Markets post smart recovery; Tata Global shimmers

Shares of Tata Global & Tata Chemicals soared higher on account of its consumer business deal.

May 16, 2019 10:05 IST India Infoline News Service

Indian equity markets witnessed a sharp recovery in the second half of the trade with both Nifty and Bank Nifty gaining ~1% at the close.

Nifty midcap index underperformed the benchmark index as the majority of buying was seen in the largecap names like Bajaj Finance, Infosys & Kotak Bank, all closing around their intraday high levels.

Shares of Tata Global & Tata Chemicals soared higher on account of its consumer business deal.

Zee Entertainment gained ~7% in the trade on account of heavy short covering.

Market breadth ended in the favour of the declines with advance/decline ratio closing at 1:1x.

Bank Nifty futures closed marginally below 29000 level, gaining ~1% on account of short covering marked by a reduction in the open positions.
 
On the options front (May 23, 2019 expiry), Bank Nifty options are starting with low open interest base with marginal build-up of long positions seen in at-the-money and out-of-the money call option strikes.

India VIS closed at 28.4, down ~1%.
 
Top 2 F&O Gainers: Tata Global & Tata Chemicals
Top 2 F&O Losers:  Indigo & Idea
Nifty +100 @11,257
Bank Nifty +238 @28,855

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