Closing Bell: Nifty ends above 18,300, Sensex surpasses 61,000 for the first time

Taking Stock: Bull Charge Pushes Sensex, Nifty To New Highs; Bank, Metal, IT Stocks Shine

The broader indices BSE midcap and smallcap added 0.5 percent each... Read More

USDINR spot closed 11 paise lower at 75.25 on the back of rise in stocks and weakness in the US Dollar Index, after real yields fell in US.

Over the next week, USDINR may continue to see more range bound price action between 75 and 75.80 levels in October futures.

For USDINR to break down below 75.00 or challenge 76.00, it needs either the US Dollar Index to head lower or equity markets to head lower. Therefore, one can focus on trading this range using futures or even look at selling options to pocket premium.

On the technical chart, the Nifty index has been trading above the Rising Trendline Breakout, which indicates a bullish trend in the counter. A daily momentum indicator Stochastic and MACD both have shown positive crossover on the daily chart which supports the bullish momentum.

Furthermore, the price has also moved above the upper Bollinger Band formation, which suggests that the bullish rally may continue further. At present, the index has immediate support at the 18,050 level, while an upside move is expected till 18,500 levels.

Indian Benchmark Indices rose for the sixth consecutive session and closed at record high levels today. Strong buying is seen in IT, realty and metal stocks while some profit booking is witnessed in auto stocks. Today most of the IT stocks had a good run after strong numbers posted by Wipro, Infosys and Mindtree.

On the technical front, benchmark indices witnessed continuous positive trend after sustaining well above 18,200 levels. According to our technical analysis this positive momentum might continue till 18,500 levels in coming sessions. Immediate support for Nifty 50 is 18,200.

Index closed a week at 18,339 with gains of two & half percent and formed a bullish candle on the weekly chart for the second consecutive week. Now immediate supports are coming near 18,250 followed by 18,170 zone and any dip near mentioned supports zone will be again fresh buying opportunity for the overall targets of 18,500 zone.

The immediate hurdle is coming near 18400-18500 zone and around mentioned resistance one can lock their long gains.

The Indian market sustained its upbeat mood supported by positive global market, favorable inflation data and up move in IT stocks following strong earning scorecards by sector majors. India’s September retail inflation eased sharply to 4.35% against 5.30% in August owing to a decline in food price while wholesale inflation stood at to 10.66% compared to 11.39% in the previous month. Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season.

The market witnessed the continuation of a positive trend, after sustaining above the level of 18250. Research suggests that if the market sustains above the level of 18200-18250, the positive momentum to continue, leading to an upside projection till 18550-18600 level.

The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

: Benchmark indices extended the record rally in the sixth consecutive session with Sensex and Nifty ended at fresh record closing high.

At close, the Sensex was up 568.90 points or 0.94% at 61,305.95, and the Nifty was up 176.70 points or 0.97% at 18,338.50. About 1596 shares have advanced, 1541 shares declined, and 103 shares are unchanged.

Adani Ports, Wipro, Grasim, ITC and HDFC Bank were among major gainers on the Nifty, while losers were Coal India, Eicher Motors, Tata Motors, HCL Tech and TCS.

Except auto, all other sectoral indices ended in the green, with infra, IT, realty, PSU Bank, power and metal indices were up a percent each. BSE midcap and smallcap added 0.5 percent each.

The season of festivities is expected to usher in sales velocity in residential sectors. Mumbai has already witnessed record sales in 2021, so far. The pent-up demand and auspicious quotient of upcoming festivals will further scale up the demand of residential asset class across price categories.

There is a broad expectation of the sector breaking the pre-pandemic record by the end of this festive season.

We expect strong deal outlook for strategic accounts, decent deal signings, continued focus on annuity based revenue models and client mix will help maintain the growth momentum in medium term future and hence we are assigning a P/E multiple of 48x to the FY24 estimated EPS of Rs 109.7 to arrive at a target price of Rs 5,263 per share (earlier target of Rs 4,430), an upside of 20.6% over the CMP. We upgrade Mindtree from an “ACCUMULATE” rating to “BUY rating”.

Mindtree has touched a 52-week high of Rs 4,937.15 and was quoting at Rs 4,691, up Rs 327.75, or 7.51 percent on the BSE.

Total Passenger vehicle (PV) production fell 37.5% and 2-wheelers production down 17%, YoY, said Society of Indian Automobile Manufacturers (SIAM).

Passenger vehicle (PV) wholesales dispatches were down by 41 percent and 2-wheelers dispatches were down by 17%, YoY.

Hero MotoCorp’s production was down 32 percent, Royal Enfield production was down 62 percent. Bajaj Auto production was down 5 percent and TVS production was down by 1.4 percent, YoY.

Securities and Exchange Board of India (SEBI) has given its approval for Nykaa’s Rs 4,000 crore initial public offering (IPO), sources told CNBC-TV18 on October 14.

The online beauty retail startup is likely to be valued at over Rs 40,000 crore, it added.

Nykaa is looking to raise Rs 525 crore via fresh issuance of equity. Besides the fresh issue, which will be primary shares, the company is also looking at secondary share sale of 43.1 million shares.

Most of the Rs 4,000 crore raised from the IPO will be used to pay existing investors selling their stakes. Sanjay Nayar, TPG, Lighthouse and Sunil Munjal are among the selling shareholders.