On Wednesday (October 29), domestic stock markets made a good start to the November trading session. The market got support from buying. Sensex closed 368 points higher at 84,997. Nifty closed 117 points higher at 26,053. Bank Nifty closed at 58,385, up 171 points. In the afternoon, Sensex was trading 400 points higher at 85,030. Meanwhile, Nifty was trading around 26,070, up 130 points. Bank Nifty also rose sharply and remained around 58,400. There was good buying in metal, FMCG and pharma stocks. The auto index appeared slightly weak.
What is the reason for this huge rise in the market today?
– With yesterday’s expiry pressure easing, a new series is starting today.
– The series also started with a light position.
– After the market opened, Trump’s statements strengthened the market sentiment.
– Good results also supported the market.
Will the market close above 26,000 today?
Both Nifty and Bank Nifty are set for a strong close.
Nifty is positive above 26,000 and Bank Nifty is above 58,300.
There is a strong possibility of Nifty closing above 26,000.
Bank Nifty may also close higher for the third consecutive day.
Gradually, mid-cap and small-cap stocks are also expected to improve.
Stock market turmoil
Adani Green Energy
Big jump in shares due to strong results.
A gain of 8-10% was forecast this morning.
Varun Beverages
The company’s results have just come.
The company plans to enter alcohol-based beverages.
HPCL
Good strength before results today.
Oil companies are bullish after IOC results.
Sensex jumped 200 points after opening. Nifty also jumped 70 points and crossed 26,000. Bank Nifty also remained up 100 points, although the market briefly slipped below the day’s high.
Minor gains were seen in private banking stocks. A huge decline was seen in asset management capital companies. Auto sector remained under pressure. On the Nifty 50, JSW Steel, SBI Life, HDFC Life, Asian Paint, Tata Steel and LT were the top gainers. Mahindra & Mahindra, Shriram Finance, Bajaj Auto, Eicher Motors, TMPV and Bajaj Finance were the biggest losers.
If we look at the initial levels, the Sensex opened 35 points higher at 84,663. Nifty opened 46 points higher at 25,982. Bank Nifty opened 102 points higher at 58,316. This morning in the currency market, the rupee strengthened by 6 paise and opened at 88.21/dollar.
Earlier, strong buying by foreign institutional investors (FIIs) has returned. Strong buying by foreign investors on the monthly expiry day boosted market sentiment. Foreign exchange investors (FIIs) made significant purchases of ₹10,340 crore in the cash market, which included total net purchases of ₹8,224 crore. Domestic funds also continued their buying for the 43rd consecutive day and invested around ₹1,100 crore in the market.
global sentiment strong
American markets closed at new records for the third consecutive day due to expectations of interest rate cuts. The Dow jumped nearly 150 points and the Nasdaq nearly 200 points to close at all-time highs, while the S&P 500 recorded its 36th record close of the year. The Fed’s interest rate decision will be announced later tonight, and the market expects a rate cut of a quarter percent. In Asian cues, Nifty rose nearly 50 points to near 26,150, while Nikkei jumped 700 points to its all-time high. Dow futures are down 50 points with slight weakness.