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  4. Sensex soars 594.91 points, Nifty rallies 181.15 points in bullish market surge

Sensex soars 594.91 points, Nifty rallies 181.15 points in bullish market surge

This upward momentum in both indices reflects a positive sentiment in the stock market, potentially driven by favorable economic indicators and investor confidence.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: November 06, 2023 16:34 IST
BSE
Image Source : FILE Business stock exchange building

The Sensex, a key benchmark index of the Bombay Stock Exchange (BSE), witnessed a substantial rise, climbing by 594.91 points to conclude at a closing value of 64,958.69. Simultaneously, the Nifty, which is the NSE's benchmark index, rallied impressively, marking a gain of 181.15 points and reaching a closing figure of 19,411.75.

In Monday's trading session, the benchmark stock market indices experienced robust gains driven by favorable global influences and positive Q2 financial results.

The S&P BSE Sensex concluded the day with a notable increase of 594.91 points, reaching a closing figure of 64,958.69. Similarly, the NSE Nifty 50 settled 181.15 points higher at 19,411.75. This significant uptick in the broader market indices reflects an optimistic atmosphere on Dalal Street.

Several sectoral indices closed the day on a positive note, with substantial gains observed in Nifty Pharma, Nifty Metal, and Nifty Realty stocks.

Among the top performers on the Nifty 50 were Divi's Laboratories, Eicher Motors, Hero MotoCorp, Axis Bank, and L&T. Conversely, the top losers included SBI, HUL, Cipla, Tata Motors, and Titan.

Despite reporting a larger-than-expected drop in net profit, Divi's Laboratories saw its shares surge by over 5%. The company disclosed a 29.4% decline in consolidated net profit, amounting to Rs 348 crore.

Aditya Gaggar, Director of Progressive Shares, explained, "Global positive factors supported the Indian equities to start the day on a strong note but due to a lack of follow-through, the Index oscillated in a thin range."

He further noted, "By breaching its stiff hurdle of 19,200-19,250, Nifty50 has made a strong bullish candle on the daily chart and is now heading towards its next resistance zone of 19,450-19,500 while the zone of 19,270-19,310 will be considered as a strong support area."

Also read | Stock markets jump in early trade; Sensex gains 471 points, Nifty above 19,350 amid positive global cues

 

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