The US is moving towards a split verdict, with Joseph Biden in the White House and Republicans in the Senate, which enthused investors who believe that any misadventure by Biden will be checked by the Senate.
At close, BSE flagship Sensex was up 552.90 points or 1.34 per cent to 41,893.06, extending the rally to the fifth day. NSE benchmark Nifty followed and rose 143.25 points or 1.18 per cent to 12,263.55. Both benchmark indices posted their best weekly gains since June 7.
“Positive global sentiment from the US election, expectation of Fed open market operation and improving economic activities have added optimism. It can take Indian market to a new zone over-weighing worries over increasing Covid cases. We expect this momentum to sustain aided by positive Q2 results, favorable economic data, strong FII buying and expectations of an additional stimulus package,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance
- RIL surges 4% after its retail arm gets new investors
- Birla Corp gains 4% after reporting 89% jump in Q2 profit
- India VIX, indicator of volatility, falls further 2%
- RIL, HDFC twins biggest contributor to Sensex
- Nifty posts best week since June 7, gaining 5.33%
- 103 stocks hit 52-week highs: Dixon Tech, Voltas, SRF, Tata Communication, ACC, APL Apollo, HDFC Bank top names
Among blue chip names, Reliance Industries was the biggest gainer, up 3.59 per cent at Rs 2,025.15. Bajaj Finserv, IndusInd Bank, HDFC Bank, Kotak Mahindra Bank, HDFC, M&M and Tech Mahindra were other major gainers.
Maruti Suzuki was the biggest loser, down 2.85 per cent at Rs 6,890.40. It was followed by GAIL, Bharti Airtel, Asian Paints, Grasim Industries, Dr REddy’s Laboratories and UltraTech Cement that dipped 1-2 per cent.
Top 5 Nifty gainers & losers
Broader market also saw buying but indices underperformed their headline peers. Nifty Smallcap rose 0.59 per cent and Nifty Midcap advanced 0.71 per cent. Nifty 500, the broadest index on NSE, climbed 0.99 per cent.
Dhani Services, Indiabulls Housing Finance, Godrej Properties, CSB Bank, Linde India and Dilip Buildcon were the biggest gainers from small and midcap indices, rising in the range of 4-10 per cent.
Edelweiss Financial Services, Mphasis, LIC Housing Finance, Welspun India, Inox Leisure and Sonata Software were top losers from broader market space, settling down 2-5 per cent at the end of the day.
Markets have moved up too fast in too short time, and this calls for focus on quality stocks and actively managed portfolios.Markets have moved up too fast in too short time, and this calls for focus on quality stocks and actively managed portfolios.
“Markets have moved up too fast in too short time, and this calls for focus on quality stocks and actively managed portfolios.”
Sectorally, Nifty Private Bank gained 2.12 per cent while Nifty Bank and Nifty Financial Service advanced 1.85 per cent each. Nifty Pharma saw profit booking as it dipped 0.70 per cent while Nifty FMCG fell 0.1 per cent.
Market breadth was in favour of the gainers as 1,517 stocks ended in the green, while 1,109 names settled with cuts. As many as 103 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 46 names hit 52-week lows, mostly from the microcap space. About 230 stocks hit upper circuit limits and 209 lower circuit limits.
European markets saw profit booking. Market in London was down 0.10 per cent while Paris and Frankfurt slipped 0.59 per cent and 0.83 per cent, respectively. Asian markets were mixed with China, Thailand and Singapore closing in the red while other registered gains. Indonesia was the biggest gainer among them, up 1.43 per cent.
Let’s prepare for Monday:
- US elections: The projections show Joe Biden may win, but Trump also has a chance. Investors will keep an eye.
- Macro numbers: RBI will release deposit growth, bank loan growth and forex deserve data in the evening.
- Q2 earnings: Delta Corp, IndiaMART InterMESH, Equitas SFB and Oil India among major names that will report the numbers.
- IPO watch: IPO of Gland Pharma will open for subscription on Monday.
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