SBI, Tata Steel, Asian Paints & Bajaj Finserv among top gainers & losers as market ends higher

The Indian equity market closed higher on Monday with the Sensex reclaiming the 61,000-mark, led by strong buying in auto, energy and metal stocks amid a strong trend in global equities. Sensex gained 234 points to end at 61,185 and Nifty climbed 85 points to 18,202. Of 30 Sensex stocks, 18 ended in green.  

Top Gainers  

Top Sensex gainers were State Bank of India, jumping 3.44 per cent, followed by Tata Steel (1.81 per cent), UltraTech Cement (1.16 per cent), ICICI Bank (1.26 per cent) , M&M (1.14 per cent)  and Maruti Suzuki (1.02 percent).  

Top Losers  

Asian Paints (2.37 per cent), Bajaj Finserv (1.35 per cent), Sun Pharma (1.13 per cent), Titan (0.95 per cent) and Kotak Bank (0.93 per cent) were among the top Sensex losers.

Here's a look at what  Tirthankar Das of Ashika  Research said about some of these stocks.

SBI: The Banking sector continues to remain in strong up trend and within that space, SBI has been outperforming and has generated a breakout above the last 1 year range of 450-525 signalling resumption of up move thus it can be expected that upside rally to continue. The base of the last consolidation is placed at 50 dma currently at 550 highlighting overall positive price structure. However immediate resistance is seen from the 161.8% projected retracement (currently at 625) of the last recognised breather (549-425). Successive trade above 625 would further accelerate the buying interest.

Tata Steel: The share price of Tata Steel is on the verge of generating a breakout above the falling channel line adjoining the lows of Dec'21 and June'22 and on the upside the parallel stripe recognising the high of Apr'22. Against such price structure, immediate breakout level for the stock is around 108, successive trade above it would accelerate the buying pressure and higher level of 140-145 can be seen (channel pattern target). Past few days of volume concentration also indicates that the stock is on the path towards breakout. Recent price consolidation at 97 can be earmarked as the elevated support base. On the oscillators front the daily 14 periods RSI has generated a buy signal with a price reading of 63 thus further validates of positive biasness.

Asian Paints: The stock has undergone significant price/time correction since its Sept'22 peak and has been undergoing sequential decline. The 14-period RSI indicating of negative bias with sell crossover, trading below the 50 level mark in weekly time frame. Currently the stock is on a consolidation phase amidst the narrow range of 3030-3200, breach on either side would dictate the trend though probability remains high of a downside breakdown. The level of 3030-3050  has an added significance as it coincides with the 50% retracement of the entire rally since June'22 (High: 3583; Low: 2560), breach of which might drag the stock further lower towards the next crucial support level of 2950 (61.8% retracement).

Bajaj Finsv: The stock is seen regaining positive momentum after last two months of price consolidation. Buying demand in the stock regained after it took support from the 1620 levels that resulted into a bullish double bottom formation. The stock is presently on the verge of generating a breakout from its previous swing high of Sept'22 at 1844, successive trade above it would accelerate the buying pressure and higher level of 1933 (all time high) followed by 1985 (projected 161.8% retracement) can be seen. Immediate support for the stock is seen from the 50dma and the upward rising trendline since July'22, coinciding around at 1680-1710 1710 zone.

Market cap of BSE listed firms rose to Rs 284.73 lakh crore in trade today. Market breadth was positive with 2,052 shares closing higher against 1,506 stocks falling on BSE. 193 shares were unchanged.  Midcap and small cap indices on BSE gained 176 points and gained 185 points, respectively.  Banking, auto, oil and gas and metal shares were the top sectoral gainers with their BSE indices rising 465 points, 373 points, 242 points and 210 points, respectively.

Prashanth Tapse - Research Analyst, Senior VP (Research), Mehta Equities said, “Market continued its winning streak for the second day in a row, with bulls aiming at the next goal post at Nifty’s all-time-high of 18,605 mark. Factors such as improved quarterly earnings by SBI and BoB, FIIs seen making a comeback to Indian markets, and optimism about China's reopening aided the sentiment. Technically speaking, the Nifty has support at 17907 and 16677 levels, while resistance is at 18605-19057.”

Consumer durables and healthcare shares were the top losers with their BSE indices slipping 176 points and 241 points, respectively. Meanwhile, the rupee rose 45 paise to close at 81.90 against the US dollar on Monday. A strong rupee against the US dollar and persistent foreign capital inflows also supported the domestic equities, traders said. 

Foreign Institutional Investors (FIIs) were net buyers on Friday as they bought shares worth Rs 1,436.25 crore, as per exchange data. 

Previous session 

The Sensex rose 113.95 points (0.19 per cent) to end at 60,950.36 while the Nifty 50 gained 64.45 points (0.36 per cent) to settle at 18,117.15 on November 4. 

On Sensex, Bajaj Finserv, UltraTech Cement, Tata Steel, State Bank of India (SBI), RIL, Asian Paints and Bajaj Finance were the top gainers on Friday while Dr. Reddy’s Laboratories, Infosys, Hindustan Unilever (HUL), NTPC, HDFC Bank, and Power Grid Corporation of India were the top losers. 

Global markets  

Elsewhere in Asia, bourses in Shanghai, Tokyo, Hong Kong and Seoul ended in the green. Stock exchanges in Europe too were trading in the positive territory in mid-session deals. Wall Street had ended higher in the previous session on Friday. 

International oil benchmark Brent crude was trading 0.19 per cent lower at $98.38 per barrel. 

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