Sensex gains 375 pts, ends above 61K; Nifty atop 18,100; IT, metal lead

MARKET WRAP: Pharma, power and IT stocks were the major gainers in trade on Tuesday, while index heavyweight Reliance Industries and select banking shares ended on a tepid note.

STOCK MARKET HIGHLIGHTS

The key benchmark indices extended gains on Tuesday as strong corporate earnings, and renewed FII buying lifted sentiment. 

The S&P BSE Sensex rallied to a high of 61,290, and ended the day with a gain of 375 points at 61,121. In the process, the BSE benchmark index has vaulted 1,578 points in the last four straight trading sessions.

The NSE Nifty settled 133 points higher at 18,145 on Tuesday. Going ahead, FIIs flows, ongoing results season and the US Federal Reserve meeting outcome on Wednesday are the key factors to watch out.

"The bulls are driving the trend in the domestic market with backing from FIIs and the global markets. The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new orders and production increased, albeit slowly. Investors are keeping an eye on the central banks' policy meetings for any indications of a slowdown in the pace of rate hikes.", says Vinod Nair, Head of Research at Geojit Financial Services.

Among the Sensex 30 shares, power majors - NTPC and PowerGrid were the top gainers, up 5.3 per cent and 3 per cent, respectively. Dr.Reddy's, Infosys and TCS also jumped over 2 per cent each. Sun Pharma was also up 2 per cent after the pharma major reported double-digit top line growth. READ MORE

On the flip side, Axis Bank fell nearly 4 per cent following a block deal on the BSE wherein 1.2 per cent equity of the company changed hands. READ MORE 

In the broader market, the BSE Midcap index jumped a per cent, while the Smallcap index added 0.3 per cent. The overall breadth too was positive, with 1,838 stocks advancing versus 1,610 declining shares on the BSE.

Sectorally, the BSE Power index soared over 2 per cent. The IT, Healthcare were up around 1.7 per cent each, and the Metal index too was up a per cent.
 

3:59 PM

BSE Stats :: Advances outnumber declines; 231 stocks hit upper circuit on Tuesday

3:55 PM

TECH VIEW :: 'Next resistance is visible at 18,300'

After starting higher the Indian Nifty remained strong throughout the session. On the daily chart, the index has moved above the previous swing high. The daily RSI is in bullish crossover. The trend remains strong as long as it remains above 18,000. On the higher end, resistance is visible at 18,300.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

3:54 PM

MARKET COMMENT :: 'Bulls are driving domestic markets with backing from FIIs'

The bulls are driving the trend in the domestic market with backing from FIIs and the global markets. The PMI numbers show that manufacturing activity in India remained strong in October and that pricing pressures were kept in check as new orders and production increased, albeit slowly. Investors are keeping an eye on the central banks' policy meetings for any indications of a slowdown in the pace of rate hikes.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:52 PM

Bond Market :: Yields on 10-year G-Sec cool off on Tuesday

3:51 PM

CURRENCY CHECK :: Rupee closes higher at 82.70/$

>> This compares with Monday's close of 82.78/$

Source: Bloomberg

3:50 PM

IPO Update :: DCX System subscribed 6x so far on day 2; retail portion at 23x

3:48 PM

Buzzing stocks :: Auto index logs muted gains amid flat MoM sales in October

3:46 PM

Buzzing stock :: NTPC climbs 5% on heavy volume

Shares of NTPC moved higher by over 5 per cent, hitting a nearly five-year high of Rs 183 on the BSE in Tuesday’s intra-day trade, lifted by heavy volumes. Currently, it is quoting at its highest level since December 2017. The stock had hit a record high of Rs 243 on January 15, 2008, data shows. READ MORE

3:44 PM

Buzzing stock :: Sun Pharma cruises near 5-year high post Q2 result; ends 1.7% up

Shares of Sun Pharmaceutical Industries hit a multi-year high of Rs 1,048.25 as they rallied 3 per cent on the BSE in Tuesday's intra-day trade after the drug maker recorded double-digit topline growth, and strong margins in the September quarter (Q2FY23). READ MORE

3:42 PM

Buzzing stock :: Nykaa ends off highs post healthy Q2 show

Shares of FSN e-Commerce Ventures, parent firm of Nykaa, surged 6.5 per cent to Rs 1,233 per share in Tuesday's intra-day trade, after the company's net profit jumped 363 per cent year-on-year (YoY) to Rs 5.1 crore in the July-September quarter (Q2FY23) from Rs 1.1 crore in the year-ago period. READ MORE

3:40 PM

SmallCap losers :: Index ends flat dragged by Motherson Sumi Wiring, Apar Industries

3:39 PM

MidCap winners :: Delhivery, Varun Beverages, Adani Power rally up to 10%

3:38 PM

Broader market check :: BSE MidCap index outruns smallcap peers

3:36 PM

Sectoral trends :: Nifty Bank slips in red post profit booking; Metal, Pharma indices rise 2%

3:34 PM

Sensex Heatmap :: Private banks, RIL slip in late deals; NTPC surges 5%