Stocks

Sensex jumps 254 points led by metals, banking stocks

BL Internet Desk | Updated on October 16, 2020 Published on October 16, 2020

Nifty gains 82.10 points to 11,762.45

Closing session update:

Equity benchmark BSE Sensex held on to its early gains and ended 254.57 points higher at 39,982.98 on Friday, led by intense buying mainly in metals, banking and IT counters.

Likewise, the broader NSE Nifty surged 82.10 points or 0.70 per cent to close at 11,762.45.

On the Sensex chart, IndusInd Bank, Tata Steel, Infosys, ONGC, Kotak Bank, NTPC and Bharti Airtel were among prominent gainers.

Of the 30 Sensex constituents, 24 stocks have advanced in the green, while six stocks have declined.

The BSE Metal index rose 292.77 or 3.70%, to 8,205.39 led by JSW Steel, Jindal Steel, Tata Steel, Hindalco, SAIL and National Aluminium.

The BSE Banking index also moved into positive territory today gaining 511.10 points or 1.95%, to 26,680.86 led by Bandhan Bank, RBL Bank, HDFC Bank, Kotak Bank, Axis Bank, IndusInd Bank and CUB.

 

Nifty call:

 

Strategy: Buy on declines with a fixed stop-loss at 11,725 levels

Supports: 11,730 and 11,700

Resistances: 11,780 and 11,800

Noon Update:

The benchmark indices maintained its early gains and is in the green zone.

The BSE Sensex trading at 39,955.60, up 227.19 points or 0.57 per cent.

The NSE Nifty is at 11,753.85, up 73.50 points or 0.63 per cent.

Except for IT and Media, all the sectoral indices are trading in green with Bank taking the lead.

BPCL, Tata Steel and Axis bank are the top gainers. UPL, HCL Tech, and Asian Paints are the top laggards.

Rupee open:

Though the rupee has opened with a gap-down at 73.43, it has a strong support at 73.5. As long as the local currency lies above this level, the likelihood of a recovery is high. Hence, for intraday, traders can buy INR with stop-loss at 73.5.

 

Supports: 73.5 and 73.7

Resistances: 73.3 and 73.15

Buzzing stock:

HCL Technologies on Friday reported a consolidated net income of ₹3,142 crore for the second quarter ending September 30, up 18.5 per cent year-on-year (YoY), compared with ₹2,651 crore in the corresponding period last year.

Revenue of the company also grew by six per cent YoY to ₹18,594 crore during the quarter, as against ₹17,528 crore in July-September 2019.

 

On a sequential basis also, net income grew 7.4 per cent (from ₹2,925 crore), and revenues grew by 4 per cent.

The company declared a dividend of ₹4 per share. This is the 71st consecutive quarter of dividend pay-out.

Shares of HCL Technologies were trading at ₹827.65 apiece on the BSE at 10 a.m., down 3.70 per cent from the previous close.

Update:

Equity benchmark BSE Sensex rebounded 320.33 points to trade at 40,048.74 in opening deals on Friday, led by intense buying mainly in banking and IT counters.

Likewise, the broader NSE Nifty surged 86.75 points or 0.74 per cent to 11,767.10 in early trade.

On the Sensex chart, IndusInd Bank, Tata Steel, Infosys, ONGC, Kotak Bank, NTPC and Bharti Airtel were among prominent gainers.

Of the 30 Sensex constituents, 27 were trading in the green.

Asian shares were trading on a mixed note amid growing fears about resurgence of coronavirus cases in some countries.

On Thursday, the Sensex had plummeted by 1,066.33 points or 2.61 per cent to end at 39,728.41. The broader NSE Nifty had crashed 290.70 points or 2.43 per cent to 11,680.35.

Foreign institutional investors turned net sellers in the capital market as they offloaded shares worth Rs 604.07 crore on Thursday, exchange data showed. (PTI)

Opening bell:

 After a steep fall at the closing of yesterday's session, the markets today opened in the green territory.

The BSE Sensex was opened at 39,960.10, up 231.69 points or 0.58 per cent.

The NSE Nifty was at 11,742.60, up 62.25 points or 0.53 per cent.

IndusInd Bank, Infosys and HDFC Bank topped the gainers list. Meanwhile, Asian Paints, HCL Tech and Cipla were the top laggards.

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Published on October 16, 2020
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