Nifty back above 11,800, Sensex jumps 503 points as financial, metal stocks shine

The benchmark indices ended higher for the second consecutive day on November 3, supported by the financial and metal stocks. The Sensex ended 503.55 points, or 1.27 percent, higher at 40,261.13 and the Nifty rose 144.30 points, or 1.24 percent, to 11,813.50.

“The market maintained its momentum supported by increased demand for banking stocks due to an improvement in the business outlook. Globally too, the market was on a strong footing as the US manufacturing data surpassed expectations and a similar rebound was seen across Europe and China,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Markets are also sustaining confidence ahead of the Fed meeting, as it is not expecting an increase in rates and easing measures to recover the economy.”

Buying was seen in bank, metal, pharma and auto sectors while energy index ended lower.

The S&P BSE Midcap index gained 0.4 percent and the smallcap index rose 0.35 percent.

The top gainers on the Nifty included ICICI Bank, Hindalco, SBI, HDFC and Power Grid Corp. Top losers were UPL, NTPC, Reliance Industries, Nestle and HCL Tech.

Also Read – Gainers & Losers: 10 stocks that moved the most on November 3

Stocks & sectors

Sectorally, the BSE bank index jumped more than 3 percent and BSE metal index was up 2 percent.

The BSE healthcare and auto indices added 1 percent each while the realty index shed more than 2 percent.

A volume spike of more than 100 percent was seen in Cadila Healthcare, Dabur and Glenmark Pharma.

Long buildup was seen in Cadila Healthcare, Power Grid and UPL while short buildup was seen in NTPC, Muthoot Finance and Godrej Properties.

Cadila Healthcare, Tanla Solutions and Noida Toll Bridge were among the stocks that hit a fresh 52-week high on the BSE.

Technical View

The bulls appear to have put up a brave face as markets across the globe have chosen to rally into the major event with a positive mindset and the Nifty seems to be no exception as it signed off the session with a decent bullish candle.

“As this index managed a decisive close above its near-term hurdle of 11,750 levels, it should ideally head towards 11,922 levels in the next session,” said Mazhar Mohammad, Chief Strategist–Technical Research & Trading Advisory at Chartviewindia.in .

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd which publishes Moneycontrol.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.