News

Published: November 3, 2023
Updated: November 3, 2023

Market Momentum Continues: Indices Surge and Key Events Unfold

Equity markets saw a second consecutive day of gains, driven by the belief that global central banks are nearing the end of their rate hike cycle. The S&P BSE Sensex rose 283 points, closing at 64,364, while the Nifty50 gained 92 points, closing at 19,226.

Top Stock Gainers

● Titan, Tata Motors, JSW Steel, Tech Mahindra, ICICI Bank, Infosys, SBI, and Sun Pharma were among the top gainers on the Sensex, with gains ranging from 1% to 2%.
● Notable gainers on the Nifty included Apollo Hospitals, Adani Ports, Eicher Motors, LTI Mindtree, ONGC, UPL, Hero MotoCorp, and Bajaj Auto, accumulating gains of up to 5%.

Broader Market Performance

In the broader markets, the BSE MidCap and SmallCap indices posted gains of 0.71% and 0.94%, respectively.

Sector Highlights

● The Nifty Realty index advanced by 2.5%, marking a nearly 5% increase over two days.
● The Nifty Media index gained 1.36%, and the Nifty Bank index added 0.67%.

Key Events

● Currency Check: The Rupee ended 3 paise weaker at 83.28/$.
● Sectoral Trends: Broad-based gains swept the markets for a second day.
● Sensex Heatmap: Titan, Tech Mahindra, and Tata Motors led the index rally.
● Closing Bell: Nifty surpassed the 19,200 mark.
● Closing Bell: Sensex rose by nearly 300 points.

Stock-Specific Insights

● One industrial products company's stock surged by 79% in the past month.
● Bank of Baroda's Q2 preview: Profit may rise by up to 26% YoY; NIM outlook is in focus.
● Senco Gold reached new highs, surging 86% in 8 weeks, driven by strong earnings expectations.
● Adani Power soared 25% in 7 days, nearing a 52-week high on strong Q2 results.
● SBI's Q2 results preview: Analysts expect the lender's profit to drop;
● Suzlon Energy reached a 9-year high, with a 5% increase due to strong Q2 results and order book.
● Tata Motors surged over 4% on healthy Q2 results; DVRs hit new highs.
● Tata Steel, SBI Life, Dr. Reddy trail.
● Apollo Hospitals and Adani Ports are additional winners on Nifty.
● Heatmap: Tata Motors and IT majors lead Sensex gains.

Market Openings

● Opening Bell: Nifty opened above 19,250.
● Opening Bell: Sensex opened 340 points higher.
● Currency Alert: Rupee opened at 83.23/$, compared to Thursday's close of 83.24/$.

Insights and Strategies

● Stocks to Watch: Tata Motors, Adani Green, IEX, Concor, Gujarat Gas, Atul.
● ALERT: Nifty quotes above 19,350, suggesting a 100-point gap-up for Nifty.
● F&O Strategy: Bull Spread on NMDC for November expiry.
● Nifty Pharma Index Outlook: Breakout above 14,900 needed for a bullish move.
● Asian Market Update: Nikkei and Hang Seng lead the bull charge with over a 1% gain.

Technical Analysis and Expert Views

● Tech View: Turn bullish on Nifty if it crosses 19,300; maximum put writing at 19,200 offers strong support.
● Expert Comment: Reiterate a cautious view on Nifty; await a decisive break above 19,400 for sustained recovery.
● Expert Comment: Optimism is driven by firm global cues, steady macroeconomic data, and strong domestic corporate earnings. Large-cap companies show a solid 40% growth in PAT on a YoY basis during the earnings season Market momentum remains strong, with indices surging for a second day as investors gain confidence in the potential end of the global central banks' rate hike cycle. Stock- specific opportunities continue to emerge, and optimism is supported by robust corporate earnings and positive macroeconomic indicators. However, a cautious approach is advised for the Nifty, pending a decisive break above 19,400 for sustained recovery.