'Around Diwali, most people will purchase emotion-driven jewellery, but intelligent investors are moving towards digital gold and silver bars,' said one analyst.
Dalal Street opened higher for the second straight session on October 16, lifted by optimism over potential U.S. Fed rate cuts and hopes of progress in a U.S.-India trade deal.
Investor sentiment strengthened after Fed Chair Jerome Powell noted that while the U.S. labour market remained weak, the economy was on a firmer footing.
Biggest Nifty gainers were Nestle India, Tata Consumer, Titan Company, Kotak Mahindra Bank, Axis Bank, while losers included HDFC Life, Shriram Finance, Sun Pharma, Jio Financial and Eternal. Except PSU Bank (down 0.4%), all other sectoral indices ended in the green with auto, bank, consumer durable, realty FMCG, oil & gas up 0.5-1.7 percent. The BSE midcap index rose 0.3 percent and smallcap index added 0.4 percent.
The central bank is unwilling to let the currency breach its record low of 88.8050 per dollar level anytime soon, the person said.
Biggest Nifty gainers were Bajaj Finserv, Bajaj Finance, Trent, Nestle India, Asian Paints, while losers were Infosys, Tata Motors, Bajaj Auto, Tech Mahindra, Axis Bank.
Dalal Street’s benchmarks, Nifty 50 and Sensex, rallied on October 15 as dovish comments from the U.S. Federal Reserve Chair boosted investor sentiment.
Indian equities opened slightly higher on Wednesday, supported by positive cues from India-US trade talks and broad-based sectoral gains led by Realty and PSU Bank stocks.
Analysts noted that the markets may remain range-bound, with global trends, FII flows, and Q2FY26 earnings likely to guide near-term direction.
Biggest Nifty gainers were Bajaj Finserv, Bajaj Finance, Trent, Nestle India, Asian Paints, while losers were Infosys, Tata Motors, Bajaj Auto, Tech Mahindra, Axis Bank. All the sectoral indices ended in the green with realty index up 3%, while power, consumer durables, PSU Bank, metal and telecom indices up 1-2%. BSE midcap index added 1%, and smallcap index jumped 0.7%.
More than 150 stocks touched their 52-week high on the BSE, including Anand Rathi, MCX India, HBL Engineering, RBL Bank, L&T Finance, Muthoot Finance, Eternal, Bajaj Finance, among others.
Headline gauges Nifty 50 and Sensex fell to selling pressure after recording an open in the green for the session on Tuesday, October 14.
After seeing a firm start for the October 14 session, the benchmark indices succumbed to selling pressure as investors booked their profits.
Indian indices started October 14 on a positive note, with IT and metal stocks leading gains. HCL Technologies’ strong Q2 results and silver prices touching record highs lifted sentiment, while investors await the LG Electronics listing.
Investors will closely watch the debut of the LG Electronics IPO, following yesterday’s flat listing of the Tata Capital IPO
All the sectoral indices ended in the red with pharma, consumer durables, metal, media, PSU Bank index down 1-1.5%. Dr Reddy's Laboratories, Bajaj Finance, Bharat Electronics, TCS, Trent were among major losers on the Nifty, while gainers included Max Healthcare, Apollo Hospitals, Tech Mahindra, Wipro and ICICI Bank. BSE Midcap index shed 0.8 percent and smallcap indices fell 1%.
More than 150 stocks touched their 52-week high on the BSE, including HBL Engineering, L&T Finance, Bajaj Finance, Fortis Healthcare, Nippon Life India, SBI, Yes Bank, Indian Bank, Eternal, RBL Bank, Authum Investment, among others.
Morgan Stanley said that India's households wealth held in gold is estimated at US$ 3.8 trillion, or 88.8% of GDP. 'This is providing a positive wealth effect, even as benign macro stability ensures that flow of gold demand remains range bound,' it said.
Dalal Street opened on a soft note as investors turned cautious after a global selloff and ahead of key domestic earnings announcements.
GIFT Nifty signals a cautious start for Dalal Street as renewed US-China trade tensions and a sharp fall in global markets weigh on sentiment.
Among sectors, metal, telecom, IT, FMCG, capital goods, consumer durables slipped between 0.5-1%. Tata Motors, Infosys, Wipro, Nestle, HUL were among major losers on the Nifty, while gainers were Bharti Airtel, Bajaj Auto, Adani Ports, Shriram Finance and Bajaj Finance. BSE Midcap index was down 0.2 percent and smallcap indices shed 0.4 percent.
Commodities markets will closely monitor developments on the US-China trade front, especially after Trump threatened to withdraw from a planned meeting with Chinese President Xi Jinping at a summit in South Korea later this month.
On the sectoral front, metal index shed 0.8 percent, while auto, bank, consumer durables, PSU bank, realty, pharma added 0.5-1 percent.
Blue-chip large-cap banking stocks drove the gains with SBI, HDFC Bank, Axis Bank and ICICI Bank contributing the most to the rise in Nifty 50 and Sensex on October 10.
Short-covering can take lead Dalal Street higher, according to experts, even though valuations at the current juncture remain elevated.
