Sensex ends up 95 points, Nifty just above 11,600; key reasons

By: |
Published: October 23, 2019 6:13:22 PM

The benchmark equity indices -- Sensex and Nifty -- ended on a strong note tracking strength in IT, finance and auto stocks amid weak global cues.

Sensex, Nifty50, NSE, BSE Metal Index, FPI, BSE Telecom, corporate tax rateSensex ended 94.99 points or 0.24 per cent, higher at 39,058.83. The index hit an intra-day high of 39,196.67 and a low of 38,866.08.

The benchmark equity indices — Sensex and Nifty — ended on a strong note tracking strength in IT, finance and auto stocks amid weak global cues. Sensex ended 94.99 points or 0.24 per cent, higher at 39,058.83. The index hit an intra-day high of 39,196.67 and a low of 38,866.08. NSE Nifty too advanced 15.75 points, or 0.14 per cent, to close the trading session at 11,604.10. While HCL Tech, Maruti Suzuki, SBI, HDFC and Hero MotoCorp were the major gainers, Bharti Airtel, Vedanta, ONGC, RIL, Kotak Bank and Yes Bank were the major laggards. On the other hand, stressed Infosys scrip rebounded 1.16 per cent after a big sell-off in the previous session following a whistleblower complaint.

“We expect markets to remain range-bound in the near term. Further investors’ focus is on the Q2FY20 earnings season, which would induce stock-specific volatility. We would advise investors to stay focused on selective blue-chip companies. On the global front, market participants would keep a close watch on US-China trade talks and progress on Brexit deal,” Ajit Mishra Vice President, Research, Religare Broking said.

Also read: Investments via P-notes fall for the fourth month in a row, stand at Rs 76,611 crore

In terms of sectors on BSE, auto, IT, consumer durables, power, FMCG, tech and finance indices surged, while telecom, oil and gas, energy, realty, industrials, capital goods and metal indices tumbled.

On the other hand, the Indian rupee appreciated marginally to 70.92 against the US dollar intraday. The brent crude futures, the global oil benchmark, fell 0.85 per cent to $ 59.19 per barrel. “Due to corporate tax cut, Q2 earnings growth is better, however, the market will review the outlook for revenue growth to assess any potential for re-rating,” news agency PTI reported Vinod Nair, Head of Research, Geojit Financial Services as saying.

Get live Stock Prices from BSE and NSE 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.

Next Stories
1Facebook cryptocurrency Libra’s retreat would bring joy and relief to Asia
2Union Cabinet Press conference HIGHLIGHTS: Govt hikes MSP for rabi crops; mulls BSNL, MTNL merger
3Gold bides time as traders await clarity on Brexit