Indian benchmark indices — Sensex and Nifty — resumed their winning run after a one-day hiatus on Monday, October 27. Hopes of a US-China trade deal and the possibility of a rate cut announcement by the American central bank bolstered the stock market bulls in trade today.
Today’s rally once again raised the possibility of a fresh all-time high in upcoming sessions.
Sensex closed the day at 84,778.84, up 567 points or 0.67%, while the Nifty 50 settled the session 171 points or 0.66% at 25,966.05. The indices have now gained in seven out of the last eight trading sessions.
10 key highlights from Indian stock market
Here are 10 key highlights from the Indian stock market:
1. Why did Sensex, Nifty rise today?
Vinod Nair, Head of Research, Geojit Investments Limited, said the domestic market witnessed a broad-based recovery owing to progress in the US-China trade talks.
“Softer-than-expected US CPI data renewed expectations of a FED rate cut this week, boosting investor confidence. Easing global headwinds, coupled with strong domestic reforms, provided cues for domestic earnings growth and justified the current premium valuations,” said Nair.
2. Top Nifty 50 gainers
Thirty-nine Nifty 50 stocks surged in trade on Monday. Grasim gained 3.22% while SBI Life jumped 3.16%. Bharti Airtel, SBI and RIL were among other gainers, rising over 2% each.
3. Top Nifty 50 losers today
Eleven Nifty stocks closed in the red today. Kotak Mahindra Bank, down 1.72%, declined the most. It was trailed by BEL, Bajaj Finance, Adani Enterprises and ONGC.
4. Sectoral watch — 9 indices end higher
Barring Nifty Media and Nifty Pharma, all indices closed in the green today. Nifty PSU Bank surged the most at 2.22% while the Private Bank index added 1.46%.
5. Most active stocks
Vodafone Idea was the most active stock in volume terms. The stock gained traction in trade today, rising 4%, after the Supreme Court allowed the centre to reconsider the company’s ₹5,606 crore AGR dues. As per NSE data, 323.75 crore shares of Vodafone Idea changed hands.
YES Bank (8.12 crore), Arihant Capital (7.79 shares), South Indian Bank (6.47 crore) and Tata Gold (6.45 crore) were among the other most active stocks on NSE.
6. 10 stocks surge over 10%
Hatsun Agro, PSP Projects, Essar Shipping, and Fabtech were among the top gainers on NSE today, rising between 10-20%.
7. 89 stocks hit 52-week highs
Eighty-nine stocks hit 52-week highs in trade today, with AB Capital, Bank of Baroda, Bharti Airtel, and Vodafone Idea among the top stocks that achieved this feat.
8. 57 stocks decline to 52-week lows
Fifty-seven NSE stocks touched 52-week lows today. Apollo Pipes, Jaro Institute, Miswest and Spencer’s Retail hit their one-year lows in today’s trading session.
9. Advance-decline ratio at 1:1
The advance-decline ratio was largely 1:1. On the BSE, 2,178 stocks gained while 2,114 stocks declined in trade.
10. Nifty technical view
Rupak De, Senior Technical Analyst at LKP Securities, said, “The Nifty started on a strong note and remained mostly sideways throughout the day ahead of the NSE F&O expiry. Sentiment continues to remain strong as the index sustains above the breakout point. The current setup looks favourable for a further rally in the index, with dips likely to be bought into. On the lower end, support is placed at 25,700, below which weakness might emerge. On the higher end, resistance is seen at 26,000; a decisive move or close above this level could trigger a rally towards 26,500 in the short term.”
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
