80% of economy is now formal: SBI Report
GST collections for Oct at Rs 1.3 lakh cr
IndJets gets nod to provide internet in flights
Vi partners with startups for 5G trials
Power consumption rises 4.8% in October
And
India’s manufacturing PMI expands for 4th straight month
Let’s take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the week on a higher note as the benchmark indices posted strong gains after a three-day beatdown. Positive macro data boosted the sentiments at the beginning of the festive week. Markets digested the FII selling in October. The BSE barometer Sensex soared more than 830 points to settle a dozen points below 60,150. Its broader peer, Nifty50, settled at 17,930 as the NSE barometer zoomed about 260 points. Nifty is just 70 points shy of hitting the 18,000 mark once again. Broader markets ended higher as the BSE midcap index jumped 2 per cent, whereas the BSE smallcap index ended one per cent higher. Fear gauge India VIX eased over a per cent.
On BSE, IndusInd Bank led the gainers, zooming 8 per cent. It was followed by HCL Tech, Bharti Airtel and Tata Steel which gained 4 per cent each. Tech Mahindra, Dr Reddy’s Labs, SBI and Kotak Mahindra Bank rallied 3 per cent each. TCS, Sun Pharama, Ultratech Cement, Infosys, HDFC, Maruti Suzuki, L&T, ITC and HDFC Bank gained 2 per cent each.
Among the losers, M&M tanked most, declining 2 per cent. Bajaj Finserv, Nestle and Reliance were the only other counters which ended the day in red. Over 285 stocks hit upper circuit limits for the day and more than 205 stocks hit the lower circuit. About 65 stocks tested their 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What caused today’s rally?
2. Is the worst of the correction behind us and can we inch higher towards the year-end?
We also caught up with Nilesh Jain from Centrum Broking to decode the technical charts for you.
1. Nifty 50 moved towards 18,000 mark again. Can it cross 18,000 before Diwali?
2. What is your take on Nifty Bank?
Asian markets settled mostly higher for the day. Major European markets were trading with gains in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
