Closing Bell: Nifty ends above 11,800, Sensex jumps 503 pts led by financial, metal stocks

Taking Stock: Nifty back above 11,800, Sensex jumps 503 points as financial, metal stocks shine

The S&P BSE midcap index gained 0.4 percent and the smallcap index rose 0.35 percent.... Read More

Markets continued to shrug off the US Presidential Elections jitters, with Bank Nifty witnessing a second consecutive spectacular day of rally, gaining 3.17%. Banks & Financials led from the front, ahead of the Supreme Court hearing on Loan Moratorium on 5th November. Nifty, too witnessed a sharp rally, ending the day at 11,813, up 144 points. Amongst the Top 3 Nifty gainers, ICICI Bank, Hinadalco and SBI, whereas UPL, NTPC and Reliance, were the Top 3 Nifty Losers. Reliance, the index heavyweight continued to be a drag on the index. Overall, markets are expected to remain volatile due to this being US election week, so trading with caution is advised. Overall, Nifty has support around 11600-11650 whereas resistance is seen around 11950-12050.

Indian market rose after a massive surge in the US stock futures and unusual strength in European and Asian markets. Nifty 50 index climbed 1.24 percent to close at 11813. The Bank Nifty surged by 3.17 percent for the second consecutive day to end the day at 25682.

The Nifty has broken the trading range of the last three days at 11750 and hit the resistance of 20 days SMA, which is at 11825. On Wednesday, we could see Indian market being volatile, ahead of the exit poll on prediction after the completion of voting in the US that would drive the sentiment of the market.

Buying is advisable if Nifty comes back to 11750/11700 levels with a final stop loss at 11650. On the higher side, 11900/11950 would be the resistance zone, where one need to book profits on long positions.

Markets registered strong gains in today’s session largely led by positive global cues. The benchmark index opened gap up and gradually inched higher as the day progressed. Finally, the Nifty ended higher by 1.2% at 11,814 levels. However, the broader market indices underperformed as both Midcap and Smallcap ended higher by 0.4% and 0.3% respectively. On the sector front, banking continued to witness strong buying interest for the second consecutive session. Apart from banking, Auto, Metal and Consumer Durables also posted decent gains.

All eyes are on the US election and participants will be closely eyeing the signals from global indices for cues. We’re already witnessing volatile swings across the board and do not expect any relief from that front in the near future. Considering the scenario, traders should prefer defensives and other low beta stocks until we see some stability.

Market maintained its momentum supported by increased demand for banking stocks due to improvement in business outlook. Globally too, the market was on a strong footing as the US manufacturing data surpassed expectations and a similar rebound was seen across Europe and China. Markets are also sustaining its confidence ahead of the upcoming Fed meeting, as it is not expecting an increase in rates and easing measures to recover the economy.

Banking & Auto stocks led the charge today as Bulls took centrestage with support of the Pharma pack too in late afternoon trade backed by good earnings. The broader markets saw buying in Metals & the Insurance sector.

It is not advisable to initiate or keep short positions in the market. The longs would trigger if we can keep above the 11800-11850 levels for a couple of days and that should take the index to 12200-12300 levels during the course of this month. Until this happens, traders are advised to maintain a cautious stance and wait for the right time to enter into directional trades.

Market ended on strong note with Nifty above 11,800 and Sensex jumped over 500 points supported by the financial and metal stocks.

At close, the Sensex was up 503.55 points or 1.27% at 40261.13, and the Nifty was up 144.30 points or 1.24% at 11813.50. About 1391 shares have advanced, 1215 shares declined, and 179 shares are unchanged.

ICICI Bank, Hindalco, SBI, HDFC and Power Grid Corp were among major gainers on the Nifty, while losers were UPL, NTPC, Reliance Industries, Nestle and HCL Tech.

Except energy, all other sectoral indices ended in the green led by the bank, metal and pharma. BSE Midcap and Smallcap indices rose 0.3-0.4 percent.

The company's consolidated net profit up 1.9% at Rs 356.3 crore versus Rs 349.7 crore and revenue was down 8.5% at Rs 1,938.6 crore against Rs 2,118.6 crore, reported CNBC-TV18.

Analysts upgrade 31 stocks to 'buy' after Q2 earnings, can return 10-50%

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Godrej Property reported area booked for the quarter at 1.72 Mn sq-ft down by 23% as compared to 2.25 Mn sq-ft in Q2FY20. Pre-sales for the quarter at Rs 1,074 crores down by 26% as compared to Rs 1,446 crores in Q2FY20. Adjusted EBITDA stood at Rs 82 crores down by 57% from Rs 191 crores in Q2FY20.

Adjusted EBITDA margins have also come down at 34.6% from 51.6% in Q2FY21. Consolidated total income from operation at 238 crores in Q2FY21 down by 36% as compared to 370 crores in Q2FY20. Consolidated PAT stood at Rs 7 crore in Q2FY21 down by 77% as compared to Rs 32 crore in Q2FY20. Net debt has increased from Rs 1752 crore in Q1FY21 to Rs 2733 crore in Q2FY21. Reported Results are very weak in line with expectations and even the debt levels have increased significantly.

Rupee ended higher on back of strong inflows in capital market mainly banking and financial sector. Also the dollar index kept trading muted on back of awaiting outcome of US Elections which can decide a possible trend for Dollar index.

Crude prices saw rise after strong decline it has witnessed in recent past few days which kept rupee rise at check. For next couple ofsessions rupee can be in a very volatile range of 73.75 - 75.25 range.

The company posted 70.4 percent jump in its Q2 consolidated net profit at Rs 1,813 crore against Rs 1,064 crore and revenue was up 5.3% at Rs 8,553 crore versus Rs 8,123.4 crore, reported CNBC-TV18.