The midcap and smallcap indices on BSE were outperforming the benchmark index. BSE Midcap was up 0.83% while BSE Smallcap was up 0.89%. Sensex jumped 0.67%.
Banking stocks were moving higher. Nifty Bank index was up 0.92% at 28,726 points. Nifty Private Bank index was up 0.94%.
During the Muhurat trading session 12 BSE200 constituents were seen hitting fresh 52-week highs. Adani Enterprises, Adani Green, IndiGo, Eicher, Ultratech Cement, and Naukri were some of those stocks.
Only Nestle India, Powergrid and NTPC were the three S&P BSE Sensex constituents that were trading with losses.
Among the top gainers on Sensex are Bajaj Finserv, Tata Steel, and IndusInd Bank. These were followed by Bharti Airtel, SBI and Larsen & Toubro.
Sensex began trading at 43,815 points while Nifty opened above 12,800.
Sensex and Nifty moved closer to all time highs during the pre-open session just ahead of the Muhurat trading session.
Sensex was over 400 points high, just shy of the 43,900 mark. Nifty surged and crosed the 12,800 mark.
Sensex, Nifty sky-rocket in pre-open session just ahead of Diwali’s Muhurat trading. Sensex moved over 400 points higher while Nifty was above 12,800.
The Covid-19 pandemic has impacted the banking sector as a whole however measures lend by RBI and government help it to pass through this difficult time. At present in Q2FY21, we witnessed many banking players (both private and public banks) posted better numbers on the back of improving asset quality, better collections and lower provision. In the coming quarters, with improving demand and the economy getting back on track, the banking sector would see good growth recovery. We would prefer investing in large private banking space with ICICI bank as our preferred pick. The bank has a strong brand name, healthy capital and liquidity position, stable asset quality, a large customer base and improved corporate governance under new management. We have initiated a Buy on the stock with a target price of Rs 552.
Buy UltraTech CementBuy Range: 4600-4350
With current close, stock has run up sharply from the March’20 lows and has registered new all time highs (on closing basis). On the quarterly chart, stock is trending up forming a series of higher Tops and higher Bottoms formation.
The quarterly RSI has given a bullish crossover indicating that the momentum has turned positive. The above analysis indicate an upside of 5150-5480.
“We expect further consolidation in the Nifty after the recent surge and also due to the existence of a hurdle at 12,800. In the case of any dip, it would find support around the 12,400-12,500 zone. Meanwhile, we suggest focusing on the broader markets as we’re seeing fresh traction but stick to the quality midcap and smallcap names,” said Ajit Mishra, VP – Research, Religare Broking.
Bosch Limited (Bosch), a leading technological player is set to gain from the implementation of Bharat Stage 6 (BSVI) emission norms in India. India move directly from BS-IV norms to BS-VI norms in order to curb pollution. We recommend our investors to BUY the scrip with target of Rs 14100 from 12 months investment perspective. At CMP, the scrip is valued at P/E multiple of 26x on FY22E Bloomberg consensus EPS of Rs 448.2.
~ Ashika Group
“Bharti’s execution has been top-notch in the last few quarters, evident from strong 16% India Mobile EBITDA growth cumulatively in the last two quarters. Robust 10m subscriber adds lead to cumulative ARPU improvement of 5%,” brokerage firm Motilal Oswal said.
Upside Potential – 42%
Pharma stocks have been shining bright so far this year and by the looks of that glitter is not looking to fade away anytime soon. A slew of measures have been announced that could help India’s pharmaceutical industry emerge as a global player. Domestic pharma players have also set their eyes on the API segment where China has been a dominant player, even a small piece of that cake could help domestic pharma players. Analysts are upbeat on the sector and picking their top bets among some of the leading names in the space. Here are some of the top pharma stocks that analysts recommend.
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The domestic CV industry is poised for healthy growth led by increased government spending on infrastructure, mining and pick-up in economic activity. We believe ALL stands to benefit from the upcycle in the CV industry given its strong position in the M&HCV and LCV segment. Further, the proposed implementation of CV scrappage policy is likely to create an additional demand of ~1 lakh vehicles. To reduce the earnings volatility, the company has sharpened its focus on increasing its revenue share from LCVs, spares, exports and defence. We believe that ALL’s strong brand presence in the CV segment and its focus on diversifying to less cyclical businesses makes it one of our preferred picks in the sector. We recommend a Buy on the stock with a target price of Rs 105.
~ Religare Broking
“The market is consolidating and slowly inching higher towards 12900/13000 levels. The Nifty 50 index is forming a symmetrical triangle on the intra-day chart. It’s a bullish continuation formation that would lift the market towards the psychological mark of 13000. The breadth of the broader market is quite satisfactory, which is indicating a firm grip of bulls and would not allow the Nifty to fall below 12600 levels in the normal circumstances,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
It is considered auspicious to buy stocks during Laxmi Pujan on Diwali, for which stock exchanges conduct Muhurat trading. This year Muhurat trading will take place on Saturday, November 14, 2020. On the back of economic recovery and encouraging news developments on COVID-19 vaccine, stock markets have mapped an upward trajectory to make new all-time highs. Axis Securities in its Technical Diwali Muhurat Picks has picked 11 stocks and suggests investors buying and accumulating for the potential upside of 15-22 per cent. It has included large-cap/Mid cap stocks, which have performed in line with the market over the last one year and are trading above their breakout levels or near their major support levels.
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“Technically, the benchmark index has been trading in a Range Bound movement since the last three days after forming an all-time high which indicates sideward movement between the range of 12550 to 12770, either side breakout will lead the particular direction and confirm the trend for time being,” said Sumeet Bagadia, Executive Director, Choice Broking.
Indian share market benchmarks BSE Sensex and Nifty 50 ended the last trading day of Samvat 2076 with 10 per cent gains despite COVID-19 induced volatility throughout the year. Looking at the current gush of money coming into India and many foreign investors betting on the ‘India is the fastest growing economy’ story, Rajesh Palviya, Head Technical & Derivatives, Axis Securities, told Financial Express Online that the Nifty index is expected to touch 13,800-14,000 before next year’s Diwali. “Nifty has good support at 12400 followed by 12000 level on the downside. However on the higher side 13000-13200 may act as a resistance zone for this up move,” Palviya said.
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People across the country celebrate Diwali in several ways, and when it comes to making investments, several traders invest during a special ‘Muhurat’ to mark a new beginning. They do so during the festive season, as it is considered auspicious according to the Hindu lunar calendar. They often invest in gold, followed by equity markets, to bring good luck, prosperity, and the blessings of the goddess of wealth, Lakshmi.
Technically Nifty formed a Bullish Candle yesterday on the daily and weekly scale which suggests buying is visible at lower zones. “Now it has to hold above 12550 to witness an up move towards 12800-12900 zones while the support exists at 12430. Volatility has significantly cooled down and needs to sustain at these levels for the continued positive momentum in the markets,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
“The BSE-30 Index gained 3.6% in the current week. Market mood gained further ground on news updates on successful testing of a Covid-19 vaccine, stable count of Covid cases in India, improvement in high frequency indicators and a better-than-expected 2QFY21 results. Bajaj Finserv, Bajaj Finance and L&T were major gainers while Maruti Suzuki, Asian Paints and Nestle India were major losers in the BSE-30 Index in the current week. FPIs bought equities worth US$3.3 bn over the past five trading sessions while DIIs sold US$1.9 bn worth of equities in the same period. Advise investors to look for market corrections to buy with a long term view,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities.
Samvat 2077 now marks an auspicious occasion for dipping into investment vehicles with the hope of wealth multiplication in the years to ensue. Globally and domestically there has been a slew of events that have shifted the tide of investment decisions back and forth as fickly as a fig. Nevertheless, buying gold in these turbulent yet festive times for us always remains a top priority in most minds of both consumers and investors.
BSE and NSE will open for an hour of trade today on account of Laxmi Puja just ahead of the festival of Diwali. Stock markets will open for a pre open session between 6:00-6:08 PM today. Normal Market will open from 6:15 Pm to 7:15 PM. A closing session will be held between 7:25 to 7:35 PM