Sensex extends gains to 5th day; Nifty nears 11,900; key reasons

By: |
Published: October 31, 2019 4:17:21 PM

Stock market benchmark BSE Sensex extended the gains to the fifth day, tracking gains in IT and banking stocks.

Asian Paints Crorepati Stocks, एशियन पेंट्स, stock market return, paint company, investors become rich and crorepati, multibagger stock, top performing stock, wealth creator stocksYes Bank, SBI, Infosys, Tata Motors, Bharti Airtel, HCL Tech and HDFC were the top gainers.

Stock market benchmark BSE Sensex extended the gains to the fifth trading day, tracking gains in IT and banking stocks. After touching a fresh lifetime high of 40,392.22 (intra-day), the 30-share index settled 77.18 points or 0.19 per cent, higher at 40,129.05. NSE Nifty too surged 33.35 points, or 0.28 per cent, to end the day at 11,877.45. Yes Bank, SBI, Infosys, Tata Motors, Bharti Airtel, HCL Tech and HDFC were the top gainers. The major laggards include Tech Mahindra, Axis Bank, Tata Steel, M&M, and ICICI Bank.

“We believe in-line Q2FY20 earnings so far and positive outlook by key auto and banking players have lifted the investor sentiments. On the global front, the US Fed rate cut of 25bps and better than expected US GDP numbers for the third quarter seem to have provided some relief to the investors’ concern regarding the economic slowdown. However, going forward consolidation cannot be ruled out given the near-peak level of the markets,” Ajit Mishra Vice President, Research, Religare Broking.

Also read: YES Bank share price up 38% after announcement of binding offer worth $1.2 billion from global investor

“Bulls continue to march ahead pushing the index higher. Index has been trending hard for past few sessions. Market breadth has been the focal point as mid and small caps join the party. We have held our bullish stance even on down phase and have recommended going long on declines which have worked well. We continue with our bullish stance and believe index is headed for new highs soon. 11,600 is the immediate downside support,” Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures.

Meanwhile, the Indian rupee depreciated 12 paise to 71.02 against the US dollar intraday. The brent crude futures, the global oil benchmark, dropped 0.13 per cent to $60.16 per barrel.

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
1Alibaba to resume Hong Kong listing plans as soon as November to raise $15 billion
2Share Market Highlights: Core sector growth contracts 5.2% in September; coal, oil see major decline
3Gold inches up on Fed rate cut cheer, sombre dollar