Indian equity benchmarks ended higher on Tuesday for the third straight positive ending. Key indices made a positive start and stayed in green for a whole session, as traders took support from RBI Monetary Policy Committee (MPC) member Jayanth R Varma’s statement that “No doubt inflation will come down. Because we have done monetary policy tightening. That tightening will have its impact. The monetary policy takes, you know, five to six quarters to have its impact and cool prices.”

The Nifty50 has formed a reasonable positive candle on the daily chart with a gap-up opening in a positive sign, according to Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

“More gains from here could open up a sharp follow-through upside ahead,” he said.

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Indian Indices

The Sensex jumped 549.62  points or 0.94% to 58,960.60 while the Nifty surged 175.15  points or 1.01% to 17,486.95 at the close of trading on Tuesday. The Sensex moved in a high and low band of high and low of 59,143.66 and 58,744.13. There were 25 stocks advancing against 5 stocks declining. The Nifty traded in a range of 17,527.80 and 17,434.05. There were 39 stocks advancing against 11 stocks declining on the index.

Broader Indices

The broader indices ended in green with the BSE MidCap index up by 1.06% while the SmallCap index was up by 0.71%. The top gaining sectoral indices on the BSE, Commodities was up by 1.97%, Consumer Discretionary was up by 1.76%%, Energy was up by 1.71%, FMCG was up by  1.50% and Financial Services was up by 1.46%. While there were no losing sectoral indices on the BSE.

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India VIX Index

Nifty or India VIX, a gauge of the market’s expected volatility over the near term, declined 5.24% to 17.45 on Tuesday.

SGX Nifty

The trends on SGX Nifty indicate a positive opening for the index in India with a 27 points gain. The Nifty futures were trading at 17,522.0 on the Singaporean Exchange at around 08:00 hours IST.

Support and Resistance levels

The key support level for the Nifty is placed at 17,447, followed by 17,425 & 17,389. If the index moves up, the key resistance levels to watch out for are 17,519 followed by 17,541 and 17,577, according to pivot charts.

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US Markets 

The S&P 500 rose 42.03 points, or 1.1%, to 3,719.98 on Tuesday.

The Dow Jones Industrial Average rose 337.98 points, or 1.1%, to 30,523.80.

The Nasdaq rose 96.60 points, or 0.9%, to 10,772.40.

The Russell 2000 index of smaller companies rose 20.20 points, or 1.2%, to 1,755.96.

Asian Markets

Asian markets ended mostly higher on Tuesday. Hang Sang was up by 1.82%, Nikkei 225 was up by 1.42%, KOSPI Composite was up by 1.36% while Shanghai Composite was 0.13% down.

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European Markets

European markets finished higher yesterday with shares in Germany leading the region. The DAX was up 0.92% while France’s CAC 40 was up 0.44% and London’s FTSE 100 was up 0.24%.

Bulk Deal data

OFI GLOBAL CHINA FUND LLC sold 4,82,37,985 shares in Zee Entertain. Enterp.Ltd at Rs 263.7 per share on the NSE.

NOMURA INDIA INVESTMENT FUND MOTHER FUND bought 62,46,113 shares in Zee Entertain. Enterp.Ltd at Rs 263.7 per share on the NSE.

KEDIA FINTRADE PRIVATE LIMITED bought 8,00,000 shares in Rama Steel Tubes Limited at Rs 134.00  per share on the NSE.

SW CAPITAL PRIVATE LIMITED sold 5,12,966 shares in Rama Steel Tubes Limited at Rs 135.33 per share on the NSE.

GSS Infotech Limited bought 2,00,000 shares in GSS Infotech Limited at Rs 160 per share on the NSE.

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DII and FII data

Foreign institutional investors (FIIs) have sold shares worth a net of Rs 153.40 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 2,084.71 crore on October 18, as per data available on the NSE.

NSE F&O Ban

BHEL, Delta Corp Ltd, Indiabulls Housing Finance, Zee Entertainment Enterprises and India Cements have been placed under the F&O ban for October 19. Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.