Indian equity markets snaped a five-day losing streak and ended on a strong note on October 28, with the Nifty inching closer to 24,500, intraday, amid buying across sectors especially banking and metal stocks.
At close, the Sensex was up 602.75 points or 0.76 percent at 80,005.04, and the Nifty was up 158.35 points or 0.65 percent at 24,339.15.
Despite mixed global cues, the Indian indices opened on a positive note and extended the gains during the day however, profit booking at higher levels erased some of the intraday gains.
Biggest Nifty gainers included Shriram Finance, Adani Enterprises, ICICI Bank, Eicher Motors and Wipro, while losers were Coal India, Bajaj Auto, Axis Bank, Kotak Mahindra Bank and Hero MotoCorp.
All the sectoral indices ended in the green with PSU Bank index rose 3.8 percent, Metal index added 2.5 percent, while pharma, media, realty up more than 1 percent each.
The BSE midcap index was up 0.7 percent and smallcap index gained 1 percent.
More than 130 stocks touched their 52-high on the BSE, including, Anup Engineering, CarTrade Tech, Cigniti Technologies, Coforge, Deepak Fertiliers, Firstsource Solutions, Kirloskar Pneumatic, Poly Medicure, Sharda Crop, Thyrocare Technologies, among others. Click To View More
On the other hand, more than 140 stock touched their 52-low on the BSE, including, Aether Industries, Anupam Rasayan, Birla Corp, CreditAccess Grameen, Delhivery, GNFC, IDFC First Bank, Mahindra Life, Mishra Dhatu, Nestle, Poonawalla Fincorp, Prince Pipes, Rajesh Exports, Relaxo Footweare, Tanla Platforms, TCI Express, Trident, Vodafone Idea, among others. Click To View More
Outlook for October 29
Aditya Gaggar Director of Progressive Shares
Indian markets commenced the truncated week on a firm note under the leadership of Banking counters and in the presence of a follow-through momentum, the Index compounded its gains for most of the session; however, in the last hour of the trading session, a reversal was seen which dragged the Index lower to end the session at 24,339.15 with gains of 158.35 points.
All the sectors ended the day in green with PSU Banks and Metal being the top performers. Mid and Smallcaps also surged by 0.83% & 1.20% respectively and outperformed the Benchmark Index.
The Index has made a Spinning Top candlestick pattern which suggests indecisiveness. We will wait for a convincing move above 24,600 where it will give a breakout from two different patterns: 1) a change in polarity and 2) Falling Wedge; whereas, on the lower side, the zone of 24,100-24,180 will act as a strong support area.
Ajit Mishra – SVP, Research, Religare Broking
Markets opened the week on a positive note, gaining over half a percent, pausing after the recent decline. Following an initial dip, the Nifty recovered strongly, briefly testing the 24,500 resistance level in the first half; however, profit-taking in the latter half trimmed the day’s gains. Ultimately, it closed at 24,339.15, up by 0.6%. All major sectors contributed to the recovery, with metals, realty, and pharma among the top gainers. The broader indices also saw some relief, each gaining nearly a percent.
Participants should not read much into a single day rebound and await a decisive close above 24,500 to signal further recovery, as a failure to do so could lead to a resumption of the decline. Traders are advised to maintain a cautious approach, keeping positions balanced on both sides, with a focus on large-cap and mid-cap leaders while avoiding averaging down loss-making positions.
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