Indian equities continued their upward trend for the second day, with Nifty and Sensex both registering gains of over 1.5%. Bank Nifty also saw an increase of nearly 2%, led by gains in HDFC Bank, ICICI Bank, SBI and Axis Bank. This surge can be attributed to the positive sentiment post the state election results, which have been deemed as highly positive for the market. Analysts predict that the rally may continue for a few more days, driven by short covering and bullish momentum. Meanwhile, Asian markets also traded in the green as the US Treasury secretary selection caused a downward movement in the dollar and bond yields.
Zerodha co-founder and CEO Nithin Kamath shared a humorous mock obituary for Bank Nifty Weekly contracts on social media. The post, created by one of his old trader friends, announced the "passing" of Bank Nifty Weekly and mentioned its struggles with regulation. The post has since gone viral, with many traders reminiscing about their experiences with this contract.
Despite initial signs of recovery, the Indian stock market faced a decline in early trade on Monday due to persistent foreign fund outflows, IT stock sell-offs, and weak cues from US markets. The downward trend was reflected in both the Sensex and Nifty, with major companies like Infosys, Tech Mahindra, and Tata Consultancy Services among the major losers. The rupee also saw a slight recovery against the US dollar, but foreign investors continued to pull out funds from the Indian equity market, adding to the ongoing sell-off.
Zee Business Managing Editor Anil Singhvi has shared his thoughts on the support and buy zones for the Nifty50 and Nifty Bank indexes in the upcoming trading session. He expects a support level to emerge for the Nifty50 at 23,675-23,800 and for the Nifty Bank at 50,800-51,000, while a strong buy zone is predicted at 23,500-23,625 for Nifty50 and 50,200-50,375 for Nifty Bank. The sentiment for the market is currently negative, with FII and global trends being negative and DII showing a positive stance. However, the F&O trend remains neutral and the Nifty put-call ratio has decreased. The volatility index, India VIX, has also increased.
In the midst of the festive season, auto companies in India saw a significant uptick in their stock prices on Friday as October sales data was released. The Nifty Auto index recorded a 1.5% intraday jump, led by major players like Mahindra & Mahindra, Eicher Motors, and Tata Motors. M&M in particular had a record-breaking month, with the highest ever monthly SUV sales. Other companies like Royal Enfield and Hyundai Motor India also saw impressive numbers, providing relief from previous concerns about sluggish demand in the industry.
The stock market kicked off the new Samvat Year 2081 with a strong start as the BSE Sensex rose nearly 448 points in a special Muhurat trading session. This increase was attributed to widespread buying by investors, with all of the index's constituents trading in the green. The 50-issue Nifty also saw a significant rise, with 47 of its constituents ending in the green. Major contributors to the Sensex's gains were Mahindra & Mahindra, Adani Ports, and Tata Motors.
In a session marked by selling pressure in financial, auto, and FMCG shares, the Nifty50 and Sensex closed lower, with the Sensex down 0.3% and Nifty50 down 0.1%. The market saw only brief moves above the flatline, with the Nifty50 moving within the 24,900-25,000 range. The top losers in the Nifty50 basket included M&M, ICICI Bank, Cipla, Adani Enterprises, and Maruti Suzuki, while top gainers included Trent, Hindalco, HCLTech, Tech Mahindra, ONGC, and JSW Steel. Despite the overall weak market trend, midcap and smallcap shares bucked the trend, with gains of 0.5% each in the Nifty Midcap and Nifty Smallcap indices. Keep up with the latest stock market updates and all other business news on Zeebiz.com.
On October 17, 2024, Wipro announced a 21% increase in net profit for the September quarter and a bonus share issue in proportion of 1:1, marking the company's first bonus share issuance since 2019. This is the 14th time Wipro has issued bonus shares, solidifying its position as the most frequent issuer of bonus shares among Nifty and Non-Nifty constituents. Shareholders can expect to receive their bonus shares on December 15, 2024.
Zee Business Managing Editor Anil Singhvi predicts that the Nifty50 index will receive support at 25,000-25,150 levels and may see a strong buy zone at 24,750-24,925 levels on Friday. Similarly, for Nifty Bank, he expects support at 51,125-51,275 levels and a strong buy zone at 50,375-50,575 levels. However, global sentiment remains negative, while FII and Nifty put-call ratio show a decline in long positions and a neutral trend, respectively. On the other hand, DII and Nifty Bank PCR suggest a positive sentiment.
Amidst a relentless sell-off and escalating geo-political crisis, Indian equities made a strong comeback today, with Nifty rising nearly 200 points from its day's low. The gains were driven by buying in IT and PSU bank stocks, with the overall market sentiment being boosted by multiple factors such as positive global cues and resilience in the IT sector. However, concerns about ongoing growth and geopolitical issues could still cause volatility in the IT and related sectors. Additionally, OMC stocks are also in focus due to spiked crude oil prices, and Bank of Baroda gained over 4 per cent on Citi's buy call. Stay updated with the latest Business news, Stock Market updates, tax estimates, and personal finance tips by following Zee Business on Twitter, Facebook, and YouTube.