The Indian benchmark indices erased previous two-session losses and ended higher on November 2 with the Nifty back above 19,100 comfortably, amid positive cues including no rate hike by the US Fed, falling US bond yield and crude oil prices.
At close, the Sensex was up 489.57 points or 0.77 percent at 64,080.90, and the Nifty was up 144.10 points or 0.76 percent at 19,133.25.
On the back of positive global cues, the market started gap-up and stayed in the positive territory throughout the session with BSE Sensex crossing 64,000 and Nifty inched closer to 19,200 supported by buying across the sectors.
Also Read - Nifty, Sensex show signs of recovery: Correction over, or temporary relief? What’s next for investors?
Stocks and sectors
Biggest gainers on the Nifty were Britannia Industries, Hindalco Industries, IndusInd Bank, Apollo Hospitals and Eicher Motors, while losers were Hero MotoCorp, Tech Mahindra, Bajaj Auto, Bajaj Finance and ONGC.
All the sectoral indices ended in the green with metal, capital goods, FMCG, power, oil & gas, realty up 1-2 percent each.
BSE Midcap and smallcap indices were up one percent each.
A long build-up was seen in Vodafone Idea, Delta Corp and REC, while a short build-up was seen in LIC Housing Finance, Hero MotoCorp and Max Financial Services.
Among individual stocks, a volume spike of more than 200 percent was seen in Dr Lal PathLabs, Godrej Consumer Products and Lupin.
Around 170 stocks touched their 52-week high on the BSE, including REC, Power Finance, Macrotech Developers, Sonata Software, Oberoi Realty, Esab India, IndusInd Bank, Colgate Palmolive, among others. Click here for the full list
Outlook for November 3
Aditya Gaggar Director of Progressive Shares:
The markets commenced the weekly expiry day on a strong note above 19,000 but the higher levels did not last for long and erased majority of its gains. In the second half of the trading session, PSU Banks, Metal, and select heavyweights took the lead and helped the Index recover and end the session at 19,133.25 with gains of 144.10 points. With gains of more than 1.30%, Mid and Smallcaps outperformed the Frontliners.
On the daily chart, Nifty50 has made a DOJI candlestick pattern which represents indecisiveness between the bulls and bears, and at present, it is standing in the middle of the range (18,800-19250), awaiting a clear breakout on either side.
Ajit Mishra, SVP - Technical Research, Religare Broking
Market witnessed a rebound after two days of slide and gained over half a percent. Upbeat global cues triggered a gap-up start in Nifty, followed by a range bound move till the end. Most sectors contributed to the move wherein realty, metal and energy were among the top performers. Besides, the rebound in the broader indices further added to the positivity.
Participants are taking comfort from the rebound in the global indices, especially the US however it is too early to say that we are out of the woods citing multiple hurdles between the 19200-19400 zone in Nifty. We thus reiterate our view to follow stock-specific approach and focus more on overnight risk management.
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