Welcome to ETMarkets Watch, the show about stocks, market trends and money-making ideas. I am Saloni Goel and here are the top headlines at this hour.

· Saudi PIF to take 2.04% stake in Reliance Retail Ventures

· Biden edges closer to White House win as Trump mounts legal challenge

· Suzuki expects annual profit to shrink on India slump

· RIL to appeal in Supreme Court against SAT ruling

· BoE ramps up stimulus by another 150 billion pounds

Let us take a quick glance at what happened on Dalal Street today.

The bulls had an adrenaline rush and took domestic equities higher for the fourth day in a row, as risk-on trade gathered momentum globally amid cues that the US is going to have a fractured mandate that can pre-empt any major policy change.

Sensex rallied 724 points to scale the 41,340 level and in the process erase entire loss for the calendar year, while Nifty closed 211 points higher at 12,120.

All components of the Sensex pack ended in the green, with SBI rising the most at 5.63 per cent. Tata Steel, IndusInd Bank, Bajaj Finance and Bajaj Finserv gained over 4 per cent each.

Midcaps and smallcaps moved in tandem with their largecap counterparts.

Sectorwise, BSE Metal, Oil & Gas, Basic Materials, Energy and Utilities gained over 2 per cent each, while BSE Realty was the only loser with a half-a-per cent drop.

Better-than-expected financial earnings took SBI up over 5 per cent. Will the stock move even higher? Which other stocks can one look at on the basis of quarterly earnings? We caught up with AK Prabhakar of IDBI Capital Markets to try and seek answers to these and more questions.

Welcome to the show, Mr Prabhakar

Q: Which all factors took the market higher today?
Q: Will the market momentum sustain in the near term?
Q: In which all segments can one look for stocks on the basis of Q2 earnings?
Q: How much steam do you think is left in the SBI stock after Thursday’s 5% rally?

Nifty finally managed to close beyond the 12,000 level as it inched closer to its previous peak of 12,430. The index has already gained 4 per cent so far this week, led by a strong rally in the banking stocks.

On the technical charts, Nifty formed a bullish candlestick pattern following a massive breakout. Analysts say a sustained trade above the 12,150 level will extend the gains to 12,280 and 12,420 levels.

We caught up with Rohit Singre of LKP Securities to decode the charts.

Q: How do you see trade setup of Nifty and Bank Nifty after today’s rally?
Q: Can Nifty cross the 12,500 mark in the near term?
Q: What strategy should traders adopt at this point?

Globally, other Asian markets ended in the green while European markets traded higher in early deals. US index futures gained as investors awaited the US election verdict.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye bye!





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