In a highly volatile session, the Indian equity market ended higher for the fourth straight day on October 19, with the Sensex closing 146.59 points, or 0.25 percent higher, at 59,107.19 and the Nifty gaining 25.30 points, or 0.14 percent, at 17,512.30.
Amid mixed global cues, the Indian market started on a positive note and extended the gain as the day progressed but profit booking in the second half pared intraday gains.
"European markets interrupted their winning run after a 40-year high CPI in the UK. However, the strong US market due to healthy corporate result announcements is helping the domestic market to sustain the positive trend," said Vinod Nair, Head of Research at Geojit Financial Services.
Declining oil prices because of increased US supply and global economic slowdown are improving the sentiment for India, he added.
Stocks and sectors
HDFC, Nestle India, ITC, Reliance Industries and Axis Bank were among the top Nifty gainers. NTPC, JSW Steel, SBI, Bajaj Finserv and Coal India were the top losers.
Among sectors, PSU bank, metal and information technology indices were down 0.5-1 percent. FMCG and infra closed in the green.
| Index | Prices | Change | Change% |
|---|---|---|---|
| 59,107.19 | 146.59 | +0.25% | |
| Nifty 50 | 17,512.25 | 25.30 | +0.14% |
| Nifty Bank | 40,373.20 | 54.45 | +0.14% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| HDFC | 2,381.80 | 50.15 | +2.15% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| NTPC | 164.05 | -2.90 | -1.74% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 43890.60 | 174.85 | +0.40% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 28060.30 | -254.90 | -0.90% |
The BSE midcap and smallcap indices ended flat.
On the BSE, information technology, metals and power were down 0.8-1.4 percent, while some buying was seen in the FMCG and realty names.
A long build-up was seen in Container Corporation of India, Syngene International and TVS Motor Company, while a short build-up was witnessed in Aarti Industries, L&T Technology Services and Astral.
Among individual stocks, a volume spike of more than 300 percent was seen in Grasim Industries, PI Industries and Torrent Power.
Campus Activewear, IDFC First Bank, Polycab India, Federal Bank, Coal India, Westlife Development and ITD Cementation India were among the stocks to touch a 52-week high on the BSE.
Outlook for October 20
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
As caution prevailed in global markets, Indian indices ended with steady gains. While the broader market was mixed, investors mostly engaged in selective buying.
Technically, the Nifty formed a small bearish candle on daily charts but the short-term texture of the market is still positive.
We are of the view that 17,400 would be the sacrosanct support zone for the index. If the index trades above it, it can move to 17,600-17,700 in the near future. On the flip side, the uptrend would be vulnerable below 17,400.
Ajit Mishra, VP-Research, Religare Broking
Markets ended marginally higher in a volatile session, taking a breather after the recent rebound. After the initial uptick, the Nifty saw a gradual decline as participants preferred to book profits and it finally settled at 17,512.
Indicators are pointing to some consolidation in Nifty, which would be healthy. Global indices, especially American ones, will remain on the radar. Since all sectors are contributing to the move, the focus should be on stock selection, keeping in mind the ongoing earnings season.
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