Sensex extends gains to sixth day, IndusInd Bank surges 5%1 min read . Updated: 01 Nov 2019, 04:10 PM IST
- Analysts say that in the near term markets may see some consolidation after the recent rally
- IndusInd Bank led gains in banking stocks
Indian stock markets ended with minor gains today, extending winning streak to the sixth day. The Sensex ended 36 points higher at 40,165, its second highest close ever. The Nifty ended 0.20% higher at 11,899. Banking stocks led the gains today with Nifty Bank index rising about 1%, led by 5% gain in IndusInd Bank. Indian shares have seen steady gains in the last few sessions buoyed by positive global cues, a strong set of corporate results and expectations of a better third quarter.
Among the Sensex stocks, other top gainers included Tata Steel (5%), Vedanta (3%), Tech Mahindra (3%), ONGC (2%). Other top gainers included ITC, Bajaj Finance, Sun Pharma and HDFC Bank.
Some profit-taking was seen in select auto and IT stocks. Oil & gas stocks also remained under pressure.
Among losers, Tata Motors fell 1.5%, Asian Paints 2%, M&M 3%, and TCS 3%. Yes Bank fell 5% after surging nearly 25% on Thursday. The private sector lender is expected to announce quarterly earnings later in the day.
Analysts say that in the near term markets may see some consolidation after the recent rally.
"Nifty closed the week with gains of 2.3% on weekly basis and formed a bullish candle on weekly chart. The index has formed strong resistance near 12,000 mark hinting we may see some more profit booking around 12,000 zone and any decisive break above 12,000 zone can lead in strong up move. Strong support for index is coming near 11800-11700 zone," said Rohit Singre, senior technical analyst at LKP Securities.
Ajit Mishra, vice president of research at Religare Broking, said: "We reiterate our bullish view on the Nifty index and suggest continuing with “buy on dips" approach. However, participants should maintain extra caution in the stock selection as we have already seen a decent rise across the board. Though almost all the sectoral indices are contributing to the rally, we feel banking and metal can outshine the others in the near future so traders should plan their trades accordingly."