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  4. Sensex surges 333 points as Nifty approaches 19,800, signals positive start for markets

Sensex surges 333 points as Nifty approaches 19,800, signals positive start for markets

Financial services firm CLSA has released its top stock picks following the upgrade, expressing high confidence in companies such as Reliance Industries, HDFC Bank, ICICI Bank, Bharti Airtel, SBI, Bajaj Finance, L&T, Axis Bank, ONGC, and Tata Motors.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: October 11, 2023 9:55 IST
BSE
Image Source : FILE PHOTO Business stock exchange building

The Sensex, India's benchmark stock index, opened on a positive note, gaining 333 points and reaching a value of 66,412. Simultaneously, the Nifty, another key stock index, neared the 19,800 mark. This positive opening suggested a promising trading day in the Indian stock market.

Several notable gainers led the Sensex, including companies like Dr. Reddy’s, Axis Bank, UPL, LTI Mindtree, and L&T. Conversely, Britannia and Coal India were among the companies that faced declines in their stock value.

As investors await the upcoming earnings season, which is set to kick off with TCS's quarterly results and buyback details, it is expected to shape the market's trajectory. Global equities witnessed a rebound following favorable news on US yields, a rally that some analysts attribute to technical factors. Nevertheless, geopolitical tensions in the Israel-Gaza region continue to draw significant attention.

Internationally, Asian markets began the day on a positive note, following the overnight uptick in Wall Street indices. Easing concerns about US interest rates, thanks to further dovish statements by key Federal Reserve officials, and stability in oil prices contributed to a boost in investor sentiment.

Market participants are eagerly awaiting the September quarter earnings report of India's IT giant, Tata Consultancy Services (TCS).

In the previous session, foreign institutional investors (FIIs) were net sellers of shares, offloading Rs 1,005 crore, while domestic institutional investors (DIIs) were net buyers, acquiring Rs 1,963 crore worth of stocks. FIIs have remained net sellers for the 15th consecutive session.

Every sector, all 15 of them, as compiled by the NSE, was trading positively. Nifty Bank, Nifty Financial Services, and Nifty Auto sub-indexes were among the top performers on the NSE, posting gains of up to 0.67%, 0.63%, and 0.49%, respectively.

Looking at individual stocks, Dr. Reddy's emerged as the top gainer in the Nifty index, with the stock surging by 1.45% to reach Rs 5,558. Other companies like ICICI Bank, Apollo Hospitals, Tata Motors, and Bajaj Auto also posted gains of up to 0.95%.

On the flip side, Coal India, SBI Life, PowerGrid, and Britannia were among the top laggards in early trading. The overall market breadth was favorable, with 2,177 shares advancing while 453 were declining on the BSE.

Among the 30 shares on the BSE index, heavyweight stocks such as ICICI Bank, HDFC Bank, Infosys, L&T, Reliance Industries, ITC, and Axis Bank were among the top gainers.

Also read | IMF raises India’s growth forecast to 6.3% for 2023-24, cites strong consumption

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