The Indian benchmark indices started the new month on a strong note and also ended in the positive territory for the fourth straight session on November 1 with Sensex closing above 61,000 comfortably and Nifty finishing around the 18,150 level.
At Close, the Sensex was up 374.76 points or 0.62% at 61,121.35, and the Nifty was up 133.20 points or 0.74% at 18,145.40.
"The bulls are driving the trend in the domestic market with backing from FIIs and the global markets. The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new orders and production increased, albeit slowly," said Vinod Nair, Head of Research at Geojit Financial Services.
"Investors are keeping an eye on the central banks' policy meetings for any indications of a slowdown in the pace of rate hikes," Nair added.
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Stocks and sectors
Adani Enterprises, Divis Labs, NTPC, Power Grid Corp and Grasim Industries were among the top Nifty gainers, while losers included Axis Bank, UPL, Eicher Motors, Reliance Industries and Maruti Suzuki.
Among sectors, Metal, Pharma and Information Technology indices were up 2 percent each, while FMCG, Infra and Energy indices gained 0.5 percent each.
The BSE midcap index rose 1 percent and smallcap index was up 0.26 percent.
On the BSE, Healthcare, Information Technology, Metal, Realty and Power indices gained 1-2 percent.
Among individual stocks, a volume spike of more than 200 percent was seen in Adani Enterprises, Axis Bank and Divis Laboratories.
A long build-up was seen in Adani Enterprises, Divis Laboratories and NTPC, while a short build-up was witnessed in Punjab National Bank, Axis Bank and Mahindra & Mahindra Financial Services.
More than 100 stocks touched 52-week high on the BSE including, Bank of Baroda, Bharti Airtel, Eicher Motors, Godfrey Phillips, Canara Bank, Bharat Forge, NTPC, Mahindra & Mahindra, South Indian Bank, Trent, Unichem Laboratories.
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Outlook for November 2
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas
The Nifty has seen a gap up opening yet again & has crossed the zone of 18000-18100. It has surpassed the key swing highs formed in April & September this year.
The area of 18000-18100 will now act as a support zone as per the principle of role reversal. Till the time the Nifty stays above these levels, it can stretch to 18300-18400.
On the flip side, if the index enters back into the sub 18000 territory then it will be a sign of exhaustion. Weakness is visible in the Bank Nifty which hasn’t surpassed its respective hurdles & is likely to continue with consolidation in the short term.
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