Business Today
Loading...

Sensex, Nifty close at record highs for third session; Hindalco, Axis Bank top gainers

In the afternoon session, Sensex and Nifty turned bearish amid high volatility in the domestic market as investors turned cautious ahead of key macro-economic data like CPI and IIP, scheduled to be released tomorrow

Rupa Burman Roy | November 11, 2020 | Updated 18:41 IST
Sensex, Nifty close at record highs for third session; Hindalco, Axis Bank top gainers
Barring media and PSU Bank, all other sector-based indices closed in the green, with metal and pharma index closing 3.5% higher, followed by 1.5% rise in IT, FMCG, auto and financials

After a volatile trading session, market indices ended on a bullish note on Wednesday for the eighth consecutive session, amid positive global equities. Sensex ended 316 points higher at 43,593 and Nifty gained 188 points to close at 12,749. During the session, Sensex jumped 430 points to breach 43K and hit an all-time high of 43,708, while Nifty gained 138 points to touch a fresh high of 12,769 today. Yesterday, Sensex ended 680 points higher at 43,227 and Nifty rose 170 points to 12,631.

M&M, followed by Bajaj Finance, Kotak Bank, SBI, ONGC, L&T, Tata Steel, Bajaj Finserv and Maruti were among the top gainers on Sensex. On the other hand, IndusInd Bank, HUL, PowerGrid, Titan and Nestle India were among the top losers today.

In the afternoon session, Sensex and Nifty turned bearish amid high volatility in the domestic market as investors turned cautious ahead of key macro-economic data like CPI and IIP, scheduled to be released tomorrow.

Barring media and PSU Bank, all other sector-based indices closed in the green, with metal and pharma index closing 3.5% higher, followed by 1.5% rise in IT, FMCG, auto and financials.

On markets closing --Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets are bullish with upbeat momentum. Traders can consider booking profits at regular intervals and updating their stop loss levels too. We have strong support at 12450-12500. A buy on dips strategy is advised whenever there are intraday drops or corrective phases. A target of 13000-13100 over a period of time is likely."

S Ranganathan, Head of Research at LKP Securities said,"Indices witnessed a significant bout of volatility today but ended very much in the green buoyed by key pivotal across sectors. Metals & select Pharma names saw buying interest while investors bought into insurers in the broader market"

Adding to gains from the previous session, Wall Street index Dow Jones Industrial Average closed higher yesterday, as hopes for a successful coronavirus vaccine lifted expectations of a swift reopening of the global economy.  The sentiment was upbeat after US drugmaker Pfizer said large-scale trials of its coronavirus vaccine showed it was more than 90% effective in preventing infection. Tracking gains from overnight, most Asian stocks were trading higher on Wednesday

Investors also reacted to the positive key economic data from China that showed Chinese CPI rose 0.5% in October.

European markets closed sharply higher as markets around the world rose following Biden's election victory and positive vaccine news.

Shrikant Chouhan,  Executive Vice President (Equity Technical Research), Kotak Securities said," In the last three days, the market bouncing back, following a pattern of 100% recovery from intraday low levels. Today, too, Nifty 50 index recovered from its low. After falling to 11570 levels, the Nifty 50 index surged to the highest level of the day around 12770 levels.

He added," Today, the market has formed a "Hanging Man" formation on the daily chart, which is a sign of weakness, however, it could turn positive for the market if tomorrow Nifty crosses the level of 12800 and sustains above it till the end of the first half of the trading session. Such type of formation appears at the final stage of the euphoric up-move.  Tomorrow could be the most crucial day for the market.  Above the level of 12800, the Nifty could move to 12950.  On the other side, 12670 and 12570 would be supports for the market."

Investors are also awaiting Sept quarter earnings reports that will provide a clear picture of the disruption caused by the coronavirus pandemic-induced lockdown. Coal India, Aurobindo Pharma, Aban Offshore, Abbott India, Ansal Housing, Apollo Hospitals Enterprise, Ashapura Minechem, Ashoka Buildcon, Astra Microwave Products, Bharat Forge, Computer Age Management Services, GIC Housing Finance, Godrej Industries, Garden Reach Shipbuilders & Engineers, GSPL, Indiabulls Housing Finance, IFCI, Indraprastha Gas, ITI and LIC Housing Finance among others will report their Q2 earnings today.

Share Market News Live: Sensex, Nifty turn red after hitting all-time highs; Nestle, HUL, L&T top losers

Pfizer share rises 4% on report parent in talks with India to sell vaccine

  • Print
  • COMMENT
BT-Story-Page-B.gif
A    A   A
close