Stock Market Today: Bank Stocks Help Nifty, Sensex To Record Best Sessions In Six Weeks
Share prices of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., State Bank Of India, and Tata Steel Ltd. contributed the most to the gains.
KEY HIGHLIGHTS
US Futures Rise Ahead Of US Elections
As of 3:30 p.m., the Dow Jones Industrial Average future rose 0.09% to 41,996.00, and the S&P 500 future rose 0.16% to 5,752.00. The Nasdaq 100 future was 0.30% to 20,145.75.
Events, Economic Data Due Later Tuesday
US: Presidential Elections
US: Congressional Elections
US: Trade Balance
US: Final Services PMI
US: 10-year Bond Auction
Bank Stocks Help Nifty, Sensex To Record Best Sessions In Six Weeks: Closing Bell
A rise in the shares of banks helped the benchmark equity indices of India to recover during the last two hours of session and record their best sessions since Sept. 20 as global markets await US elections outcome.
Intraday, both Nifty and Sensex fell as much as 0.6% each. Nifty ended 0.91% or 217.95 points higher at 24213.30 and Sensex ended 0.88% or 694.39 points higher at 79476.63.
Investors now look forward to US election outcome due tonight. According to Shrisha Acharya, vice-president at Anand Rathi Global Finance the Trump card, coupled with potential Republican control, could shoot higher yields due to anticipated increases in deficit spending, inflation risks, and potential tax cuts
On the other hand, Acharya said Harris’ rise has been met with a stock market rally glued on expectations of economic stability and controlled inflation, with more predictable fiscal policy likely to help in a soft landing. "In any case, a contested election, which remains probable, could extend market uncertainty, magnifying volatility across the equity and bond market until the winner stands tall," Acharya said.
"Nifty 50 has formed a Piercing Candlestick pattern coupled with a positive divergence in the RSI and 150DMA support." said Aditya Gaggar, director of Progressive Shares. "As indicated yesterday also, level of 23,800 will serve as immediate support while on the higher side, and the resistance level is shifted higher to 24,370."
Share prices of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., State Bank Of India, and Tata Steel Ltd. contributed the most to the gains.
While those of Infosys Ltd., ITC Ltd., Trent Ltd., Coal India Ltd., and Adani Ports & Special Economic Zone Ltd capped the upside.
Most sectoral indices ended higher with Nifty Metal rising the most tracking China stimulus.
Market breadth was skewed in favour of buyers. Around 2,472 stocks advanced, 1,478 stocks declined, and 108 stocks remained unchanged on BSE.
Broader markets underperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.48% and 0.41% higher, respectively.
Out of 21 sectors complied by BSE, 16 sectors advanced and five declined. The BSE Metal rose the most, while the BSE Services declined the most.
Rupee Closes Flat Against Dollar
Rupee closed flat at 84.109 against the US dollar.
It closed at 84.114 on Monday.
Source: Bloomberg
Markets At Close
Nifty and Sensex recovered in last two hours to record their best sessions since Sept. 20
Nifty ended 0.91% or 217.95 points higher at 24213.30
Sensex ends 0.88% or 694.39 points higher at 79476.63
Intraday, both Nifty and Sensex fell as much as 0.6% each
Broader indices underperformed with Nifty Smallcap 250 ending 0.6% higher and Nifty Midcap 100 ended 0.5% up
Most sectoral indices rose. Nifty Metal rose the most and Nifty FMCG was top loser
JSW Steel and Bajaj Auto were top Nifty gainers
Coal India and Adani Ports fell the most
