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Sensex closes above 44,000 for first time; banking, auto stocks lead rally

Aseem Thapliyal     November 18, 2020

Sensex closed above 44,000 mark for the first time today on rise in banking, auto and capital goods stocks amid positive cues from Asian markets and persistent foreign fund inflows. Sensex ended 227.34 points higher at its record closing of 44,180 and Nifty rose 64.05 points to end at its all-time high of 12,938.25.

During the session, Sensex and Nifty touched their lifetime highs of 44,215 and 12,948, respectively.  

On Sensex, M&M was the top gainer rising over 10 per cent, followed by L&T, IndusInd Bank, Bajaj Finserv, SBI, Bajaj Finance, ICICI Bank and Kotak Bank.

On the other hand, HUL, ITC, Titan TCS and Bharti Airtel were among the top losers falling up to 2% .

Investor wealth  on BSE rose to Rs 171.44 lakh crore.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "The next level to watch out for is 13,000 for Nifty and further, we could see the levels of 13,250 with a minor resistance at 13140. On the downside, 12780 would be a major support. The momentum in the market is very high and that would keep pushing the markets higher until the Nifty is not closing below the level of 12,780. The Bank Nifty climbed 5000 points in 3 weeks and is now 10 per cent away from reaching all-time highest levels while looking at the strength in PSU and private banks it won't be that difficult for it. However, one should maintain stock-specific position."

Share Market Highlights: Sensex closes above 44K for first time, Nifty at 12,938

Banking, capital goods and auto stocks helped Sensex log record closing and all-time highs today. BSE bankex ended 682 points higher at 34,145, and BSE capital goods index rose 605 points to 16,868.  BSE auto index too gained 592 points at 19,629.

Mid cap and small cap stocks too contributed to record levels of market with BSE mid cap and BSE small cap indices rising 196 points  and 143 points , respectively.

Arjun Yash Mahajan, Head Institutional Business at Reliance Securities said, "A healthy improvement in earnings outlook of financials and visibility over asset quality continued to support financial stocks. Rotational trade also remained visible where IT, FMCG and Pharma remained laggards and cyclical and beaten down stocks witnessed sharp upmove."

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Meanwhile, rupee closed in the green for third day in a row rising 27 paise to close at 74.19 against the US dollar, supported by gains in domestic equities and weak American currency.

Global markets

In Asia, the Shanghai Composite Index gained 0.2% to 3,347.30 and the Hang Seng in Hong Kong added 0.5% to 26,544.29. The Nikkei 225 in Tokyo lost 1.1% to 25,728.14 after October exports declined 0.2% from a year earlier. The Kospi in Seoul advanced 0.3% to 2,545.64 and Sydney's S&P-ASX 200 added 0.4% to 6,531.10. On Tuesday, the S&P 500 fell 0.5% after US retail sales growth fell to 0.3% in October from September's 1.6%. The figure fell short of forecasts for 0.5% growth.

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