Ahead of Diwali, Sensex settles above 39,000, Nifty below 11,600; key reasons

By: |
Published: October 25, 2019 4:34 PM

The benchmark indices -- Sensex and Nifty -- on Friday ended marginally higher after volatile session tracking mixed domestic cues.

Both the Sensex and Nifty lost about 1% on ThursdayYes Bank, SBI, ICICI Bank, Sun Pharma, TCS, HCL Tech, Maruti, Bharti Airtel and Infosys were major gainers in trade today.

The benchmark indices — Sensex and Nifty — on Friday ended marginally higher after volatile session tracking mixed domestic cues.  Sensex swung over 523 points before settling 37.67 points, or 0.10 per cent, higher at 39,058.06, Nifty closed at 11,583.90, up by just 1.30 points or 0.01 per cent. Yes Bank, SBI, ICICI Bank, Sun Pharma, TCS, HCL Tech, Maruti, Bharti Airtel and Infosys were major gainers in trade today. SBI reported a six-fold jump in its consolidated profit for the second quarter ended September of the ongoing fiscal. On the other hand, Tata Motors, Vedanta, HDFC, Kotak Bank, Hero MotoCorp and NTPC were the major laggards.

“We feel banking stocks especially private banking majors have the potential to push the benchmark higher from hereon as other sectoral heavyweights have played their part or reeling under pressure. In absence of any major event, earnings and global cues would continue to dictate the market trend. We suggest limiting leveraged positions and focusing more on risk management,” Ajit Mishra Vice President, Research, Religare Broking.

Also read: Dhanteras glitters may pinch your pocket this year; gold price shoots up 

“Since there is a lot of uncertainty right now, investors should pick stocks with a basket approach. Metals and mining, pharmaceuticals, agriculture, infrastructure are some beaten down sectors which should be considered from a stock picking perspective. These “so called untouchables” are cheaper from a valuation perspective and hence are value buys at this point. Nifty closed the week at 11583, down by 0.66%. Happy Diwali and a prosperous New Year to everyone,” Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote.

Meanwhile, the Indian rupee appreciated 12 paise to 70.90 against the US dollar intraday. The brent crude futures, the global oil benchmark, slipped 0.18 per cent to $61.56 per barrel.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1IPCA Lab rating: Retain ‘hold’ with revised target price of Rs 1,950
2Export markets open up for rubber component makers as global manufacturers looking at suppliers outside China
3Lockdown effect? Auto fuel demand slips in July