HDFC twins, RIL lead Sensex; Nifty tops 11,600 on global cues, check what’s pushing D-St higher

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Updated: Oct 06, 2020 10:31 AM

The markets have opened on a positive note; we should be able to achieve the levels of 11800 during the course of the October series

US election, donald trump, joe biden, stock marketHistory suggests that stock market returns are correlated with the US presidential cycle

Taking cues from firm global peers, BSE Sensex and Nifty 50 were trading nearly one per cent higher in Tuesday’s session. BSE Sensex was trading 276 points or 0.71 per cent up at 39,250, while the broader Nifty 50 index gained 0.70 per cent to rule at 11,584. Index heavyweights such as HDFC, HDFC Bank, Reliance Industries (RIL), ICICI Bank and Asian Paints contributed the most to indices’ gain. Broader markets were performing in line with equity benchmarks. S&P BSE MidCap gained 0.77 per cent, while the S&P BSE SmallCap index was up 0.61 per cent. “The markets have opened on a positive note; we should be able to achieve the levels of 11800 during the course of the October series. Strong support for the Nifty is at the 11300 level and as long as we can keep above this level, the trend of the market is bullish and any correction can be used to accumulate for higher targets,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

HDFC top-performing stock: Housing Development Finance Corporation shares gained 5 per cent, a day after the company said its individual loan disbursements in the second quarter of 2020-21 reached 95 per cent of the level in the year-ago period and September saw the strongest recovery since the outbreak of COVID-19 pandemic, suggesting business is returning to pre-crisis levels.

Top BSE Sensex gainers: Out of 30 Sensex stocks, 22 scrips were trading in the positive territory. Along with HDFC, M&M, Asian Paints, HDFC Bank, IndusInd Bank, Bajaj Finance, Maruti Suzuki, ICICI Bank, ITC and HCL Tech were up in the range of 0.80-4.7 per cent.

IT stocks lead draggers: IT stocks were among top Sensex laggards today. TCS shares fell the most, down 1.33 per cent, followed by Infosys and Tech Mahindra. Other losers on the pack were NTPC, Sun Pharma, Tata Steel and Kotak Mahindra Bank.

Nifty IT, Nifty Metal indices in red: Nifty Financial Services was top sectoral gainer, up 1.69 per cent, followed by Nifty Auto, and Nifty Bank. Nifty IT index fell 0.70 per cent while Nifty Metal index slipped 0.29 per cent.

Global markets: Asian stock markets were trading mostly higher in Tuesday’s session. In Japan, the Nikkei 225 rose 0.48 per cent while S&P/ASX 200 in Australia added 0.29 per cent. In overnight trade on Wall Street, US stocks rose sharply on hints that President Donald Trump could return to the White House and hopes for more fiscal stimulus and. The Dow Jones Industrial Average rose 1.68 per cent, the S&P 500 gained 1.80 per cent and the Nasdaq Composite added 2.32 per cent.

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