Sensex reclaims 60,000-mark with 832-point leap

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November 02, 2021 12:45 AM

Global cues, favourable domestic economic data, good Q2 results drive stocks

Nifty, SensexAnalysts are of a view that the Nifty will continue its uptrend if it sustains to trade above 17,950-18,000.

The Sensex recovered from the previous week’s losses and surged by more than 800 points to reclaim 60,000 levels on Monday. The rally was led by banking, technology and metal counters. The BSE benchmark surged 831.53 points to close at 60,138.46, while the Nifty50 gained 258 points to close at 17,929.65. Bank Nifty rose by 648.15 points or 1.66% to close at 39,763.75.

The broader markets also ended higher, in line with the benchmarks. Among other sectors, the Nifty Realty ended higher by 4.03%, led by shares of Sobha, Oberoi Realty and Indiabulls Real Estate. The Nifty Metal and Nifty IT ended up over 3% and 2%, respectively.

IndusInd Bank was the top performer in the Sensex pack, up 7.7%, followed by HCL Tech, Bharti Airtel, Tata Steel, Tech Mahindra and Dr Reddys Labs. On the other hand, M&M and Bajaj Finserv dipped 1% each, whereas Reliance Industries and Nestle ended marginally lower.

The overall market breadth was positive as nearly 2,160 shares advanced and 1,148 shared declined on the BSE.

Advances in the markets today were mainly attributed to positive Asian markets, record GST collections, which came at Rs 1.3 lakh crore, up 24% YoY, improving manufacturing activities, and upbeat management commentaries.

“The GST data released today posted the second-highest-ever collection of Rs 1.3 lakh crore, a growth of 24% YoY which further boosted the sentiments,” said Narendra Solanki, head – equity research (fundamental), Anand Rathi Shares & Stock Brokers. Meanwhile, the rupee settled 1 paisa lower at 74.86 against the dollar.

Moving ahead, investors will closely monitor cues like US Federal Reserve Policy meeting scheduled for November 2-3 and flows from foreign investors. However, experts expect some consolidation this week and suggest traders to refrain from taking fresh positions and trade cautiously.

Analysts are of a view that the Nifty will continue its uptrend if it sustains to trade above 17,950-18,000. It may witness higher levels up to 18,150-18,125, while on the downside, 17,890 will act as strong support, below which the index could slip up to 17,700 levels.

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