Sensex Today: In yet another volatile session, the Indian benchmark indices ended on a flat note on November 8 with the Sensex ending at 64,975.61, up 33.21 points or 0.05 percent, while Nifty gaining 36.80 points or 0.19 percent to close at 19,443.50.
The broader BSE MidCap and SmallCap indices, too, held their gains throughout the day and closed 0.8 per cent and 0.6 per cent higher, respectively.
Volatility index, India VIX, was down over 1 per cent today as ended at 11 levels.
Meanwhile, among sectors, the Nifty Bank, Financial Services, IT, Media, and Private Bank indices fell 0.3 per cent each. On the contrary, the Nifty Realty index gained 1.5 per cent, and the Nifty Pharma index added 1.48 per cent.
Nearly 250 stock touched their 52-week high on the BSE, including NLC India, Ratnamani Metal and Tubes, Prestige Estate Projects, Swan Energy, Alkem Laboratories, Ipca Laboratories, KPIT Technologies, Aurobindo Pharma, Kalyan Jeweller, Jyothy Labs, among others.
Market View | Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
There are three significant trends in equity markets now: One, global markets are stable as indicated by the 7-day winning streak in Dow and S&P 500. Two, a risk on is evident in markets primarily driven by the sharp correction in the US 10-year bond yield from the recent high of 5% to 4.57% now. Three, the crash in Brent crude from around $94 to below $82 now indicates that the market doesn’t expect the Israel-Gaza conflict to aggravate into a wider regional conflict. In brief, the market construct is favourable for the continuation of the rally despite the geopolitical uncertainties.
The tug of war between the FIIs and DIIs continues with sustained selling by the FIIs and sustained buying by the DIIs. Since the buy on dips strategy is working, retail investors are buying in the broader market on every dip. There is no selling pressure in the broader market since FII selling is confined to large caps.
The best opportunity for long-term investors is in high quality large caps since these stocks will do well when FIIs eventually turn buyers.
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