Tata Steel, Power Grid, Bajaj twins, Asian Paints top gainers & losers as market ends higher 

Indian market ended higher on Thursday led by gains in metal, consumer durables and oil and gas stocks. Sensex rose 213 points to 59,756. During the day, it hit a low of 59,496 and a high of 59,959. On similar lines, Nifty gained 80 points to close at 17,736. On Sensex, Tata Steel (3.02 per cent), Power Grid (2.47 per cent), Sun Pharma (2.04 per cent), Bharti Airtel (2.03 percent), Titan (1.45 percent) and Axis Bank (1.37 per cent)were among the top Sensex gainers. 

On the other hand, Bajaj Finance (1.92 per cent), Bajaj Finserv (1.68 per cent), Asian Paints (1.32 per cent), Tech Mahindra (0.68 percent) and Nestle India (0.60 percent) were among the laggards.

Total 20 shares closed higher on the 30 stock index. 

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Vinod Nair, Head of Research at Geojit Financial Services said, “Weak signals from the global markets and elevated oil prices are challenging the domestic market to maintain its gains. The US IT giants’ disappointing quarterly earnings served as the catalyst for selling in the US market. ECB is expected to aggressively increase rates by 75 bps. Investors are expecting world central banks to slow down the pace of rate hikes, in the future, which could be positive for India in 2023.”

Metal, oil and gas and banking shares were the top sectoral gainers with their BSE indices climbing 565 points, 262 pts and 268 points, respectively. 

IT shares were the sole sectoral losers with the BSE IT index slipping 140 points to 28,790. 

Market breadth was positive with 1,832 stocks ending higher against 1,586 stocks falling on BSE. 131 shares were unchanged. Market cap of BSE-listed firms stood at Rs 277.10 lakh crore.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “The trading session was marked by extreme volatility on the monthly F&O expiry day, but sharp rally in metals, realty and oil & gas stocks helped markets maintain the bullish sentiment seen in the recent trades. Investors are positive about the India growth story, which is driving markets higher despite several headwinds on the external front. Technically, for the last three sessions, the Nifty has consistently found resistance near the 17800 level and conversely taking support near 17625. For Nifty, 17800 would be the key breakout level and above the same the index could move up to 17900-18000. On the flip side, a fresh round of selling is possible only after the dismissal of 17625. Below the same, the index could slip till 17500-17450.”

Foreign institutional investors turned net sellers on October 25 as they sold shares worth Rs 247.01 crore.

Previous session

Indian market ended lower on Tuesday, snapping its seven-day winning streak amid weak Asian market cues and mixed trends from European stocks. Sensex declined 287.70 points to finish at 59,543.96. During the day, it hit a low of 59,489.02 and a high of 60,081.24. On similar lines, Nifty fell 74.40 points to close at 17,656.35.

Global markets 

Elsewhere in Asia, markets in Seoul and Hong Kong ended higher, while Tokyo and Shanghai settled lower. Stock exchanges in Europe were trading on a mixed note in mid-session deals. Stock markets were closed on Wednesday for ‘Diwali Balipratipada’. International oil benchmark Brent crude was trading 0.13 per cent higher at $95.79 per barrel.