Closing Bell: Nifty reclaims 11K, Sensex gains 835 pts; IT, auto stocks outperform

Taking Stock: Sensex rallies 800 points; 4 factors that worked for bulls

Top Nifty gainers include names like Bharti Airtel, Cipla, HCL Tech, and Bajaj Finserv.... Read More

Rupee ends higher on likely FII inflows and tepid Dollar moves which helped the rupee scale high towards 73.60 odd zones. 73.90-74.20 shall keep acting as strong resistance zone for USDINR pair.

Crude oil prices are trading in a range, with a negative bias as global crude demand concerns are bearish for oil prices. The IEA said on Thursday that it is more likely to downgrade its oil demand forecasts, rather than upgrade them.

We expect crude oil prices to remain under pressure, due to weakness in world energy demand, on account of the coronavirus pandemic, and increasing oil supplies from the U.S. and OPEC+ members. WTI crude oil could trade towards the next support levels of $38.90-37.50, and critical resistance levels around $40.70-41.90.

Markets recouped most of yesterdays losses today as Bulls charged ahead on expectations of a host of measures to boost demand ahead of the festive season. While the IT biggies led the charge, it was heartening to see the broader market participate with a host of companies across multiple themes as investors chose to cherry pick stocks.

While the markets spent some time above the psychological level of 11000, the weakness in the index continues. The resistance on the upside is at 11300. Until that is not crossed, we cannot surmise that the short term bear trend has been completed and an upside rally will ensue. On the downside, the Nifty can fall to achieve the 10750 level.

Indian benchmark indices showcased steady gains throughout the course of the trading day, before finally ending up by more than 2%; almost entirely recouping the losses in yesterday’s trade. This relief rally was in spite of mostly negative global cues and seemed to be based on the hope of more stimulus measures by the government. On a weekly basis, the recovery today enabled the benchmark indices to limit to around 3.8% loss for the week. FPIs have net sold close to Rs 2000 crore so far this month, which indicated the uncertain trend in the markets, after a huge month of inflows in August.

: Benchmark indices recovered most of the previous session losses and ended near the day's high with Nifty above 11,000.

At clsoe, the Sensex was up 835.06 points or 2.28% at 37388.66, and the Nifty was up 244.80 points or 2.27% at 11050.30. About 1953 shares have advanced, 648 shares declined, and 165 shares are unchanged.

Bajaj Finserv, IndusInd Bank, Bharti Airtel, Cipla and HCL Technologies were among major gainers on the Nifty, while losers included SBI Life Insurance, UPL, HDFC Life and BPCL.

All the sectoral indices ended in the green. BSE Midcap and Smallcap indices gained 2-3 percent.

British telecom major Vodafone has won the case against India over retrospective tax demand, CNBC-TV18 has reported. The Permanent Court of Arbitration in Hague had ruled that the conduct of India's tax department is in breach of "fair and equitable" treatment.

The BSE-30 Index declined around 4.3% in the current week. The market witnessed correction as sentiments soured on Fed comments on weaker-than-expected economic recovery, increase in fresh Covid-19 cases in developed markets and on concerns of higher-than-expected credit costs in the banking sector in the near term.

IndusInd Bank, Tata Steel and Bajaj Finance lost the most in the BSE-30 Index. FPIs sold equities worth USD 576 mn over the past five trading sessions while DIIs bought USD 112 mn worth of equities in the same period.

The key events to be watched out in the near future would be the covid-19 trajectory in India and abroad, progress on Vaccine front and global market cues. Stimulus measures, if any, in the US could provide support to the markets. If the market corrects from these levels, then investors should actively look for accumulating good quality stocks for long term wealth creation.

The company has decided to raise additional equity share capital amounting up to Rs 2,000 crore through Qualified Institutional Placement (QIP) route, by issuing such number of equity shares of face value of Rs 10 each in one or more tranches with a premium to be decided as per applicable guidelines / regulations.

The said QIP issue shall be within the overall maximum limit of Board approved capital raising plan (FY 2020-21) of Rs 5,000 crore equity share capital (including premium) and is subject to market conditions and necessary approvals.

Vakrangee share price surged 10 percent on September 25 after company has been granted in-principle authorisation to set-up and operate Bharat Bill Payment Operating Unit (BBPOU) under the Payment and Settlement Systems Act, 2007 from Reserve Bank of India (RBI).

Company can now directly handle payment and aggregation of payment services relating to bills under the scope of BBPS.

Hitachi ABB Power Grids India, along with consortium partner Bharat Heavy Electricals Limited (BHEL), has successfully energized the first stage of the 6,000 megawatt (MW) +/-800 kilovolt (kV) Ultra-high Voltage Direct Current (UHVDC) transmission link connecting Raigarh in Central India to Pugalur in the southern state of Tamil Nadu.