The Indian benchmark indices ended higher for the third consecutive session on November 12 with Nifty crossing 25,900, intraday, amid buying across the sectors, barring realty.
Positive global cues helped the indices to open gap-up and extended buying helped Nifty to hit day's high of 25,934.55, supported by exit polls of Bihar predicting clear victory for NDA and progress in India-US trade talks.
At close, the Sensex was up 595.19 points or 0.71 percent at 84,466.51, and the Nifty was up 180.85 points or 0.70 percent at 25,875.80.
Broader indices performed inline with the main indices with Nifty Midcap hitting fresh 52-week high of 61,011, while Smallcap index rose 0.8 percent.
Nifty Bank index also went closer to its 52-week high of 58,577.50, ending at 58,274.65, up 0.23 percent.
Also Read: Flexi-cap funds lead October equity inflows as investors seek broad-based opportunities
Biggest Nifty gainers were Asian Paints, Adani Enterprises, Tech Mahindra, TCS, HDFC Life, while losers were Tata Steel, TMPV, Bharat Electronics, Shriram Finance, Grasim Industries.
Except, realty, all other sectoral indices ended in the green with media, auto, telecom, IT, consumer durables up 1-2 percent.
In stock-specific action, BSE shares added 5% after Q2 profit surged 61%, L&T Technology Services shares rose 1.5% on partnership with Autodesk, Aavas Financiers shares gained 5% on better Q2 earnings, Gujarat Fluorochemicals share price rose 5% after Q2 profit jumps 48%, Thermax share price slipped 3% after profit declines 39%.
Kirloskar Oil Engines shares jumped 11% after Q2 profit jumps 27%, Advanced Enzyme shares added 8% on strong Q2 earnings, Gujarat Fluorochemicals shares rose 5% as Q2 profit jumps 48%, Max Financial share price gained 5% on better Q2 results, Zaggle Prepaid Ocean Services share price rose 4% after Q2 profit surges 72%, Asian Paints shares jumped 4% on strong Q2 earnings.
More than 130 stocks touched their 52-week high on the BSE, including GE Shipping, Max Financial, Adani Ports, Canara Bank, Titan Company, UPL, Adani Energy, Alkem Lab, Hitachi Energy, Bank of India, Asian Paints, NALCO, BHEL, Asahi India, Can Fin Homes, M&M, HPCL, IOC, Bharat Forge, Ashok Leyland, among others. Click to View More
New Listing
The shares of Billionbrains Garage Ventures, the parent company of leading stock broking platform Groww, finished at Rs 130.94, up 30.9% on listing day, on the BSE.
The share got listed at Rs 114 apiece on BSE, with a premium of 14 percent over the IPO price of Rs 100 per share.
Outlook for November 13
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities
Nifty continued its upside momentum for the third consecutive sessions on Wednesday and Nifty closed the day higher by 180 points. After opening with an upside gap of 139 points Nifty moved up further in the early to mid-part of the session. Consolidation was seen towards the end and Nifty finally closed near the highs. The opening upside gap remains unfilled.
A reasonable bull candle was formed on the daily chart with minor upper and lower shadow. Technically, this market action indicates an uptrend continuation pattern. If the present opening up gap remains open for the next 2-3 sessions, then that gap could be considered as a bullish runaway gap, which are normally formed in the middle of the trend.
The underlying short-term trend of Nifty remains positive. The next upside targets to be watched around 26100-26200 levels for the next few sessions. Immediate support is placed at 25700 levels.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty index continues its uptrend and looks strong after a gap-up opening. On the daily chart, the index has continued to rally higher following a retest of the falling channel breakout.
Besides, the index has moved above the 21EMA, confirming the prevailing uptrend. The sentiment might remain positive in the short term, with the index potentially reaching 26,000. On the lower end, immediate support is placed at 25,700.
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices continued their positive momentum. The Nifty ended 181 points higher, while the Sensex was up by 595 points. Among sectors, IT outperformed, rallying nearly 2 percent, whereas despite strong momentum, intraday profit booking was seen in selective Realty and Defense stocks. Technically, after a gap-up open, the market maintained positive momentum throughout the day. On intraday charts, the market is showing a continuation of the uptrend, which supports further upward movement from the current levels.
For trend-following traders, 25775/84300 and 20-day SMA (Simple Moving Average) or 25700/84000 would act as a key support zone. As long as the market is trading above this level, the bullish sentiment is likely to continue. On the higher side, the market could move up to 26000/84800. Further upside may also push the index up to 26100/85000.
On the flip side, if the market falls below the 20-day SMA or below 25700/84000, the sentiment could change. Below this level, traders may consider exiting their long positions.
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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