The equity benchmark extended the gains for the second day on November 3 amid positive global cues, some good sets of September quarter numbers and buying across the sectors.
At close, the Sensex was up 282.88 points or 0.44 percent at 64,363.78, and the Nifty was up 97.30 points or 0.51 percent at 19,230.60.
For the week, the Sensex and the Nifty gained nearly a percent each, snapping a two-week losing streak.
Stocks and sectors
Apollo Hospitals, Adani Ports, Eicher Motors, LTIMindtree and Titan Company were among the major gainers on the Nifty, while the big losers were Bajaj Finserv, Dr Reddy's Laboratories, SBI Life Insurance, IndusInd Bank and Tata Steel.
All sectoral indices ended in the green, with oil & gas and realty up 1-2 percent each.
The BSE midcap index rose 0.7 percent and the smallcap index a percent.
A long build-up was seen in Dr Lal PathLabs, Apollo Hospitals Enterprises and Container Corporation of India, while a short build-up was seen in Cholamandalam Investment and Finance Company, MRF and Bajaj Finserv.
Among individual stocks, a volume spike of more than 400 percent was seen in MRF, Container Corporation of India and Aditya Birla Capital.
More than 180 stocks touched their 52-week high on the BSE, including Zomato, Amber Enterprises, Brigade Enterprises, Angel One, Suzlon Energy, MCX India, L&T Finance, Blue Star, Godrej Properties and Ratnamani Metal, among others. Click here for the full list
Outlook for November 6
Ajit Mishra, SVP - Technical Research, Religare Broking:
Markets extended gains for yet another session and rose nearly half a percent. After the gap-up start, Nifty remained in a narrow range for most of the day and finally settled at 19,226.05 levels. All sectors contributed to the move wherein realty, oil & gas and banking posted decent gains. The broader indices too traded upbeat and moved up in the range of 0.60%-1.00%.
Nifty has penetrated the resistance zone after two days of advance and tested the immediate hurdle of 100 EMA around 19,276 as well. We reiterate a cautious view on the index and suggest awaiting a decisive break above 19,400 for a sustained recovery else the up move would fizzle out. However, there is no shortage of stock-specific opportunities so traders should maintain their focus on stock selection.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities:
After a gap up opening Nifty faced resistance around 19250-19300 levels and we can see maximum put writing at 19200 levels which may act as strong support for Nifty while we can see maximum open interest in 19300 call option so, one should only be bullish on Nifty if it closes above its crucial 100 days moving average placed at 19300.
The Bank Nifty index had a strong opening but went into consolidation at higher levels. It encountered difficulty surpassing the immediate resistance level of 43,500, where a significant amount of call writing was observed. The lower-end support for the index is situated at 42,800, and a breach below this level could intensify selling pressure.
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