Sensex, Nifty close higher for tenth session; Bajaj twins, SBI Life top gainers

Market indices turned positive in the last hour of trade and ended higher for the tenth straight session on Wednesday. After a volatile trading session, ...

Market indices turned positive in the last hour of trade and ended higher for the tenth straight session on Wednesday. After a volatile trading session, Sensex closed 169 points higher at 40,794 and Nifty was up 36 points at 11,971. During the 10 days of straight gains, Sensex has risen 2,814 points from 37,980, while Nifty has gained 745 points from 11,226 since Sept 30, 2020.

Domestic indices earlier opened in red, although gained later in the session, tracking cues from overseas. Yesterday, Sensex ended 31 points higher at 40,625 and Nifty rose 3 points to 11,934. In economic news, the wholesale inflation for September month is set to release today.

Tata Steel, Bharti Airtel, HCL Tech, Asian Paints and Bajaj Auto were among the top laggards today. On the other hand, ONGC, followed by NTPC, PowerGrid, UltraTech Cement, ITC, HDFC Bank, ICICI Bank and HDFC were among the top gainers. Barring IT, pharma and auto, all the indices closed bullish today, with banking, financials and realty index up 1% each.

Vinod Nair, Head of Research at Geojit Financial Services said, “Banking stocks are displaying a positive change-in-trend in expectation of a favourable judgement on interest waiver, ending the conflicting saga of the moratorium which has heavily impacted the performance of the finance sector. A supportive judgement from the Supreme Court and continuity of the good Q2 result will help India to add more traction.”

Ajit Mishra, VP – Research, Religare Broking said, “Markets ended the modest gains amid volatility. Initially, the benchmark indices opened in red on the back of unsupportive global cues. Besides, the news of IMF lowering its growth forecast for India for the second time in four months was also weighing on the sentiment. However, a sudden surge mainly in the banking and financial counters changed the tone and helped Nifty to pare all its losses and close near 11,970 levels. On the flip side IT, Oil & Gas and Power traded subdued. The rebound is on the expected lines and we expect further surge ahead. Participants should keep a close watch on earnings announcements as well as global markets for cues.”

Commenting on Nifty’s technical indicators, Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,”The Index was able to get past its resistance levels of 11950-11975. This should allow the Nifty to move towards 12100. The support of 11800 has been respected which is an added confirmation that the trend continues to remain bullish.”

On the currency front, the Indian rupee opened at 73.39 against the US dollar and finally settled for the day at 73.31 against the greenback, rising 4 paise over its previous close of 73.35.

Overseas, Asian equities were trading mixed tracking overnight fall in US markets as investors awaited Chinese President’s speech. Investors sentiment was hit after select drug-makers faced setbacks in vaccine trials of COVID-19. Wall Street closed lower after four days of gain as investors digested the latest news on US stimulus and reacted to Q2 corporate earnings.

European markets slipped today as investors reacted to the first batch of earnings in the US and recent Chinese economic data.

Renewed questions over a COVID-19 vaccine, faded hopes of coronavirus relief package in the US and rising coronavirus cases kept equity markets bearish today.  Worldwide, there were 383 lakh confirmed cases and 10.9 lakh deaths from COVID-19 outbreak. India’s COVID-19 caseload breached the 72-lakh mark and the death toll from COVID-19 infections rose to 11 lakh, as of today.

Gold price trades above Rs 50K mark, silver rates at Rs 60,700

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COVID-19 | India

October 21, 2020 8:44 pm

Confirmed cases

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