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HomeNewsBusinessMarketsTaking Stock: Market bounces back; Sensex zooms 567 points, Nifty closes in on 19,700

Taking Stock: Market bounces back; Sensex zooms 567 points, Nifty closes in on 19,700

Coal India, Bharti Airtel, Adani Ports, Hindalco Industries and Adani Enterprises were among the top gainers on the Nifty

October 10, 2023 / 16:50 IST
Market Today

The Indian benchmark indices recovered the previous session losses to close almost a percent higher on October 10 on positive global cues after dovish comments from the US Federal Reserve officials eased rate worries even as the Israel-Hamas war remains a concern.

At close, the Sensex was up 566.97 points, or 0.87 percent, at 66,079.36, and the Nifty ended 177.50 points, or 0.91 percent, higher at 19,689.80.

The market started on a strong note and extended gains as the day progressed, with the Nifty and the Sensex crossing 19,700 and 66,100 intraday on buying across sectors.

Also Read: CPI inflation may have hit 3-month low of 5.4% in SeptemberStocks and sectors

Coal India, Bharti Airtel, Adani Ports, Hindalco Industries and Adani Enterprises were among the top gainers on the Nifty. The biggest losers were IndusInd Bank, Cipla, Dr Reddy's Laboratories, TCS and Asian Paints.

All sectoral indices ended in the green. The realty index climbed 4 percent, while information technology, power, auto, metal and PSU bank indices were up 1-2 percent each.

The realty index surged 4 percent and remained the biggest sectoral gainer on the back of strong second quarter business updates.

Analysts have maintained their bullish stance on the sector, expecting the sales momentum to continue. The sales would be higher especially during the festive season and as the Reserve Bank of India has held interest rates steady, they said.

BSE midcap and smallcap indices were up a percent each.

IndexPricesChangeChange%
Sensex85,267.66449.53 +0.53%
Nifty 5026,046.95148.40 +0.57%
Nifty Bank59,389.95180.10 +0.30%
Nifty 50 26,046.95 148.40 (0.57%)
Fri, Dec 12, 2025
Biggest GainerPricesChangeChange%
Hindalco852.1027.75 +3.37%
Biggest LoserPricesChangeChange%
HUL2,260.60-45.00 -1.95%
Best SectorPricesChangeChange%
Nifty Metal10536.45269.55 +2.63%
Worst SectorPricesChangeChange%
Nifty FMCG54490.80-128.85 -0.24%

A long build-up was seen in Escorts, Godrej Properties and NMDC, while a short build-up was seen in Metropolis Healthcare, Torrent Pharma and Aurobindo Pharma.

Among individual stocks, a volume spike of more than 300 percent was seen in Escorts, City Union Bank and Coal India.

GM Breweries, Zomato, Oil India, L&T Technology Services, ITI, TVS Motor Company, Prestige Estates Projects, Bharti Airtel were the stocks to touch their 52-week highs. Click to View Full List

Outlook for October 11Prashanth Tapse, Senior VP (Research), Mehta Equities:

The market made a strong comeback as the US dollar as well as treasury yields dived amid dovish Federal Reserve bets. The Nifty recouped all of the losses of the previous two sessions and ended near the day’s high.

Focus, however, remained on geopolitics after Israel Defense Forces said that dozens of fighter jets attacked more than 200 targets in Gaza overnight.

The biggest Nifty hurdle for the October 11 session is at 19,877, while on the downside, the biggest support at the 19,471 mark.

Vinod Nair, Head of Research at Geojit Financial Services

The market recovered the previous day's losses, which were largely on account of the Israel-Hamas conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound. The domestic market's focus is the approaching result season, with optimistic expectations on earnings.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: Oct 10, 2023 03:45 pm

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