Stocks

Market update: Sensex ends 86 points higher; Nifty tops 12,700-mark

BL Internet Desk | Updated on November 13, 2020

Closing bell:

 

The Sensex rose 86 points while the Nifty topped the 12,700 level on Friday, tracking recovery in financial stocks amid mixed cues from global markets.

The 30-share BSE Sensex ended 85.81 points or 0.20 per cent higher at 43,443. The broader NSE Nifty rose 29.15 points or 0.23 per cent to 12,719.95.

Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tata Steel, ICICI Bank, Axis Bank, Bajaj Finance and SBI.

On the other hand, L&T, HDFC twins, Tech Mahindra, Bharti Airtel, M&M and TCS were among the laggards.

“Domestic equities recovered from early losses as select financial stocks witnessed recovery,” said Arjun Yash Mahajan, Head Institutional Business at Reliance Securities.

Further, barring FMCG, all other sectoral indices traded in the green. Metals and pharma witnessed decent traction. While concerns over resurgence of Covid-19 cases in Europe and US dampened investors’ sentiments, clarity on a vaccine, strong Q2 earnings and additional fiscal stimulus under Aatmanirbhar Bharat 3.0 continued to support domestic equities, he added.

On the global front, investors turned cautious due to a continued rise in Covid-19 cases and the possibility of further restrictions on businesses.

Bourses in Shanghai, Hong Kong and Tokyo ended in the red, while Seoul was positive.

Stock exchanges in Europe largely traded with gains in early deals.

International oil benchmark Brent crude was trading 0.69 per cent lower at $43.23 per barrel. (PTI)

 

 

 

Nifty call:

 

Strategy: Go long above 12,725 levels with a fixed stop-loss.

Supports: 12,670 and 12,640

Resistances: 12,725 and 12,750

Rupee call:

 

The rupee has been under pressure for the past few trading sessions and it closed below the support of 74.6 yesterday, hinting further depreciation from the current level. However, the dollar index indicate sluggish dollar movement. Because of this the currency pair USDINR is likely to consolidate in today’s session.

Fresh positions are not recommended until either 74.6 or 74.75 are breached. Above 74.6, INR can appreciate to 74.2 whereas a break below 74.75 can drag it towards 75.

Supports: 74.75 and 75.00

Resistances: 74.60 and 74.25

Rupee open:

Rupee opened on a flat note, higher by 1 paisa at 74.63 against US dollar.

Opening overview:

The benchmark indices today fell as investors continued to lock in gains on bank shares following a sharp rally, while assessing retail inflation data that was higher than the central bank's target.

The NSE Nifty 50 index was down 0.5 per cent at 12,625.4 and the benchmark S&P BSE Sensex fell 0.52 per cent to 43,113.38. The two main indexes, however, were on track to post gains for the week.

The Nifty banking index, which posted gains of over 20 per cent in an eight-day winning streak until Wednesday, was down 1.3 per cent in early Friday trading.

Private-sector lenders Indusind Bank, ICICI Bank and Axis Bank fell over 1.3 per cent each.

Meanwhile, India's retail inflation was over 7 per cent in October for a second straight month and remained above the Reserve Bank of India's (RBI) target of 2-6 per cent, giving the central bank little room to cut rates. (Reuters)

Opening bell:

Today, the benchmark index BSE Sensex started the session with a fall of 206.58 points to 43,150.61. Nifty slipped 52.85 points to 12,637.95.

Published on November 13, 2020

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