Share Market Update: Sensex ends 77 points higher after major rally, Nifty at 11,881; YES Bank, SBI, Infosys top gainers
businesstoday.in | Updated Oct 31, 2019, 05:37 PM IST
Share Market Update: After a power rally seen in the domestic indices on October
F&O expiry day, Sensex and Nifty pared earlier gains to trade
marginally higher by the closing bell. While Sensex closed 77 points
higher at 40,129, Nifty ended 37 points higher to close at 11,881 on
Thursday. Sectorally, financial services, metal and private banking
stocks closed in the bearish zone, while media and PSU banking scrips
closed at a hike of over 3%, followed by over 1% in realty and IT
stocks. While Sensex climbed to a new and all time high
of 40,392, Nifty rose to 11,945 level intraday, tracking
massive foreign fund inflows amid positive domestic and global cues. Earlier On June 4, Sensex had hit the last all-time
high of 40,312. Domestic equities followed global markets that were upbeat after the third rate cut by the Federal Reserve. This was coupled with massive buying by foreign portfolio investors (FPIs) of Rs 7,192.42 crore from Indian equities.
Sensex and Nifty have been gaining for the last three sessions after media reports suggested that PMO with consultation with the Finance Ministry's Revenue Department and NITI Aayog, is reviewing the existing structure of Long Term Capital Gains (LTCG) tax, the Securities Transaction Tax (STT) and Dividend Distribution Tax (DTT).
While Sensex rose 220 points to end at 40,051, Nifty gained 57 points to 11,844. Sensex closed above 40,000 for first time in nearly five months. On June 4, Sensex closed at 40,083 ending above 40,000 for the second time in 2019. On June 3, Sensex closed at 40,267.
Indian Oil, Syndicate Bank, Dhanlaxmi Bank, Bluedart Express, Ramco Industries, Savita Oil Technologies, Spandana Sphoorty Financial, Srikalahasthi Pipes, Teesta Agro, Thangamayil Jewellery, Tube Investments of India Ltd, Vaibhav Global, Next Mediaworks, Milkfood, Maithan Alloys, LG Balakrishnan & Bros, Laurus Labs, Jindal Saw, JBM Auto, Hindustan Bio Sciences, Garden Reach Shipbuilders & Engineers , Foesco India, Expleo Solutions are among the top listed companies due to post their September quarterly figures today.
The Federal Reserve on Wednesday cut interest rates for the third time this year. “We believe that monetary policy is in a good place,” Fed Chair Jerome Powell said. Post the news, The S&P 500 index closed at another record high on Wednesday. 
The rupee appreciated by 9 paise to 70.81 against the American currency in early trade on Thursday after the US Federal Reserve cut its benchmark interest rate.
"Market trend in the near term will be driven by corporate earnings and thus stock specific volatility may remain high. Further, any favourable announcement from the government could help sustain the momentum," quoted Ajit Mishra Vice President, Research, Religare Broking Ltd after yesterday's rally.
All of the sectoral indices traded with a positive bias with media and PSU bank rising 2% each, followed IT and realty gaining in the range of 1.2-1.7%.
The Noida Authority on Wednesday said it has cancelled the allotment of a group housing property to crisis-hit realtor Unitech over non-payment of dues worth Rs 1,203 crore.
Sensex has climbed to the a new high recorded at 40,337 on Thursday, tracking massive foreign fund inflows amid positive domestic and global cues. After opening at 40,211 against the previous close of 40,051, Sensex rose 286 points to the intraday high of 40,337. Earlier On June 4, Sensex at had hit the last all-time high of 40,312. Domestic equities followed global markets that were upbeat after the third rate cut by the Federal Reserve. This was coupled with massive buying by foreign portfolio investors (FPIs) of Rs 7,192.42 crore from Indian equities.
With October turning to be the best trading month throughout the year, benchmark indices extended their dream run on expiry day of Thursday, 31 October.
Amid October expiry day, domestic equities followed global markets that were upbeat after the third rate cut by the Federal Reserve. This was coupled with massive buying by foreign portfolio investors (FPIs) of Rs 7,192.42 crore from Indian equities. Better-than-expected earnings from some market heavyweights, buzz of more tax reforms and strategic stake sale in many PSUs have further lifted investors sentiment.
Except FMCG, all the indices traded in the bullish zone, with media and PSU banking gaining the most at 3%, followed by 1.5% rise in realty and IT stocks.
Shares of Adani Transmission Ltd rose nearly 5% after the company announced that it has received the Letter of Intent (LOI) from REC Transmission Projects to build, own, operate and maintain a transmission project in the state of Gujarat for a period of 35 years.