Market close: Nifty 50, Sensex extend gains into second straight day; investors earn over ₹2 lakh crore in a day

Nifty 50 today closed at 19,653.50, up 108 points, or 0.55 per cent while Sensex closed 364 points, or 0.55 per cent, higher at 65,995.63.

Nishant Kumar
Updated6 Oct 2023, 04:25 PM IST
Nifty 50 and Sensex closed with gains on Friday after RBI's status quo on rates. MUMBAI PIC:MADHU KAPPARATH
Nifty 50 and Sensex closed with gains on Friday after RBI’s status quo on rates. MUMBAI PIC:MADHU KAPPARATH(Mint)

Nifty 50 today: Frontline indices the Sensex and the Nifty 50 ended higher on Friday, October 6, extending their gains into the second consecutive session after the Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) maintained a status quo on repo rates and policy stance, in line with expectations.

RBI's MPC unanimously decided to keep the repo rate unchanged at 6.5 per cent on Friday. The central bank also retained its policy stance as the "withdrawal of accommodation" with five out of six MPC members voting in favour of this.

RBI also maintained the growth forecasts and slightly tweaked inflation projections. However, the central bank governor kept his hawkish tone as he emphasised the central bank was targeting inflation near 4 per cent and not between 2-6 per cent.

Also Read: RBI Governor's Kapil Dev Policy: Playing the economic pitch on merit, say experts

Global cues were also positive after a pause in a bond market sell-off. The 10-year US bond yields were near 4.74 when the Sensex closed. The dollar was steady and looked set to end the week with gains. 

"Ten-year US Treasury yields were steady at 4.746 per cent after climbing 55 basis points in a five-week-long selloff that has dragged on bond markets and appetite for risk-taking worldwide. The firmer dollar was heading for a 12-week winning streak after hitting its best level in about 11 months earlier in the week," reported Reuters.

All eyes are now on the US payroll number for September which is expected later today. The payroll numbers are important for understanding the health of the US labour market and crucial for shaping the US Fed's monetary policy.

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Nifty 50 today opened at 19,621.20 against the previous close of 19,545.75 and touched the intraday high and low of 19,675.75 and 19,589.40 respectively.

Sensex opened at 65,867.54 against the previous close of 65,631.57 and touched the intraday high and low of 66,095.81 and 65,762.33 respectively.

Nifty 50 today closed at 19,653.50, up 108 points, or 0.55 per cent while Sensex closed 364 points, or 0.55 per cent, higher at 65,995.63.

The BSE Midcap index rose 0.66 per cent while the Smallcap index ended 0.56 per cent higher.

The overall market capitalisation of the firms listed on the BSE rose to about 319.9 lakh crore from 317.8 lakh crore in the previous session, making investors richer by about 2.1 lakh crore in a single session.

For the week, the Sensex rose by 0.25 per cent while the Nifty 50 inched up by 0.08 per cent. On the other hand, the BSE Midcap index fell 0.81 per cent this week while the Smallcap index moved up by 0.79 per cent.

Top Nifty 50 gainers today

Shares of Bajaj Finserv (up 5.60 per cent), Bajaj Finance (up 3.81 per cent) and Titan Company (up 2.76 per cent) ended as the top gainers in the Nifty 50 today.

Top Nifty 50 losers today

Shares of Hindustan Unilever (down 0.79 per cent), Coal India (down 0.64 per cent) and ONGC (down 0.38 per cent) ended as the top losers in the Nifty pack.

Some 39 stocks ended higher today, 10 stocks suffered losses and one stock - LTIMindtree - ended flat in the Nifty index.

Also Read: Defense stock zooms 30% in 5 days. What's driving the rally?

Sectoral indices today

Barring Nifty Media, which ended with a nominal loss of 0.02 per cent, all sectoral indices ended with gains.

Nifty Realty index surged 3.08 per cent. The Nifty Bank index rose 0.33 per cent while the Nifty Private Bank index and PSU Bank index rose 0.51 per cent and 0.27 per cent, respectively.

Experts' views on markets

"The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India's 10-year yield inching higher. The market, however, reacted positively, as the status quo on the growth rate and a further drop in oil prices provided near-term support," said Vinod Nair, Head of Research at Geojit Financial Services.

Also Read: Committed Cargo Care IPO fully booked on day 1, retail portion sees good demand; check latest GMP, other key details

Technical views on Nifty 50

"While positive Asian market cues helped local gauges maintain an upward bias for the second straight session, RBI keeping policy rates steady in the MPC meet also cheered investors and lifted the market sentiment," Amol Athawale, Vice President - Technical Research at Kotak Securities, observed.

Athawale pointed out that after a sharp fall, the Nifty took support near 19,350 and bounced back sharply. Currently, the index is trading near the 50-day SMA (simple moving average), and on weekly charts, it has formed a hammer kind of formation which is largely positive.

"As long as the index is trading above the 50-day SMA or 19,575 level, the positive sentiment is likely to continue. Above the same, it could move up to 20-day SMA, or 19,800, and on further upside, the index may also continue to surge to 19,850," said Athawale.

"On the flip side, a fresh selloff is possible only after the dismissal of 19,575 and below this, the index could retest the level of 19,450-19,350," Athawale said.

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas underscored that on the daily charts, the Nifty managed to close above the 40-day moving average (19,610) which is a bullish sign. On the weekly charts, the Nifty formed a Dragonfly Doji which has bullish implications.

"We expect this pullback to continue till 19,778 – 19,800 where resistance in the form of the 50 per cent Fibonacci retracement level and the 20-day moving average is placed. A dip towards 19,530 – 19,580 should be used as a buying opportunity," said Gedia.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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News in Numbers

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$5 M

394,000

$112 B

12.1%

₹133.50 Cr

₹12,300 Cr

$136 M

First Published:6 Oct 2023, 04:25 PM IST
HomeMarketsStock MarketsMarket close: Nifty 50, Sensex extend gains into second straight day; investors earn over ₹2 lakh crore in a day

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