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Nifty rises 114 points, Sensex nears 66k; Bajaj Finserv jump 6%; Godrej Industries rallies 20%

Nifty rises 114 points, Sensex nears 66k; Bajaj Finserv jump 6%; Godrej Industries rallies 20%

BSE's barometer Sensex surged 364.06 points, or 0.55 per cent, to settle at 65,995.63. NSE's Nifty50 jumped 113.85 points, or 0.58 per cent, to end at 19,659.60 for the day.

Pawan Kumar Nahar
Pawan Kumar Nahar
  • Updated Oct 6, 2023 4:30 PM IST
Nifty rises 114 points, Sensex nears 66k; Bajaj Finserv jump 6%; Godrej Industries rallies 20%In the Nifty50 pack, Bajaj Finance gained about 6 per cent, while Bajaj Finance gained about 4 per cent . Titan Company was up 3 per cent each for the day.
SUMMARY
  • Indian stock markets settled higher on Friday after RBI's policy.
  • Sensex gained 364 points; Nifty settled above the 19,650-mark.
  • Broader markets were in-line; India VIX declined about 6%.

Indian benchmark indices extended their gains for the second straight session as the benchmark indices ended higher on Friday. RBI's in-line monetary policy, where it kept the rates unchanged, was cheered by the markets and pushed them higher. Buying across all the major sectors supported the sentiments at Dalal Street. For the day, BSE's barometer Sensex surged 364.06 points, or 0.55 per cent, to settle at 65,995.63. NSE's Nifty50 jumped 113.85 points, or 0.58 per cent, to end at 19,659.60. Broader markets performed inline with the headline indices as the BSE midcap and BSE smallcap index added over half-a-per cent each. Fear gauge India VIX crashed about 6 per cent to 10.33-level. While positive Asian market cues helped local gauges maintain upward bias for the second straight session, RBI keeping policy rates steady in the MPC meet also cheered investors and lifted the market sentiment, said Amol Athawale,  Vice President - Technical Research at Kotak Securities. "The Nifty took support near 19350 and bounced back sharply. Currently, the index is trading near the 50-day SMA and on weekly charts it has formed a Hammer kind of formation which is largely positive. As long as the index is trading above the 50-day SMA or 19575 level the positive sentiment is likely to continue," he said. Among the sectors, the Nifty realty index gained more than 3 per cent, while the Nifty financial services, pharma and consumer durables indices added about a per cent each. Healthcare, private bank, IT and metal indices were the other gainers for the day. However, the Nifty media index was the only laggard. In the Nifty50 pack, Bajaj Finance gained about 6 per cent, while Bajaj Finance gained about 4 per cent . Titan Company was up 3 per cent each for the day. IndusInd Bank, Tata Consumer Products and ITC added 2 per cent each for the day. On the contrary, Coal India and Hindustan Unilever were the only other laggards dropping about a per cent each. Markets extended rebound amid volatility. After the gap-up start, Nifty inched gradually higher. The recent bounce has certainly eased some pressure. Traders should remain focused on stock selection and position management until we see clarity over the next directional move, said Ajit Mishra, SVP - Technical Research at Religare Broking. A total of 3,801 shares were traded on BSE on Friday, of which 2,312 settled with gains. 1,334 stocks ended the session with cuts while 15 shares remained unchanged. During the day, 387 shares hit their upper circuit, whereas 157 shares tested the lower circuit levels for the day. "The risk of higher inflation led the RBI to become more realistic in their policy approach. The central bank maintained a hawkish tone on liquidity management, as they may consider OMO to contain liquidity in the system, which led to India's 10-year yield inching higher, said Vinod Nair, Head of Research at Geojit Financial Services. In the broader markets, Valiant Laboratories, the debutant for the day, ended 22 per cent up above its issue price. Godrej Industries hit an upper circuit of 20 per cent, while PNB Gilts jumped more than 17 per cent. Monarch Networth Capital, Quick Heal Technologies and Sasken Technologies gained 12 per cent each for the day. Among the losers, Edelweiss Financial Services dropped about 6 per cent, while Steel Exchange india crashed more than 5 per cent. Avantel, Filatex India and Apollo Micro Systems tumbled 4 per cent each. Metro Brands, Som Distilleries and Elecon Engineering were down 3 per cent each for the day.

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Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Oct 6, 2023 4:30 PM IST
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