Frontline indices witnessed a gap-up opening, with the Sensex gaining over 350 points intraday in the first few minutes of trade, while the Nifty managed to reclaim 10,350 mark.
Frontline indices witnessed a gap-up opening, with the Sensex gaining over 300 points in the first few minutes of trade, while the Nifty managed to reclaim 10,350 mark.
The 50-share NSE Nifty gained 59.10 points at 10,252.10.
Even though US Fed signals a robust growth forecast, it has decided to stick to its earlier plan of three additional rate increases in 2018 and 2019 from its projections in September.
Kotak Mahindra Bank, ONGC, HPCL and IOC were the top gainers, while BHEL, Tata Motors DVR, Vedanta and Cipla lost the most.
Global brokerages such as BofAML, Morgan Stanley, Credit Suisse, and BNP Paribas see Indian market to touch fresh record highs in the next calendar year.
Spike in bond prices led to a sharp fall in public and private banks as the Bank Nifty shed over 270 points, Axis Bank, Kotak Mahindra Bank, ICICI Bank, Yes Bank, and Federal Bank, among others ended in the red.
The Sensex closed down 227.80 points or 0.68% at 33227.99, while the Nifty was down 82.10 points at 10240.20.
Hiren Ved, Director & CIO, Alchemy Capital Management believes a new economic expansion cycle is on its way and it should hopefully last much longer than what most people expect.
The bounce back in the market from the support level of 10,000 odd has now closed above 61.8% Fibonacci retracement of the one month decline from 10,490 to 10,033 levels in just three days; clearly indicating a strength in the market.
The S&P BSE Sensex rallied nearly 1,000 points in just three trading session suggesting a clean sweep by the ruling BJP government who has been in power in the state for over 22 years.
The index is likely to face some resistance around 10,350-10365. Investors are advised to pare their leverage bets and build long positions only when Nifty closes comfortably above 10,350-10,365 levels on closing basis.
PSU banks, HDFC twins and ITC led the market higher but gains were capped by Reliance Industries.
A quick look at the market trends to watch out for today.
Retail investors have pumped in Rs1.26 lakh crore into mutual funds in the month of November, driving industry assets under management to an all-time high of Rs21.8 lakh crore.
If the BJP wins by a big margin then the market could rally or hit fresh record highs, but if it scrapes through then there could be correction in the short term which would be a good buying opportunity, experts said.
India VIX fell down by 4.19 percent at 13.67. The decline in VIX by 10 percent in the last two sessions has given relief to bulls and market recovered smartly from lower zones.
The 50-share NSE Nifty gained 99 points or 0.97 percent at 10,265.70 while the Nifty Midcap ended above the 20,000-mark, rising 0.93 percent to 20,014.75.
Amid uncertainty about the state election results, Emkay Research is of the view that investors should remain tilted towards the consumption, rural, and agri themes.
The global investment bank, BofAML in a note said that the index could move towards 32,000 towards the end of the next year which does not leave any room for upside from current levels.
Nifty Auto, Metal and Realty were the biggest gainers among sectoral indices.
In a report, the research firm has said that structural reforms have weakened near-term visibility. Weak agricultural income growth to lower broad-based consumption.
The global investment bank said that it arrived at the valuations for the Sensex by using top-down estimates for earnings growth i.e. 15 percent and a 16.5x forward P/E multiple.
The index thus may move on course to further correct to lower supports at 9950 on short-term scale and 9750 on the medium term scale.
The 30-share BSE Sensex was down 205.26 points at 32,597.18 and the 50-share NSE Nifty fell 74.20 points to 10,044.10 while the Nifty Bank plunged 273 points.