Easing oil prices lifts market mood; Sensex up 406 pts, Nifty near 19,550

Closing Bell on October 5, 2023: L&T, Titan Company, TCS, Bajaj Auto, M&M, Infosys, Eicher Motors, Asian Paints, and ICICI Bank were the top stocks that supported the indices, rising up to 2.15%

Sensex, Nifty, stock brokers

Stock market highlights: A relief rally in global equities lifted sentiment on Dalal Street as well with the benchmark indices settling around 0.6 per cent higher each.

The S&P BSE Sensex gained 406 points to end at 65,632 levels, while the Nifty50 advanced 110 points to shut shop at 19,546.

L&T, Titan Company, TCS, Bajaj Auto, M&M, Infosys, Eicher Motors, Asian Paints, and ICICI Bank were the top stocks that supported the indices, rising between 1 per cent and 2.15 per cent.

In the broader markets, the indices ended mixed with the MidCap index down 0.03 per cent and SmallCap index edging up 0.6 per cent.

Among sectors, the Nifty IT and Media indices rallied 1 per cent and 1.6 per cent, respectively. On the downside, the Nifty PSU Bank, Pharma, and Metal indices fell up to 0.5 per cent.

4:02 PM

Tech View :: 'Relief rally in Nifty, Bank Nifty to continue'

Nifty50
On the daily charts, we can observe that Nifty has formed a Morning Star pattern which bullish implications. The recent correction has halted around the 20-week moving average (19,320) and now we expect a relief rally over the next few trading sessions.

On the upside, we expect the pullback till 19,780 – 19,800 which coincides with the 50% Fibonacci retracement level, and the 20-day moving average. In terms of levels, 19,460 – 19,480 is the crucial support zone while 19,670 – 19,700 shall act as an immediate hurdle zone.

Bank Nifty

Bank Nifty opened gap up and thereafter consolidated for most part of the day. On the hourly momentum indicator, we can observe positive divergence and crossover which is a bullish sign. We expect the Bank Nifty to provide a pullback till 44,800 – 45,000 from short term perspective.

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

3:58 PM

Comment :: 'Don't read too much into single day rebound'

Participants shouldn’t read much into a single day rebound and wait for the Nifty to reclaim the short term moving average (20 EMA) for sustained recovery. At present, select IT majors are at the forefront while others are playing supportive roles on a rotational basis.

We need improvement in the broader participation to change the market course. Amid all, it is prudent to keep a check on leveraged positions and prefer index majors over others.

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

3:56 PM

Comment :: 'Solid Services PMI data, correction in crude price boosted market sentiment today'

The positive signal from the PMI data and the correction in the crude price boosted the market sentiment. Reduction in FIIs selling rebound sectors like bank and IT shares today. While regarding RBI policy, positively, the market expects the interest rate to be hold-on as external demand outlook indicates muted trend fearing disinflationary trend in the future.

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

3:55 PM