The Indian benchmark indices erased some of the intraday gains but managed to close on a positive note for the fourth consecutive session on October 7 with Nifty closing above the 25,100 amid buying seen in the auto, consumer durables, oil & gas, energy, realty names.
At close, the Sensex was up 136.63 points or 0.17 percent at 81,926.75, and the Nifty was up 30.65 points or 0.12 percent at 25,108.30. BSE Midcap index added 0.4% and smallcap index was ended marginally lower.
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Jio Financial, Bharti Airtel, Eternal, Eicher Motors, HCL Technologies were among major gainers on the Nifty, while losers included Trent, Tata Motors, Axis Bank, Tata Consumer and HUL.
Among sectors, energy, oil & gas, pharma, telecom, consumer durables rose 0.3-2%.
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In stock-specific action, Trent shares down 2% on 'overweight' rating by Morgan Stanley, Coal India shares gain on MoU with Chhattisgarh Mineral Development Corporation, Bank of India shares gain as Q2 global business rose 11.8%, Metropolis Healthcare share price gained 2% as Q2 revenue jumps 23%.
Brigade Enterprises shares added 4% on signing joint development agreement for premium residential projects in West Chennai, Fino Payment Bank shares gained 4% post SEBI settlement order, Gabriel India hits 52-week high on executing JV Agreement with Korea-based SK Enmove Co.
Index | Prices | Change | Change% |
---|---|---|---|
Sensex | 82,500.82 | 328.72 | +0.40% |
Nifty 50 | 25,285.35 | 103.55 | +0.41% |
Nifty Bank | 56,609.75 | 417.70 | +0.74% |
Biggest Gainer | Prices | Change | Change% |
---|---|---|---|
Cipla | 1,561.80 | 48.70 | +3.22% |
Biggest Loser | Prices | Change | Change% |
---|---|---|---|
Tata Steel | 173.86 | -2.56 | -1.45% |
Best Sector | Prices | Change | Change% |
---|---|---|---|
Nifty PSU Bank | 7695.80 | 126.50 | +1.67% |
Worst Sector | Prices | Change | Change% |
---|---|---|---|
Nifty Metal | 10261.55 | -94.65 | -0.91% |
Nearly 150 stocks touched their 52-week high on the BSE, including Nykaa, UNO Minda, Schaeffler India, Hero MotoCorp, Aster DM Health, HPCL, Canara Bank, AB Capital, Muthoot Finance, NLC India, Hindustan Copper, among others. Click to View More
Outlook for October 8
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices witnessed a volatile trading session. After a roller-coaster activity, the Nifty ended 31 points higher, while the Sensex was up by 137 points. Among sectors, the Reality index outperformed, rallying 1.10 percent, whereas intraday profit booking was seen in selective Defense and FMCG stocks.
Technically, after an early morning intraday rally, the market consistently experienced profit booking near the 25,200/82300 resistance zone. However, the short-term outlook of the market remains positive. We believe that the 20-day SMA (Simple Moving Average) and the 25,000–24,950/81700-81500 zones will act as key support levels for traders. As long as the market remains above these levels, the bullish sentiment is likely to continue.
On the flip side, 25,200/82300 and 25,275/82500 would serve as key resistance levels for the bulls. For day traders, buying on intraday dips and selling on rallies would be the ideal strategy. However, below 24,950/81500, the uptrend could become vulnerable.
Disclaimer: The views and investment tips expressed by 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 decision.
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