Informist, Monday, Oct 31, 2022
By Apoorva Choubey
MUMBAI – Strength in global markets and optimism that demand in the Indian economy remains resilient drove domestic equities higher today, propelling the Sensex to its highest closing level in nine months.
The widespread hope that the US Federal Reserve will hint at less aggressive interest rate hikes in the world’s largest economy underpinned gains in global equities today. The Fed will meet on Nov 1-2 for a review of its monetary policy.
The Nifty 50 and Sensex ended above their key resistance levels of 18000 and 60000 points, respectively, as automobile, banking and information technology stocks gained traction.
The 50-stock benchmark closed 225.4 points or 1.3% higher at 18012.10 points, a near two-month high, and the Sensex closed 786.84 points or 1.3% higher at 60746.59.
With the global economy staring at a slowdown due to rising rates, domestic market-driven companies such as consumer discretionary firms, banks and cement makers have gained the favour of investors in the last few days, said market participants. The broader market also rose in tandem with headline indices but action was stock-specific as focus was on corporate earnings.
Bullish bets were also added in the financial sector, with investors hoping that strong consumer credit growth and higher rates would help improve profitability.
Some covering of short positions in basic materials sector such as cement also aided gains in the market today, said a dealer with a local brokerage.
In October, state-owned banks and information technology sectors were the top gainers, noted Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services Ltd. The Nifty PSU Bank index jumped 15.7% during the month on back of healthy results while Nifty IT gained 6% due to value buying, he said.
Among major stock movers today, automobile stocks were the best performers today due to optimism that demand remains strong during the festival season, as well as hope that other automakers would also report earnings as robust as Maruti Suzuki India.
Infibeam Avenues came off highs due to profit booking by investors after it rose 13% earlier in the day.
FSN E-Commerce Ventures, Swan Energy and JSW Energy were the biggest gainers on the Nifty 500 index, while Bandhan Bank, Intellect Design Arena and Fine Organic Industries were among the biggest laggards.
* Among Nifty 50 stocks, 44 rose, 6 fell
* Among Sensex stocks, 3 fell, one was unchanged and 26 rose
* On the BSE, 1,854 stocks rose, 1,693 fell, and 172 were unchanged
* Nifty Auto: Up 1.5%; Nifty IT: Up 1.5%; Nifty Metal: Up 0.2%
BSE National Stock Exchange
Sensex: 60746.59, up 786.74 pts (1.3%) Nifty 50: 18012.20, up 225.40 pts (1.3%)
S&P BSE Sensitive Index Nifty 50
Lifetime High: 62245.43 (Oct 19, 2021) : Lifetime High: 18604.45 (Oct 19, 2021)
Record Close High: 61765.59 (Oct 18, 2021) : Record Close High: 18477.05 (Oct 18, 2021)
2022 1st day close: 59183.22 (Jan 3) : 2022 1st day close: 17625.70 (Jan 3)
2022 Closing High: 61308.91 (Jan 17) : 2022 Closing High: 18308.10 (Jan 17)
2022 Closing Low: 51360.42 (Jun 17) : 2022 Closing Low: 15293.50 (Jun 17)
2022 High (intraday): 61385.48 (Jan 17) : 2022 High (intraday): 18321.55 (Jan 17)
2022 Low (intraday): 50921.22 (Jun 17) : 2022 Low (intraday): 15183.40 (Jun 17)
2021 Closing High: 61305.95 (Oct 14) : 2021 Closing High: 18338.55 (Oct 14)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 61353.25 (Oct 14) : 2021 High (intraday): 18350.75 (Oct 14)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)-
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Arshad Hussain
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