Sensex, Nifty LIVE Updates on October 6: domestic benchmark indices opened on a bullish note on Tuesday, amid positive global equities. Sensex rose 350 points higher to 39,304 and Nifty gained by 93 points to 11,597. SGX Nifty was rising 65 points higher, indicating positive trend in domestic grounds today. Yesterday, the 30-share benchmark Sensex ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503.
Here's a look at the updates of the market action on BSE and NSE today
10. 16 AM: Global markets
Asian stocks were trading higher, following a 2% rally in NASDAQ with an improvement in both US President Donald Trump's health and prospects for a US stimulus package.
President Donald Trump left the hospital to return to the White House where he will continue being treated for the coronavirus. Investors were also bouyed post news that lawmakers would reach a compromise on a new stimulus deal.
10.09 AM:Market outlook
As per Reliance Smart Money, NSE-NIFTY ended holiday truncated week on a positive note, where the index managed to recover partial loss of previous week. In the last week, the index lost once out of four trading sessions and reported rise of 3.3%. On Thursday, the index jumped above its short-term resistance zone on back of positive global cues and regained 11,400 mark. Its key technical indicators are positively poised. The index has potential to test 11,618 and 11,794 levels in the short-term. In case of decline, the index will initially find support at 11,073 level and then at 10,743 mark, which coincides with its recent positive gap and with its long-term moving average 200-day SMA, respectively.
As for the day, support is placed at around 11,366 and then at 11,316 levels, while resistance is observed at 11,448 and then at 11,479 levels.
9. 54 AM: Nifty technicals
As per Geojit Financial Services, the 11400-500 region looks to be a volatile zone, but favoured view expects Nifty to spend very little time inside this region. 11800 appears fairly achievable, as long as dips do not slip beyond 11327.
9. 40 AM: Market update
On markets's opening today - -Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said,"The markets have opened on a positive note; we should be able to achieve the levels of 11800 during the course of the October series. A strong support for the Nifty is at the 11300 level and as long as we can keep above this level, the trend of the market is bullish and any correction can be used to accumulate for higher targets."
9. 30 AM: FII action
Foreign portfolio investors (FPIs) bought shares worth Rs 236.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 471.56 crore in the Indian equity market on 5 October 2020, provisional data showed.
9. 24 AM: Market outlook
Ajit Mishra, VP - Research, Religare Broking said," Markets are closely following global events and the upcoming earnings season would further add to the volatility. We suggest maintaining a positive yet cautious approach and giving preferring to index majors. Nifty has the next hurdle at 11,600."
9. 17 AM: Opening session
Sensex rose 350 points higher to 39,304 and Nifty gained by 93 points to 11,59. Market indices continued bullish momentum, tracking global equities that were buoyed on news of improvement in both US President Donald Trump's health and prospects for a US stimulus package
9. 09 AM: Nifty technical
Aamar Deo Singh, Head Advisory, Angel Broking said," Overall, Nifty has been displaying bullish momentum over past few trading sessions, with key resistance seen around the 11600-11650 zone whereas immediate support is seen around 11200-11250 levels."
8. 50 AM; Rupee outlook
On rupee's outlook, Vaqarjaved Khan - Research Analyst, Angel Broking said, "In the week gone by, Indian rupee depreciated by 0.62 per cent and currently stands at 73.32 against the US dollar. S&P ratings are expecting India's economy to contract by 9 per cent in FY21 due to Covid-19 crisis as well as weakening fiscal position will constrain the Government's ability to support the ailing Indian economy. The House has approved a $2.2 trillion Democratic coronavirus stimulus plan despite reluctance in a deal between Democrats and the Republicans. However, the deal is unlikely to be passed in the Senate where Republicans hold the majority and are unlikely to become a law in the coming time. Also, non-farm payroll data from the US came in at 661K against expectations of 900K.
He added," With second stimulus package unlikely to pass, USDINR (CMP: 73.13) is likely to move in the range from 72.5 mark at the lower end of the spectrum and 74 mark at the higher end. (5th Oct-9th Oct 2020)."
8. 40 AM: Rupee closing
On the currency front, the Indian rupee depreciated by 16 paise to close at 73.29 per US dollar on Monday even as the domestic equity market was trading with significant gains. On Thursday, the rupee had closed 63 paise higher at 73.13 per dollar.
8. 30 AM: Closing on Monday
Market indices ended on a bullish note on Monday powered by gains in financial and technology stocks amid positive cues from global markets. Extending gains for the third straight session, the 30-share benchmark Sensex ended 276 points higher to 38,973 and Nifty gained by 86 points to 11,503. On Friday, Sensex gained 629 points to 38,697 and Nifty ended 169 points higher to 11,416.