Stock Market Today: Nifty 50, Sensex rise for second consecutive session; investors’ wealth rise by about ₹2 lakh crore
Nifty 50 today closed at 19,230.60, up 97 points, or 0.51 per cent while the Sensex closed at 64,363.78, up 283 points, or 0.44 per cent.
Nifty 50 today: Domestic market benchmarks Nifty 50 and the Sensex ended higher for the second consecutive session on Friday, November 3, amid broadly positive global cues as the risk appetite of investors improved on hopes that the end of monetary policy tightening is near.
The world's major central banks, including the US Federal Reserve, the Bank of England and the European Central Bank, left rates unchanged this month, fuelling hopes that interest rates have peaked.
Apart from optimism around the likely end of monetary tightening, the domestic market is also witnessing buying because of some valuation comfort after the recent correction.
Nifty 50 fell about 3 per cent in October and according to a report by BOBCAPS, Nifty 50 forward P/E (price-to-earnings ratio) is now below its last five-year mean, indicating limited downside.
Nifty 50 today opened at 19,241 against the previous close of 19,133.25 and touched its intraday high and low of 19,276.25 and 19,210.90 respectively. Nifty 50 today closed at 19,230.60, up 97 points, or 0.51 per cent.
Sensex today opened at 64,444.90 against the previous close of 64,080.90 and touched its intraday high and low of 64,535.19 and 64,275.39 respectively. The Sensex finally closed at 64,363.78, up 283 points, or 0.44 per cent.
Over 180 stocks, including DLF, Zomato, Shriram Finance, Vodafone Idea, Oberoi Realty and Persistent Systems, hit their fresh 52-week highs in intraday trade on BSE.
The overall market capitalisation of the firms listed on BSE rose to about ₹315.2 lakh crore from nearly ₹313.2 lakh crore in the previous session, making investors richer by ₹2 lakh crore in a single session.
Crude oil prices traded lacklustre as concerns over tensions in West Asia eased. Brent Crude traded 0.14 per cent lower at $86.73 per barrel mark around 4:15 pm.
The rupee fell 3 paise to 83.28 per rupee, Bloomberg data showed.
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Top Nifty 50 gainers today
Shares of Apollo Hospitals Enterprise (up 5.34 per cent), Adani Ports and Special Economic Zone (up 2.67 per cent) and Eicher Motors (up 2.63 per cent) ended as the top gainers in the Nifty 50 index.
As many as 36 stocks ended in the green in the Nifty 50 index.
Top Nifty 50 losers today
Shares of Bajaj Finserv (down 2.83 per cent), SBI Life Insurance Company (down 1.30 per cent) and Dr. Reddy's Laboratories (down 1.25 per cent) ended as the top losers in the Nifty index.
Sectoral indices today
All sectoral indices ended in the green on the NSE, with Nifty Realty jumping 2.54 per cent.
Nifty Media (up 1.38 per cent), Consumer Durables (up 1.22 per cent), Oil & Gas (up 0.77 per cent) and Healthcare (up 0.75 per cent) closed with significant gains.
Nifty Bank closed 0.70 per cent higher at 43,318.25.
Experts' views on markets
"The Indian market is resurging amidst a drop in investors' anxiety as Nifty VIX contracts generously. The optimism is buoyed by firm global clues, steady macroeconomic data and strong domestic corporate earnings. Clues that the Fed is unlikely to hike rates in the future and modest decline in oil prices are adding to the optimism," said Vinod Nair, Head of Research at Geojit Financial Services.
"The ongoing Q2 results explore healthy expansion in Indian operating margin, leading to a strong bounce in earnings growth. Amid the earnings season, large-cap companies indicate a solid 40 per cent growth in PAT on a year-on-year basis. And moderation in global inflation and steady domestic and external demand is lifting the second-half corporate earnings outlook," Nair said.
"Buoyancy in Asian equities boosted gains in local shares as falling US treasury yields and softening crude oil prices buoyed sentiment, despite weakness in the Gift Nifty index. Markets pared some of their early gains as investors resorted to selective buying due to uncertainty over higher inflation levels, the West Asian conflict and its impact on the global economy," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Technical views on Nifty 50
Ajit Mishra, SVP - Technical Research at Religare Broking pointed out that Nifty has penetrated the resistance zone after two days of advance and tested the immediate hurdle of 100 EMA around 19,276 as well.
"We reiterate a cautious view on the index and suggest awaiting a decisive break above 19,400 for a sustained recovery else the up move would fizzle out. However, there is no shortage of stock-specific opportunities so traders should maintain their focus on stock selection," said Mishra.
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