Indian equity benchmarks ended higher on Monday. Markets started the week on a negative note, after the initial downtick, it soon gradually surged when traders took support from Finance Minister Nirmala Sitharaman’s statement that the Indian economy will stay on course despite global headwinds and is projected to grow at 7% in the financial year 2022-23, on the back of conducive domestic policy environment and focus on key structural reforms.
“A long bull candle was formed on the daily chart, that has placed beside the long negative candle of Friday. Technically, this pattern indicates a comeback of bulls after a consolidation movement of the previous session. The opening upside gap of Friday has been filled and the market bounced back smartly from the support of that gap on Monday. This is a positive indication,” Nagaraj Shetti, Technical Research Analyst at HDFC Securities said.
The immediate support is now placed at 17,100 levels, the market expert said.
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The Sensex jumped 491.01 points or 0.85% to 58,410.98 while the Nifty surged 126.73 points or 0.73% to 17,311.80 at the close of trading on Monday. The Sensex moved in a high and low band of high and low of 58,449.00 and 57,639.80. There were 24 stocks advancing against 6 stocks declining. The Nifty traded in a range of 17,328.55 and 17,098.55. There were 37 stocks advancing against 13 stocks declining on the index.
The broader indices ended in green with the BSE MidCap index up by 0.26% while the SmallCap index was up by 0.09%. The top gaining sectoral indices on the BSE, Utilities was up by 1.86%, Power was up by 1.85%%, Bankex was up by 1.60%, Financial Services was up by 1.13% and Energy was up by 0.66%. On the flip side, Metal was down by 0.84%, Realty was down by 0.48%, Telecommunication was down by 0.22%, Capital Goods was down by 0.20% and Industrials down by 0.05%.
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India VIX Index
Nifty or India VIX, a gauge of the market’s expected volatility over the near term, surged 0.88% to 18.42 on Monday.
The trends on SGX Nifty indicate a positive opening for the index in India with 139 points gain. The Nifty futures were trading at 17,454.0 on the Singaporean Exchange at around 06:50 hours IST.
Support and Resistance levels
The key support level for the Nifty is at 17,164, followed by 17,016. If the index moves up, the key resistance levels to watch out for are 17,394 and 17,476, according to pivot charts.
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The S&P 500 rose 94.88 points, or 2.6%, to 3,677.95 on Monday.
The Dow Jones Industrial Average rose 550.99 points, or 1.9%, to 30,185.82.
The Nasdaq rose 354.41 points, or 3.4%, to 10,675.80.
The Russell 2000 index of smaller companies rose 53.35 points, or 3.2%, to 1,735.75.
Asian markets ended mostly mixed on Monday. Taiwan Weighted was down by 1.23%, Nikkei 225 was down by 1.16%, while Shanghai Composite was up by 0.42% and KOSPI Composite was 0.32% up.
European markets were trading higher on Monday; UK’s FTSE 100 surged 0.64%, France’s CAC surged 0.69% and Germany’s DAX surged 0.80%.
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PVR Q2 results: Loss at Rs 71 crore
Multiplex operator PVR reported a wider-than-expected net loss of Rs 71.23 crore for the second quarter of the financial year 2022-23. While the net loss was higher in the corresponding quarter a year ago at Rs 153.1 crore. It reported a net profit of Rs 53.4 crore in the first quarter of the financial year 2022-23.
Tata Coffee Q2 results
The company reported a 172% year-on-year (YoY) growth in net profit at Rs 147 crore for the second quarter of the financial year 2022-23 on the back of improved plant performance and the instant coffee business. One-time exceptional income on disposal of a non-core property. Consolidated revenue surged by 31% YoY to Rs 718.3 crore during the quarter led by higher realisations in all businesses.
Bulk Deal data
Mithan Lal Singla sold 19,81,000 shares in JTL Infra Ltd at Rs 248.1 per share on the NSE.
Renu Swami sold 6,10,000 shares in JTL Infra Ltd at Rs 253.21 per share on the NSE.
Sahni Sabah bought 2,00,000 shares in Salasar Exterior Cont Ltd at Rs 420 per share on the NSE.
Sahni Sumeet Singh bought 2,00,000 shares in Salasar Exterior Cont Ltd at Rs 419.96 per share on the NSE.
Sahni Sabah bought 156000 shares in Party Cruisers Limited at Rs 317 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 372.03 crore, whereas domestic institutional investors (DIIs) bought shares worth a net of Rs 1,582.24 crore on October 17, as per data available on the NSE.
NSE F&O Ban
Delta Corp Ltd, Indiabulls Housing Finance, and India Cements have been placed under the F&O ban for October 18. 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.