Taking Stock: Sensex Inches Closer To 62,000, Nifty Crosses 18,500 Supported By Metal, Banks
On the BSE, the metal index rose 4.3 percent, while power and IT indices up 2 percent each. Some selling was seen in healthcare stocks... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 73,738.45 | 89.83 | +0.12% |
| Nifty 50 | 22,368.00 | 31.60 | +0.14% |
| Nifty Bank | 47,970.45 | 45.55 | +0.10% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Grasim | 2,370.15 | 89.60 | +3.93% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Sun Pharma | 1,484.65 | -55.45 | -3.60% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Midcap 100 | 49614.80 | 518.40 | +1.06% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 18463.75 | -179.25 | -0.96% |
Indian markets started on a positive note despite weak Asian market cues which traded lower as data showed China’s economy grew less than expected in the third quarter. During the afternoon session markets continued to trade firm amid sustained buying across the board.
The sentiment was buoyant with the early data showed Indian economy bouncing back strongly, domestic consumption increasing and industrial production is likely at pre-COVID level. On the sectoral front, shares of metal companies were in focus on rising base metal prices amid higher demand expectations.
Market started the week on a buoyant note and gained nearly a percent, tracking supportive global cues. After the gap up start, the benchmark hovered in a range till the end however movement on the stock-specific front kept the participants busy till the end.
In absence of any major event, earnings will remain in focus and we have a long list of index majors announcing their results this week. And, participants will be closely eyeing the management commentaries for the future growth outlook. Apart from this, global cues would also be on investors' radar. We reiterate our bullish view on the market and suggest using intermediate dips to add quality stocks.
Investors seem to be cheering the strong earnings numbers from technology giants as absence of any negative news has been markets to new highs. After a strong rally on daily charts last week, the index has formed a Doji Star kind of formation which suggests a temporary overbought situation. However, the short-term trend is still positive.
We are of the view that due to overbought formation the bulls may take a caution stance near the 18600-18650 resistance level. For day traders, 18400 could be the trend decider level. Above the same, the uptrend formation will continue up to 18600-18650 levels. On the flip side, below 18400, a technical sell off up to 18350-18275 is not ruled out. The intraday texture shows markets in an overbought zone, hence level based trading would be the ideal strategy for day traders.
Indian Benchmark Indices rose for the seventh consecutive session and closed at record high levels today. Strong buying is seen in Metal, Bank and IT stocks while some profit booking is witnessed in media stocks. Today most of the banking stocks had a good run after strong numbers posted by HDFC Bank.
On the technical front, benchmark indices witnessed continuous positive trend after sustaining well above 18,400 levels. According to our technical analysis, this positive momentum might continue till 18,500 levels in coming sessions. Immediate support for Nifty 50 is 18,300.
After a long weekend, the Index opened on a gap-up note and made a new life-time high at 18543.15 levels and showed strength through the session and closed the session at 18477.05 level with a gain of 138.50 points. Bank nifty also showed strength and closed the session at 39684.80 levels with a gain of 343.90 points.
On the sectoral front, the metal index is up 4 percent, while power, oil & gas, IT, energy and PSU Bank indices are up 1-2 percent each. While Nifty Pharma, Media & Consumption ended in red.
On the technical front, the Index has been trading with higher high & higher bottom formation which suggest strength for the upside. A daily momentum indicator RSI and MACD both have shown positive crossover on the daily chart which adds more bullishness to the price.
Furthermore, the price has also moved above the upper “Bollinger Band” formation, which suggests the bullish movement will continue further in the near term.
On an hourly chart, the index has been trading above 21 & 50 HMA, which adds bullish momentum to the index. At present, the index has been trading at uncharted territory with immediate support at 18,250 level, while sustained above 18,400 levels can show 18,600-18,700 levels in near term.
The market witnessed the continuation of positive trend, and an attempt to hold 18500. Research suggests that if the market sustains above the level of 18500, expect to continue the positive momentum, leading to an upside projection till 18600 level.
The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening the short-term bullish outlook.
The domestic market traded at record highs withstanding the weak trends in the global market due to disappointing Chinese GDP numbers and global inflationary pressure as a result of energy shortage.
Chinese GDP grew by just 4.9% during the July-September quarter owing to lower than expected growth in industrial activity. However, the trend in the Indian market was bullish as PSU Banks, Metals, IT and Energy stocks took charge of the rally.
Metals & PSU Banks led the Sensex closer to the 62K mark today even as we saw mixed trends in other sectoral indices with profit-taking observed in few over-owned names.
Robust home sales witnessed in several cities during the September quarter do indicate a multiplier effect in several sectors as the earnings season is underway ahead of the Festive season. The broader markets remained buoyant with the Small & Midcap indices showing robust activity today.
: Benchmark indices ended higher in the seventh consecutive session on October 18 led by the metal, PSU bank and power stocks.
At close, the Sensex was up 459.64 points or 0.75% at 61,765.59, and the Nifty was up 138.50 points or 0.76% at 18,477. About 1677 shares have advanced, 1563 shares declined, and 127 shares are unchanged.
Hindalco Industries, Infosys, Tech Mahindra, JSW Steel and Tata Steel were among major gainers on the Nifty. Losers included HCL Technologies, M&M, Asian Paints, Britannia Industries and Dr Reddy’s Laboratories.
Except pharma, all other sectoral indices ended in the green with Metal, Power and PSU Bank indices added 2-4 percent.
The broader indices BSE midcap and smallcap added nearly a percent each.
Hyderabad-based Penna Cement Industries has received approval of capital markets regulator Securities and Exchange Board of India (Sebi) to go ahead with its Rs 1,550-crore initial public offering (IPO).
The IPO includes a fresh issue of Rs 1,300 crore and an offer for sale of up to Rs 250 crore by its promoter PR Cement Holdings. Currently, P R Cement Holdings holds a 33.41% stake in the company.
Good morning#Inflation concerns are again visible in #markets
— Mohamed A. El-Erian (@elerianm) October 18, 2021
Overnight moves include a notable, across-the-board surge in yields--this as #oil prices continue to migrate higher, and more people question the #Fed's (and some other #CentralBanks') "transitory" narrative.#economy pic.twitter.com/7BH2RGPda9
The company has raised Rs 1,000 crore by allotment of 10,000 Rated, Listed, Secured, Redeemable, Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each on private placement basis.
The said NCDs will be listed on the Wholesale Debt Market segment of BSE Limited.
At 15:16 hrs Adani Ports and Special Economic Zone was quoting at Rs 810.65, down Rs 1.25, or 0.15 percent.
