Markets snap 6-day losing run; Sensex jumps 635 pts, Nifty nears 19,050

Closing Bell on October 27, 2023: Among sectors, the Nifty PSU Bank index jumped 4 per cent today

Stock market highlights: Mirroring positive moves in Asia, Indian markets regained some lost ground on Friday as they snapped their six-day losing run. The S&P BSE Sensex jumped 635 points, or 1 per cent, to settle at 63,783 levels, while the Nifty50 shut shop 190 points higher at 19,047. 

HCL Tech, Adani Enterprises, Axis bank, Coal India, SBI, Tata Motors, Eicher Motors, Bajaj Auto, NTPC, ONGC, Nestle India, IndusInd Bank, Cipla, Reliance Industries, Adani Ports, Infosys, and L&T were the top large-cap gainers, up in the range of 1.5 per cent to 3 per cent.

READ: Reasons behind market rally on Friday

In the broader markets, the BSE MidCap and SmallCap indices surged 1.7 per cent and 1.9 per cent, respectively.

With today's rebound, the volatility index, India VIX, eased nearly 8 per cent today to around 11 levels.

Meanwhile, among sectors, the Nifty PSU Bank index jumped 4 per cent, Nifty Media index 2.6 per cent, and Nifty Realty index 1.9 per cent. All other indices gained between 0.6 per cent and 1.4 per cent. 

4:03 PM

Comment :: 'Utilise rebound to reduce longs;

Nifty has respected the support zone of long term moving average i.e. 200 EMA and witnessed a rebound on expected lines. However, participants shouldn’t read much into a single-day recovery.

The earlier support zone i.e. 19,200-19,300 would act as a hurdle in case of further rebound. Weakness in heavyweights especially from the banking pack combined with feeble global markets would continue to weigh on the sentiment. We thus suggest utilising a rebound to reduce longs and wait for clarity.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

 

4:01 PM

Tech View :: 'Nifty can consolidate within 18,800 – 19,200'

Nifty50

We expect this pullback to continue till 19,160 – 19,220 where resistance, in the form of a Fibonacci retracement level and the 40 hour moving average, is placed.

The hourly momentum indicator has a positive crossover which is a buy signal. Thus, considering the above parameters, we expect the pullback to continue.

On the weekly charts, we can observe that the Nifty has respected the support zone of 18,800 – 18,925 where multiple support parameters in the form of the 40 week average and a crucial Fibonacci retracement level was placed.

Thus, going ahead the Nifty can consolidate within 18,800 – 19,200 before resuming next leg of the fall. In terms of levels, 19,160 – 19,220 shall act as a support zone while 18,930 – 18,900 shall act as an immediate support zone.

 

Bank Nifty

Bank Nifty also witnessed a pullback from the steep decline during the week. The pullback can continue till 43,400 where resistance in the form of the hourly upper Bollinger band is placed. On the downside 42,730 – 42,600 is the crucial support zone.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:54 PM

Tech View :: Will the pullback rally sustain?

After relentless selling in recent days, the Nifty has temporarily paused its decline due to an oversold chart setup. However, the index closed significantly below the critical breakdown level of 19,250. As long as it stays below 19,250, the market may continue to be inclined towards selling on any upward movements.

 

On the downside, a resumption of weakness is expected if the index falls below 18,800. This is because put writers are likely to defend the Nifty with substantial positions at 18800, with immediate support placed at 19,000.

Views by: Rupak De, Senior Technical analyst, LKP Securities

3:53 PM

Comment :: 'Market worried about earnings downgrade'

The domestic market recovered well compared to yesterday’s sharp corrections, due to restrained FII’s selling along with moderation in currency and global bond yield volatility.

Till date, the Q2 results outcome is decent, which is in-line with the buoyant estimate. Yet, the market is not enthusiastic as we are at the cusp of earnings downgrade in anticipation of further slowdown in the world economy due to elevated interest rate and geopolitical risk.

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

3:51 PM

Bond market :: 10-year bond yield eases Friday

3:50 PM

Currency check :: Rupee ends 2 paise weaker

3:48 PM

IPO Update :: Blue Jet Healthcare issue subscribed 8x so far

>> QIB, NII portions booked over 13x each, retail 2x

>> Bidding closes at 5 PM today

3:44 PM

Sector check :: Real estate stocks rally up to 14%

3:43 PM

Sector check :: PSU bank rally on solid Q2; Bank of India leaps 7.5%

3:41 PM

Sectoral trends :: PSBs, Media indices soar the most in broad buying

3:39 PM

Sensex Heatmap :: 28 of 30 index stocks surge; Axis Bk, HCL Tech gain 3% each

3:38 PM

Closing Bell :: Nifty ends near 19,050

3:37 PM

Closing Bell :: Sensex zooms over 600 pts after six days of sell-off

3:21 PM

ALERT:: Cipla surges 4% on beating Q2 estimates; profit jumps 43%, revenue up 15%

The positive growth was aided by strength in domestic as well as US sales. Its overall Q2 revenue was its highest ever in a quarter, Cipla said. READ MORE

3:13 PM

Global check:: Nasdaq futures up almost 1%; Dow up 0.2%

Source: Investing.com