Financials were among the top drags for the majority of the trading session but some of the banking names recouped losses and turned green helping equity markets end higher.
The futures and options segment saw a turnover of Rs 14.57 lakh crore while the cash market saw a turnover worth Rs 58,436.97 crore.
Domestic benchmark indices ended Samvat 2076 with gains. S&P BSE Sensex closed at 43,443, gaining 85 points during the day while the 50-stock benchmark NSE Nifty closed at 12,719 points. Small and midcap indices again outperformed the benchmark indices and closed with gains. Financials were among the top drags for the majority of the trading session but some of the banking names recouped losses and turned green helping equity markets end higher. India VIX fell over 4% to close below the 20 points mark.
Here’s what experts make of today’s trading session
“After the initial downtick, the bias was largely on the positive side which aided closing around the day’s high. Mostly sectoral indices traded in tandem with the benchmark and ended in the green wherein metals, realty and healthcare being the top gainer. We have a special Diwali muhurat trading session tomorrow evening i.e. on November 14 and expect the bullish tone to continue. Considering the hurdle at 12,800 in Nifty, we suggest focusing on broader markets and advise preferring only quality midcap and smallcap counters for short term trades. At the same time, any dip in the index majors, which are trading in line with the benchmark, should be considered as a buying opportunity.”
“Market is struggling due to lack of clear direction due to RBI’s remark on recession, pulling down the optimism provided by yesterday’s stimulus package. Profit booking is triggered in India following global peers, which are showing volatility as the rally backed by the US presidential election has come to an end and the market has started focusing on increasing coronavirus cases.”
Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments –
“The Nifty traded in a narrow range of about 150 points. It failed to get past 12770-12780 which is the pivotal point for the uptrend to resume. The index has strong support within 12100-12300. If we cross 12780, we should scale up to 13000 levels.”
Joseph Thomas, Head of Research – Emkay Wealth Management –
“The market rebounded during the trading session today after a weak start drawing positive signals from the additional package of incentives announced by the government and the uptick in some of the macro numbers. Earlier in the week, the markets zoomed past it’s all-time highs aided by the news of a successful vaccine and the results of the US elections.”
Nirali Shah, Senior Research analyst, Samco Securities –
“Nifty 50 index after a non-stop rally of over 1000 points is now trading near its all-time highs and in fact has now taken a breather to consolidate its gains. The index has become overbought in the short term and a profit-booking move cannot be ruled out. The majority of the recent move was led by metals and banking stocks but IT was the laggard in the pack. Going ahead on account of being overbought in the short term, we may see a retracement up to 12000 to 12200 levels. Traders are advised to keep a buy on dips approach unless Nifty does not break below the rising channel on the weekly chart. Immediate support and resistances are now placed at 12400 and 12800 respectively.”