Stock Market Today: Sensex, Nifty End At Three-Week High In Diwali Session As Infosys, HDFC Bank Lead
Sensex closed up 355 points, or 0.55%, at 65,259.45 while Nifty was 100 points or 0.52% higher at 19,525.55.
KEY HIGHLIGHTS
Sensex, Nifty Close At A Three Week High: Muhurat Wrap
India's benchmark stock indices ended the Diwali special one-hour Muhurat trading session on a higher note as I.T. and metal sectors led advance. The S&P BSE Sensex Index ended above 65,200 mark, whereas NSE Nifty 50 scaled 19,500 level in the trading session. Both indices ended at their highest levels in three weeks, since Oct. 20, 2023.
The S&P BSE Sensex closed up 355 points, or 0.55%, at 65,259.45 while the NSE Nifty 50 was 100 points or 0.52% higher at 19,525.55.
“As we bid farewell to Samvat 2079, the horizon of Samvat 2080 looks promising," said Prashanth Tapse, senior vice president at Mehta Equities Ltd.
We recommend accumulating value picks with strong fundamentals for potential growth. The market optimism is fueled by factors such as the Federal Reserve's efforts for a "soft landing," robust GST numbers, active retail participation, easing Middle East hostilities, and declining WTI oil prices, he added.
The special session that ended on Sunday also marked the beginning of a new Samvat -- the Hindu calendar year that starts on Diwali.
Infosys Ltd., HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and BPCL were positively adding to the change in the Nifty 50 Index.
Whereas, BPCL, UltraTech Cement Ltd., Apollo Hospitals Enterprise Ltd., Britannia Industries Ltd., and Bajaj Finserv Ltd. were negatively contributing to the change.
The broader markets outperformed; the S&P BSE MidCap Index was up 0.67%, whereas S&P BSE SmallCap Index was 1.14% higher.
All the 20 sectors compiled by BSE advanced with S&P BSE Information Technology, S&P BSE Industrials, S&P BSE Metal and S&P BSE Energy rising the most.
The market breadth was skewed in the favour of the buyers. About 2,903 stocks rose, 690 declined, while 120 remained unchanged on the BSE.
Welspun Corp Shares Surge Over 9% To Hit A Life-High
Shares of Welspun Corp Ltd. rose as much as 9.46% to an all-time high of Rs 534 apiece. It pared gains to trade 9.19% higher at Rs 532.70 apiece, as of 7:03 p.m. This compares to a 0.51% advance in the NSE Nifty 50 Index.
It has risen 125.34% on a year-to-date basis. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 82, implying that the stock maybe overbought.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating, none recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 12%.
Muhurat Trading: Nifty Metal In Focus
Nifty Metal gains 0.7%, among top sectoral gainers
Welspun Corp maintains nearly a week-long gains; up over 8.5%
Hindustan Copper up 3.4% and NMDC gains nearly 2%
Nifty Small-Cap 250, Mid-Cap 150 Outperform Larger Peers
Muhurat Trading: Sectoral Update
Nifty Bank gains 0.4% led by IDFC First Bank, AU Small Finance Bank and Bandhan Bank
Nifty Auto advances 0.5%; Motherson Sumi, Sona BLW, Ashok Leyland, Tata Motors Top gainers
Nifty FMCG up 0.4% led by United Breweries and Emami
Nifty IT advances 0.7%; LTIMindtree, Coforge and Persistent Systems among top gainer
