Market Closing: Sensex Ends 330 pts Higher, Nifty Near 19,150; ICICI, HDFC Bank Up 1%

Sensex Today: After starting lower amid weakness in global markets, domestic bulls came back in action on Monday lifted by shares of Reliance Industries, Bharti Airtel, ICICI Bank, HDFC Bank, L&T, and Tata Consultancy Services (TCS).

The S&P BSE Sensex, for instance, surged 330 points, or 0.52 per cent, to settle at 64,113 after it hit intraday low of 63,431. The Nifty50, on the other hand, closed at 19,141, higher by 94 points or 0.49 per cent, after hitting a low of 18,927.

Among the top large-cap gainers, BPCL soared 3.6 per cent, Ultratech Cement 2 per cent, and Reliance Industries 1.8 per cent. That apart, ONGC, Cipla, Adani Enterprises, SBI Life, Bharti Airtel, Grasim, IndusInd Bank, HDFC Bank, L&T, Kotak Bank, and ICICI Bank advanced between 1 per cent and 2 per cent.

On the downside, UPL, Tata Motors, maruti Suzuki, Axis Bank, Eicher Motors, Britannia Industries, NTPC, and Bajaj Auto fell up to 2.7 per cent.

The recovery was, however, muted in the broader markets where the BSE MidCap and SmallCap indices eked out gains of only 0.13 per cent and 0.06 per cent, respectively.

Sectorally, the Nifty Realty gained 2 per cent, followed by the Nifty Bank, and Financial Services indices, up 0.7 per cent each. On the contrary, the Nifty Auto index fell 0.9 per cent ahead of the October auto sales on Wednesday.

Indian rupee ended flat at 83.25 per dollar on Monday versus Friday’s close of 83.24.

Anuj Choudhary – Research Analyst at Sharekhan by BNP Paribas, said: “Indian Rupee traded on a flat note with a slight negative bias on strong US Dollar and selling pressure from FIIs. However, positive tone in domestic equities and a decline in crude oil prices cushioned the downside. US Dollar gained on safe haven demand as Israel expanded its ground operations in Gaza. US economic data on Friday was mixed and broadly in line with forecast.”

“We expect Rupee to trade with a slight negative bias on geopolitical uncertainty in the Middle East which may lead to safe haven demand for US Dollar. Month end Dollar demand from importers and OMCs and weak global market sentiments may weigh on the domestic currency. However, weak crude oil prices and any intervention by the RBI may support Rupee at lower levels. Investors may remain cautious ahead of FOMC meeting later this week. USDINR spot price is expected to trade in a range of Rs 83 to Rs 83.60,” he added.