Sensex leaps 394 pts, Nifty ends at 19,811; Auto stocks gain most, PSBs dip

Stock market highlights on Wednesday, October 11: The BSE Sensex closed 394 points higher at 66,473 after easing from the day's high of 66,592. The NSE Nifty ended at 19,811, up 120 points

Stock market highlights on October 11, 2023: Equity benchmark indices ended with strong gains for a second session on Wednesday as traders continued to set aside fears related to the Israel-Palestine conflict. The BSE Sensex closed 394 points higher at 66,473 after easing from the day's high of 66,592. The NSE Nifty ended at 19,811, up 120 points. It's day's high was 19,839.

Frontline heavyweights HDFC Bank, Reliance Industries, ITC and HUL lent most gains to the Sensex index. Wipro, Hero Moto, Grasim and Ultratech Cement led the gains across the Nifty50 index, ending 2-3 per cent higher.

Losers included HCL Tech, TCS, SBI, Infosys and Coal India, which lost 0.4-1.7 per cent.

Barring the Nifty PSB and IT indices, all sectoral pockets ended in green with gains led by Nifty Auto and FMCG, which rose 1 per cent each.

The broader markets also closed firmly higher with the BSE MidCap and SmallCap indices advancing up to 0.78 per cent.

4:04 PM

COMMENT:: Market rises on hopes Israel-Hamas conflict may be limited to the region

"The total market breadth was strong, as investors believe that the Middle East skirmish will be contained within the region and should not impact the crude price. Amid dovish comments from the US federal reserve, the US 10-year bond yield traded lower. Sequentially, the September India CPI is expected to cool due to ease in food and fuel inflation. And Q2 earning season will kick-start with the IT sector, which has a moderate expectation, however the broad corporates are expected to provide a bumper result."

- Vinod Nair, Head of Research at Geojit Financial Services

4:02 PM

VIEW:: Bank Nifty needs to break above 44,700 for further gains

"The index experienced a consolidation phase on the day of expiry, with support evident at 44,400 and resistance at 44,700 levels. The overall undertone of the index remains bullish, suggesting that a "buy on dip" approach is appropriate. If the index manages to break above the 44,700 level, it is likely to see further upside potential toward the 45,000 mark."

- Kunal Shah, Senior Technical Analyst at LKP Securities

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