Indian stock market closed today’s (November 03) trade on a higher note, led by heavyweight stocks, HDFC Bank and ICICI Bank. The Nifty50 closed the trade 370 points or 1.58 per cent higher at 23,810.85, while the 30-stock BSE Sensex settled 1,225.07 points or 1.62 per cent higher at 76,917.85. The market breadth remained in the favour of bulls. Out of 3,713 stocks traded on the NSE, 2,127 advanced, while 1,477 stocks declined, and 109 scrips remained unchanged. In today’s session, 57 stocks hit a fresh 52-week high, while 94 stocks were at a new 52-week low.
BSE’s shares gained the most in the Nifty50, closing 5.03 per cent higher. It was followed by Nestle India, Tata Consumer Products, Asian Paints, Bharti Airtel, and many others. On the other hand, Power Grid Corp, SBI, ONGC, Adani Enterprises, and Tata Steel were the five major losers in the index. The Nifty 50 continued its four-day winning streak, mainly led by Reliance Industries and Tata Steel.
The benchmark Nifty index rose sharply following its breakout above the 23,200 level and settled above its 6-month exponential moving average placed at 23,670 levels, driven by a sharp decline in crude oil prices, said Vipin Kumar, Assistant Vice President of Research at Globe Capital Markets.
“Looking ahead, volatility is expected to remain elevated in line with fluctuations in crude oil prices and the US midterm elections. We expect the index to move towards the 24,000 level in the next couple of trading sessions; conversely, sustained trading below the 23,550 level could drag it back to the 23,100–23,200 range in the near term,” he added.
Sparsh Bansal is the Chief Copy Editor with ET Now Digital. He writes extensively on equity markets, IPO, with a passion for financial markets and a sharp eye to detect patterns, I extensively cover IPOs, stock movements, and investment strategies that shape India’s economic landscape.
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Before ET Now Digital, Sparsh worked as a Correspondent with Financial Express. He started his career with Informist Media as a Reporter. He holds a Post Graduate Diploma in Business and Finance Journalism from Asian College Journalism – Bloomberg, and a Bachelor’s degree in Journalism and Mass Communication from the Noida International University.