Taking inventory: Sensex closes above 60,000 on auto, vigour stocks; Nifty hits 18,000 height

© Sunil Matkar Taking inventory: Sensex closes above 60,000 on auto, power stocks; Nifty hits 18,000 height

Market persevered to profit momentum on the third straight day and touched yet another list excessive on October 11, notwithstanding ended with marginal positive aspects on profit-booking in the last hour of trade.

At close, the Sensex was up seventy six.seventy two features or 0.13 % at 60,135.seventy eight, and the Nifty turned into up 50.eighty points or 0.28 p.c at 17,946.

"The Nifty scaled mount 18K today, led through Reliance, auto and vigor stocks even as the IT Index confronted income-reserving all over the day," talked about S Ranganathan, Head of analysis at LKP securities.

"The broader markets noticed heightened pastime in trade shares with the Nifty PSE stocks lending good aid. The afternoon session, besides the fact that children, did see earnings-booking as stocks do stay susceptible to income disappointment," he talked about.

Tata Motors, Coal India, Maruti Suzuki, Grasim Industries and power Grid Corp have been among the predominant gainers on the Nifty. TCS, Tech Mahindra, Infosys, HCL technologies and Wipro were among the many large gainers.

The broader indices outperformed the benchmarks, with the BSE midcap and smallcap indices rising 0.5 % each and every.

stocks and sectors

On the BSE, apart from IT (down 2.eight percent), all sectoral indices led to the green. The Nifty IT index shed over 3 p.c, but auto, bank, power and metallic indices rose 1-2.5 p.c.

among individual stocks, a volume spike of greater than four hundred % become viewed in APL Apollo Tubes, Torrent vigor and GMR Infrastructure.

long buildup become viewed in Crompton Greaves buyer Electrical, Torrent power and JK Cement, while short buildup become considered in TCS, Dalmia Bharat and Bandhan bank.

more than 350 shares, including Bata India, Reliance Industries, Tata Motors, Voltas, DB Realty, hit a fifty two-week high on the BSE.

Technical view

The Nifty shaped a bullish candle on day by day frame with long higher shadow as slight earnings-reserving changed into witnessed in the concluding hour. "Now it has to hold above 17,950 for an up stream in opposition t 18,a hundred and 18,200 tiers, whereas on the draw back guide is viewed at 17,777 and 17,650 zones," pointed out Chandan Taparia, vice chairman, Analyst-Derivatives, Motilal Oswal fiscal features.

Outlook for October 12

Shrikant Chouhan, Head of fairness research (Retail), Kotak Securities:

The market has fashioned a shooting superstar pattern at the properly of the rally, which is an illustration of an uncertainty available in the market.

There may still be a strategy to cut back the susceptible-long positions out there to the resistance ranges that exist at 17,980, 18,040 and 18,080. If the Nifty forms a favorable reversal after hitting the major supports that exist at 17,850 or 17,810, a buy call is counseled. In case the Nifty closes under the 17,800 level, it could weaken extra to the 17,600 degree.

Mohit Nigam, Head - Hem Securities:

The benchmark indices received for the third consecutive session with Nifty 50 gaining 0.28 percent and Sensex gaining 0.13 percent. Nifty scaled 18,000 degree for the first time and Sensex closed above 60,000 nowadays.

On the technical front, indications equivalent to RSI and MACD display that strong wonderful momentum in Nifty 50 is probably going to continue and we may additionally see 18,200-18,300 levels in the brief term. powerful guide can also be seen at 17,seven hundred degree, while the 18,200 stage might also act as a right away resistance.

Ashis Biswas, Head of Technical analysis at CapitalVia world research:

The market witnessed some fantastic movements and an try and grasp 18,000 Nifty 50 Index. It goes to be crucial for the short-term market state of affairs to preserve above the 18,000-18,030 zone.

If the market is in a position to maintain the degree of 18,000, it could witness larger degrees of 18,250. The momentum indicators like RSI and MACD indicating advantageous momentum is likely to proceed.

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