818 shares ended higher while 1,539 closed lower on the BSE.
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