Equity indices rise on healthy festive sales; PSU banks up

by IANS |

Mumbai, Nov 8 (IANS) A mid-day bounce back lifted India's key equity indices -- S&P BSE Sensex and NSE Nifty50 -- after a volatile trade session on Monday.

The broader markets surged, aiding investors' upbeat mood, with Midcap and Smallcap ending more than 1 per cent higher.

Initially, both the key indices opened on a positive note but soon slipped into the red. However, the recent excise duty cut on fuel as well as bumper Diwali sales attracted the investors back.

On the global front, markets remained positive post the passage of the infrastructure bill and upbeat US October payrolls report.

In terms of the domestic market, the majority of the sectors were in the green with consumer durables and PSU banks rising more than 2 per cent, while pharma and private banks ended in the red.

Consequently, the 30-scrip Sensex closed at 60,545.61 points, up 477.99 points or 0.80 per cent from its previous close.

Similarly, the NSE Nifty50 ended the day's trade on a higher note. It rose to 18,068.55 points, up by 151.75 points or 0.85 per cent from its previous close.

"The short-term trend of Nifty is positive. Upside breakout of the current range at 18,060-18,100 levels could open further upside towards the next resistance of 18,250-18,350 levels in the next few sessions. Immediate support is placed at 17,850," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

According to Motilal Oswal Financial Services' Head of Retail Research Siddhartha Khemka: "Markets will take direction from a number of macro events due this week, including US inflation data and the UK GDP data apart from various Federal Reserve speeches.

"Further, this is the last week of the earnings season which would keep the markets volatile. Lot of stock specific action would be seen in the market."

Vinod Nair, Head of Research at Geojit Financial Services, said: "Despite a muted opening, domestic indices erased its early losses boosted by favourable macros like fuel rate tax cut, improved PMI numbers and higher festive season sales numbers.

"On the global front, the Fed policy announcement was in line with the market view to start with gradual tapering which boosted the sentiments of the emerging markets. Additionally, investors remained a bit cautious ahead of the US consumer data, which is to be released later this week."

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