Extending gains to the second consecutive session, Indian stock market benchmarks the Sensex and the Nifty 50 ended with decent gains on Tuesday, November 11, tracking positive global cues.
The Sensex closed 336 points, or 0.40 per cent, higher at 83,871.32, while the Nifty 50 settled with a gain of 121 points, or 0.47 per cent, at 25,694.95. The BSE Midcap index also ended in the green, rising 0.20 per cent, but the Smallcap index slipped by 0.09 per cent.
Indian stock market: 10 key highlights from the day
1. Why did the Sensex, Nifty 50 rise today?
Positive global cues amid rising expectations of an end to the US shutdown underpinned market sentiment.
According to AP, the Senate approved a bill to end the government shutdown, with some Democrats agreeing to a deal with Republicans. The shutdown started on October 1 and is the longest one in history.
Stable Q2 earnings so far have raised hopes that the domestic market could be on the cusp of a trend reversal. Foreign institutional investors (FIIs) are selling on rise but experts believe better earnings visibility, valuation comfort and an India-US trade deal will drive them to the Indian stock market.
“The domestic market closed at the day’s high, supported by global cues as the US Senate passed a bill to end the longest-ever federal shutdown. Importantly, the Q2 results season is nearing its end and is expected to conclude on a positive note, driven by better-than-expected performance by the broader market,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Investors are now awaiting the upcoming domestic inflation data, with expectations of continued moderation due to a steady decline in food prices, raising prospects of further policy easing by the RBI. Looking ahead, earnings are expected to witness a robust rebound in the third quarter, underpinned by multiple domestic tailwinds, though much will depend on the successful finalisation of a trade deal with the US,” said Nair.
2. Top gainers in the Nifty 50 index today
As many as 40 stocks ended higher, out of which InterGlobe Aviation (up 3.55 per cent), BEL (up 2.39 per cent), and Mahindra and Mahindra (up 2.22 per cent) ended as the top gainers in the Nifty 50 index.
3. Top losers in the Nifty 50 index
Shares of Bajaj Finance (down 7 per cent), Bajaj Finserv (down 5.92 per cent), and ONGC (down 0.60 per cent) ended as the top losers in the index.
(This is a developing story. Please check back for fresh updates.)
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