23rd Oct 2020 | 18:52 PM IST
23rd Oct 2020 | 18:52 PM IST
Market is charged by bulls amid negative global cues. Sector giants are posting improved earnings. Mid Caps are also seen supporting the earnings trend. The recovery in the market is looking broad based. The government is reportedly working on the next stimulus package to support the economy amid positive signs of a fall in Covid-19 cases. The government has received suggestions from various ministries and sectors on needed measures.
On the global front, European stocks recovered from early losses on Friday, following a bearish Asian session where investors adjusted their risk exposure before the US elections two weeks away. Record Covid-19 cases in Europe also weighed on sentiment. The US elections will contribute majorly in the coming weeks as policies related to India will affect dramatically depending on who is winning the battle.
In commodities, oil prices fell as concerns over surging coronavirus cases globally dampened the prospects for demand recovery while Chinaâ€™s third-quarter economic growth was weaker than expected.
1) On Monday, Sensex settled 449 points, or 1 per cent higher at 40,432 levels and the Nifty50 index topped the 11,850-mark to settle at 11,873, up 111 points, or 0.94 per cent. 2) On Tuesday,Sensex settled 113 points, or 0.28 per cent higher at 40,544 levels and the Nifty gained 24 points, or 0.2 per cent at 11,897 levels. 3) On Wednesday, Sensex was at 40,707 levels, up 163 points or 0.4 per cent. Nifty ended at 11,938 levels, up 41 points or 0.38 per cent. 4) On Thursday, Sensex ended 149 points, or 0.37 per cent lower at 40,558 levels while Nifty index slipped 41 points, or 0.35 per cent to 11,896 levels. 5) On Friday, Sensex settled 127 points, or 0.31 per cent higher at 40,686 levels while Nifty ended at 11,930, up 34 points, or 0.28 per cent.
- Stocks have shown strength this week also. Nifty has surged during the week on the back of positive earnings posted by the sector giants. On top of that, India recovered significantly from COVID-19 as the recovery rate passed 90 per cent and the number of fresh positive cases dropped dramatically in the last couple of weeks.
- On the global front, world shares slid to a two-week low and oil steadied after another heavy fall, as a surge in global Covid-19 cases and fractious US stimulus talks kept financial markets cautious. European stocks recovered after a shaky start this week, following a bearish Asian session where investors adjusted their risk exposure before the US elections two weeks away. Record Covid-19 cases in Europe also weighed on sentiment.
Shares of Maruti Suzuki surged 5% to Rs 7108 followed by rally in auto index due to auto sector demand push ahead of festive season and new product launch.
Shares of Happiest Mind Technologies dropped 3% in a week after the healthy opening of IPO and closed at Rs 319 on BSE.
HUL Ltd On Upside while, Sagar Cements Ltd on Downside.
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