Sensex soars 1,534 points; Nifty tops 16,250; Dr Reddy’s surges 8%, RIL 6%

After a one-day hiatus, bulls were back on Dalal Street, tracking global gains, as another volatile trading week comes to a close. The S&P BSE Sensex jumped 1,534 points, or 2.91 per cent, to end at 54,326, while the Nifty50 shut shop at 16,266, up 457 points or 2.89 per cent.

Gains were across the board with all 30 Sensex constituents, and 48 of the 50 Nifty constituents closing the day in the green zone. Dr Reddy’s Labs, JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each.

On the downside, only UPL and Shree Cement were in the red, down up to 0.8 per cent.

In the broader market, the BSE MidCap and Smallcap indices added 2 per cent each. Sectorally, the Nifty Metal index advanced over 4 per cent as China announced to pump a whopping $5.3 trillion into its economy this year as Covid outbreaks and lockdowns crush activity.

Besides, all other indices added upwards of 2 per cent each.

Dr Reddy’s saw the sharpest intra-day rally since Sept 2020 as the stock surged 8%. Earlier, on September 18, 2020, it zoomed 14 per cent in intra-day, and ended 10 per cent higher on the BSE.

Shares of Welspun Corp hit a 52-week high on Rs 5,000 crore order win. The stock of iron and steel products maker surpassed its previous high of Rs 222 that it had touched on April 22, 2022. The trading volumes on the counter jumped over 10-fold as around 21 million equity shares changed hands on the NSE and BSE.

The newly listed, Prudent Corporate fell 6% below its issue price despite a decent listing. The stock hit an intra-day low of Rs 594.25, down 6 per cent from its issue price.

Shares of CPCL hit over four-year high as the price zoomed 164% in 7 weeks on strong earnings. In Q4FY22, CPCL reported four-fold jump in its consolidated net profit at Rs 1,002 crore as against Rs 242 crore in Q4FY21.

Here are some picks from the week gone by.