Nifty IT, Nifty FMCG, Nifty Financial Services indices were up over 1 per cent.Share Market News Today | Sensex, Nifty, Share Prices LIVE: Domestic equity market benchmarks BSE Sensex and Nifty 50 extended rally to the fourth straight session on Thursday. Sensex surged 650 points or 1.60 per cent to trade at 41,266, while the broader Nifty 50 index jumped 180 points or 1.51 per cent to rule at 12,088. State Bank of India (SBI) share price zoomed 5.5 per cent after the bank reported a 52 per cent on-year rise in net profit in the July-September quarter. Hindustan Petroleum Corporation Ltd (HPCL) share price surged 7.15 per cent to Rs 200.10 apiece after the company’s board approved a share buyback proposal worth Rs 2,500 crore. All sectoral indices were trading in the positive territory with Nifty PSU Bank index up nearly 3 per cent. Nifty IT, Nifty FMCG, Nifty Financial Services indices were up over 1 per cent.
According to Reuters, both President Donald Trump and Democratic nominee Joe Biden still had paths to reach the 270 Electoral College votes needed to win as states kept counting mail-in ballots. Biden held a narrow lead in Wisconsin while Trump’s campaign said it had filed a lawsuit to try and halt vote counting in that state.
Highlights
Indian share markets rebounded sharply from March lows, and are now back to pre-COVID levels. Nifty 50 has rallied over 60 per cent from its 52-week low of 7511. Shrikant Chouhan, Executive Vice President (Equity Technical Research), Kotak Securities, said that index is in the third leg of major corrective pattern and is correcting after hitting the psychological mark of 12000.
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So far this month, the benchmark Nifty 50 has jumped over 3% in just three trading sessions and by the looks of it, it might continue adding to the gains today. Now that the Nifty has crossed the 12,000-mark yet again, analysts are eyeing the crucial resistance level of 12,050 and whether the index closes above it today or not. Technically, Nifty’s short-term trend is positive right now with support being placed at 11,600 and resistance at 12,400 which is ICICI Direct’s December target for the index. Chartists are also spotting positive trends for several stocks that could help investors pocket healthy gains in a short span of time.
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HPCL share price zoomed 8.6 per cent to Rs 202.90 apiece on BSE after the company’s board approved a share buyback proposal worth Rs 2,500 crore. The board of Hindustan Petroleum Corporation Ltd has approved the proposal to buy back 10 crore shares, which represents 6.56 per cent equity share, at Rs 250 per share. The stock has soared 31 per cent from March low of Rs 155 apiece.
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India’s largest public sector lender State Bank of India (SBI) saw its share price skyrocket over 6% on Thursday morning after the lender reported a 52% jump in net profits. SBI reported an increase in earnings, decline in provisions, and reduction in slippages during the quarter, boosting investor confidence. SBI’s net profit was at Rs 4,574 crore in the July-September quarter, up against Rs 3,011 crore last year. Shares of SBI have been largely muted since March-end, gaining merely 4% till October-end. However, this month, the stock price of the state-run bank has zoomed over 15% in just four trading sessions, including today, to trade at Rs 220 apiece.
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For rupee, the resilience of the pair can be seen in the price action during the intraday session as it seems relatively stable v/s peers. Global trends will be influential for the pair but the impact on rupee shall be diluted as RBI is active in managing the volatility. Overall, it is likely that rupee shall remain in the broad range of 73.50-75.20 levels for the next few sessions and further trend shall be gauged depending on upcoming updates: Amit Pabari, managing director, CR Forex Advisors
For rupee, the resilience of the pair can be seen in the price action during the intraday session as it seems relatively stable v/s peers. Global trends will be influential for the pair but the impact on rupee shall be diluted as RBI is active in managing the volatility. Overall, it is likely that rupee shall remain in the broad range of 73.50-75.20 levels for the next few sessions and further trend shall be gauged depending on upcoming updates: Amit Pabari, managing director, CR Forex Advisors
US bonds too rallied as Republicans are likely to retain control of Senate and therefore a more magnanimous fiscal stimulus package is less likely. US private payrolls grew 365k in October, lower than expectations of 600k. The focus will be on the FOMC tonight and October NFP print due tomorrow. The FOMC is expected to maintain status quo. Focus will be on the speech for signs of how Federal Reserve sees the recent economic recovery. Almost all US data has beat expectations: Abhishek Goenka, Founder and CEO, IFA Global
We have opened with a bang which is way above the resistance levels of 11950. As mentioned yesterday, any dip can be used to accumulate long positions on the index. The markets should now be headed to 12300-12400 levels: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
COMEX gold trades modestly higher near $1907/oz after a 0.7% decline yesterday. Gold trades higher as the possibility of a contested election in the US has increased safe-haven appeal. Mixed US economic data, rising virus cases and hopes of additional stimulus measures has also lent support. However, weighing on price is ETF outflows and firmer US dollar. Gold may witness choppy trade until US elections results are clear but general bias may be on the upside on hopes of additional measures: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
All sectoral indices were trading in the positive territory with Nifty PSU Bank index up nearly 3 per cent. Nifty IT, Nifty FMCG, Nifty Financial Services indices were up over 1 per cent.
Hindustan Petroleum Corporation Ltd (HPCL) share price surged 7.15 per cent to Rs 200.10 apiece after the company's board approved a share buyback proposal worth Rs 2,500 crore.
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State Bank of India (SBI) share price zoomed 6.42 per cent to Rs 220.35 apiece on BSE after the bank reported a 52 per cent on-year rise in net profit in the July-September quarter.
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Sensex surged 537 points or 1.32 per cent to trade at 41,128, while the broader Nifty 50 index surged 150 points or 1.27 per cent to rule at 12,059.
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Indian markets could open sharply higher following bullish Asian markets today and sharply positive US markets on Wednesday. The 1-2 day trend of the Nifty is now range bound and Nifty is likely to remain within the 11750-11930 levels in the very near term. Our 3-7 day targets are at 11975-12026 as the Nifty has broken out of a range and made a rounding bottom pattern on the daily chart. Our bullish bets are off if Nifty dives lower and closes below 50-day SMA at 11570. In this scenario, downside targets would be at 11347-11184: HDFC Securities
Nifty is currently trading near its resistance level as most of the outstanding positions is near 12000 strike price. If Nifty sustains above 12000 level then traders could expect positive movement in the Nifty towards 12200 level. In the case of Bank Nifty traders may start profitbooking at higher levels. Therefore, our advise is that if Nifty sustains above 12000 level then traders could expect higher levels: HDFC Securities
Indian markets are likely to see a gap up opening tracking positive global cues as markets looked ahead to the outcome of the US presidential elections. However, global news flows and sector-specific developments will be key monitorable. The gap up opening would help index to entirely retrace past fourteen sessions decline (12025-11535) in just four sessions. A faster pace of retracement further corroborates our constructive stance and pave the way to head towards our earmarked target of 12400 by December. Therefore, any temporary breather from here on should be capitalised as an incremental buying opportunity: ICICI Direct Research
Sensex jumps over 150 points to trade at 40,777, while the broader Nifty 50 index surged 180 points to rule at 12,088 in the pre-open session.
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A total of 127 listed companies including ABB India, Aditya Birla Capital, Adani Power, Adani Transmission, AstraZeneca Pharma, Bajaj Electricals, Berger Paints India, Birla Corporation, Birlasoft, Dalmia Bharat, Emami, Godrej Consumer Products, Gujarat Gas, ICRA, Inox Leisure, Minda Corporation, Spencers Retail, Torrent Power, Trent and Tata Teleservices (Maharashtra) are scheduled to announce their July-September quarter earnings today.
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Nifty witnessed a roller coaster ride on Wednesday, by showing intraday volatility on the backdrop of the US election and closed the day higher by 95 points. A long bull candle was formed on Wednesday that closed near the upper end of the day's range.
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Benchmark index has once again rejected its bearish set up which was formed on a daily time frame and rallied strongly their after. In the recent past whenever Index has witnessed a whipsaw of bearish pattern prices are more likely to register its next intermediate top. INDIA VIX was reading in a range of 15.50 – 23, which is almost 8 points for the past three months. A recent breakout in INDIA VIX above 23 has witnessed a breakout of rectangle pattern on daily as well as a weekly chart. VIX normally goes up when there is a fear of uncertainty among the traders. Currently, the Index is trading above its 21 & 50-day exponential moving averages and daily time frame. Momentum oscillator RSI (14) is reading above 55 levels with bullish crossover. The bias looks positive for the near term: Vishal Wagh, Head of Research, Bonanza Portfolio
Uncertainties over vote outcome in the US kept the world equity indices volatile throughout the day. Nifty traded between the trading range of 11756 and 11930. In the last 18 days, multiple times Nifty has managed to surpass the range of 11950 and 12050, however, it fails to sustain at higher levels. Such types of resistance zone get broken with a gap up opening. Today's opening would be more relevant for market to scale higher. Buying is advisable if Nifty convincingly crosses 12050 levels. Above 12050 levels, Nifty would move in a new trading zone of 12200 and 12300 levels. Expect weakness if Nifty breaks 11750: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities
Equity markets across the globe are jubilant even though the US Presidential election has so far not indicated a clear winner. Sensex and Nifty enter Thursday’s trading session on the back of a three day gaining streak as they recouped almost all losses recorded in the second half of October. “Nifty is now entering a crucial resistance zone of around 11900-11950 levels and is now facing a hurdle at the downsloping minor trend line. Hence, there is a possibility of consolidation or minor profit booking from around 11925-11950 levels in the next session,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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Global markets traded with a positive bias as we await the final results of U.S elections. We have maintained a positive bias and advice buying on dips on frontline stocks. The broader undertone of the market remains strong as participation from the midcap space is also seen. The immediate target for the index is seen at 12150-12200 with momentum support only at 11400. Sentiment wise, Deep value zone is seen at 11000-11200 which is quite distant from current levels. Metals, Banking and Auto remain preferred picks: Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities
Nifty futures were trading 174 points higher at 12,082 on Singaporean Exchange. This indicates that Nifty 50 may see an opening above the crucial 12,000 mark today
In overnight trade on Wall Street, US stocks surged to close higher as the presidential election race remained cloudy. The Dow Jones Industrial Average rose 1.35 per cent, the S&P 500 gained 2.21 per cent, and the Nasdaq Composite added 3.83 per cent.
Asian peers were trading higher with Hong Kong’s Hang Seng index surging 1.96 per cent. Japan’s Nikkei 225 advanced 1.12 per cent while the Topix index traded 0.78 per cent higher.