IndusInd Bank, ICICI Bank, and Axis Bank were some of the best performing banking stocks. Asian peers mirrored the same trend and closed with gains on Monday morning.
Having a low cost structure, SBI Life Insurance maintains its cost leadership in the insurance space.
Domestic benchmark indices gained for the sixth consecutive day to close near their all-time highs on Monday. S&P BSE Sensex closed just a tad bit low from it’s all time high of 42,645 points while Nifty 50 ended at 12,461 mark. Banking stocks continued to rally yet again with Bank Nifty ending 2.74% higher at 27,534 points. IndusInd Bank, ICICI Bank, and Axis Bank were some of the best performing banking stocks. Asian peers mirrored the same trend and closed with gains on Monday morning.
“Firm global cues and a clear majority to favorite democrats party in the US election took main benchmark indices to all time high. The rally in the domestic market was also led by Banking and Finance stocks on improved business outlook post Q2 results, end to moratorium and bounce back of economic activities. We expect more stimulus measures are required to boost the economy and announcements regarding the same from the government is expected in the near future that can further accelerate our domestic market.”
“Bulls went on a rampage today at the start of the week which promises everything right from Bihar Election results to Factory Output. A 200 point salute to the NIFTY also brought about positive vibes across a host of Small & Midcap stocks in the broader markets.”
Nish Bhatt, Founder & CEO, Millwood Kane International –
“The clarity on the outcome of the US Election has spread cheer for the global equity market. President-elect Joe Biden’s plans to reverse most of the tough decisions taken by Trump on visa and immigration plans to increase the H-1B visa limit and remove any country quota for green cards is a big positive for Indian IT companies. The market is rallying on hopes of fewer regulations and a bigger stimulus package under Joe Biden. The US economy needs a fresh stimulus package for a revival. India seems to be in a sweet spot and may gain as the US under Joe Biden is unlikely to ease pressure on China.”
Ajit Mishra, VP – Research, Religare Broking –
Markets started the week on a robust note and made a new record high, taking cues from the global indices. The reaction was mainly in response to the news of Joe Biden winning the US presidential elections. Besides, noticeable buying in index majors especially from the banking pack further boosted the sentiment. Further, the on-going corporate earnings, domestic economic data (IIP and CPI) and Bihar election outcome will be in focus. Meanwhile, markets would continue to mirror global indices. We suggest maintaining “buy on dips” approach and keeping extra caution in selection of stocks.
Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS –
“Underpinning the Indian markets have been banking stocks, with Bank Nifty extending its recent surge to an 8-month high. Metal stocks have also supported the markets today, boosted by firm commodity prices amidst the dollar weakness. While short-term technical indicators suggest at overbought conditions, given the broad-based global rally, we feel the euphoric sentiment could prevail ahead of Diwali.”
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
“The Nifty extended its buoyant movement and closed at the day high which reinstates the bullish tone of the markets. If this momentum continues, we should be achieving 12650-12700 during the course of the November series itself.”