Informist, Monday, Nov 6, 2023
By Neeshita Beura
MUMBAI – Benchmark indices ended higher for the third session tracking positive cues from the global markets, said analysts. The Indian equity market mirrored the US and Asian indices, which gained due to weak jobs data released by the US Labor Department on Friday.
"Markets are largely mirroring the rebound of the US markets and look set to test the hurdle at 19500 in Nifty (50)," said Ajit Mishra, senior vice president of technical research at Religare Broking.
US indices ended on a positive note on Friday and so did indices in Asia today after the US Treasury yield declined, due to weaker-than-expected US jobs data and a surge in unemployment. The data showed signs of cooling in the labour market and boosted hopes that the US Federal Reserve may be done with hiking interest rates this year.
Currently, over 90% of market participants believe the Fed will keep interest rates unchanged at 5.25-5.50% at its December meeting, according to the FedWatch Tool.
Today, Divi's Laboratories ended 4.7% higher as the top gainer on Nifty 50 despite it reporting a lower-than-expected net profit for the quarter ended September. The company's net profit for the September quarter declined 30% on year to 3.42 bln rupees in Jul-Sep, against the analyst's estimate of 4.30 bln rupees.
Shares of two-wheeler companies Hero MotoCorp and Eicher Motors ended 2.4% and 2.5% higher, respectively. The Federation of Automobile Dealers Associations today said it expects better sales of two-wheelers going forward.
Index heavyweights—ICICI Bank, HDFC Bank, Larsen and Toubro, and Reliance Industries--played a crucial role in pushing the benchmarks higher. Today, Nifty 50 and Sensex ended 0.9% higher at 19411.75 and 64958.69, respectively.
Amongst sectoral indices, excluding Nifty PSU Bank and Nifty Consumer Durables, all were up 0.3-1.4%.
"PSU banks have seen a phenomenal rally this year, there is some confidence that has gained intake in the market, while Bank of Baroda has not performed impressively and the market has kind of punished the stock," said Vyas. "People who were going gung-ho over PSU stocks have now normalised and trying to move out of the stocks and planning to shift to auto, pharma, and retail sectors."
The broader market also gained in tandem as mid- and small-cap indices ended 0.6-1.6% higher.
Going ahead, the sustenance of the positive momentum in global markets and improved participation in banking stocks will be critical, Mishra said.
* Of the Nifty 50 stocks, 44 rose and 6 fell
* Of the Sensex stocks, 26 rose and 4 fell
* On the BSE, 2,452 stocks rose, 1,336 fell, and 176 were unchanged
* Nifty Auto: Up 0.8%; Nifty Bank: Up 0.7%; Nifty PSU Bank: Down 1.1%
BSE NSE
Sensex: 64958.69, up 594.91 pts, or 0.9% Nifty 50: 19411.75, up 181.15 pts, or 0.9%
S&P BSE Sensitive Index Nifty 50
Lifetime High: 67927.23 (Sep 15, 2023) : Lifetime High: 20222.45 (Sep 15, 2023)
Record Close High: 67838.63 (Sep 15, 2023) : Record Close High: 20192.35 (Sep 15, 2023)
2023 1st day close: 61167.79 (Jan 2) : 2023 1st day close: 18197.45 (Jan 2)
2023 Closing High: 67838.63 (Sep 15, 2023) : 2023 Closing High: 20192.35 (Sep 15)
2023 Closing Low: 59288.35 (Feb 27) : 2023 Closing Low: 17311.80 (Oct 17)
2023 High (intraday): 67927.23 (Sep 15) : 2023 High (intraday): 20222.45 (Sep 15)
2023 Low (intraday): 58699.20 (Jan 30) : 2023 Low (intraday): 17098.55 (Jan 17)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 63284.19 (Dec 1) : 2022 Closing High: 18812.50 (Dec 1)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 63583.07 (Dec 1) : 2022 High (intraday): 18887.60 (Dec 1)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Maheswaran Parameswaran
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