Early on D-Street: Above 11,800, Nifty may retest lifetime highs; 11,627 critical support
Episode 1840, Oct 30, 2019, 01:44 AM
Nifty decisively broke above 11700 levels which is a positive sign but faced selling pressure near 11810
The festive cheer continues on D-Street as both Sensex and Nifty50 broke above crucial resistance levels on Tuesday, October 29. The Nifty50 closed above its crucial resistance level of 11700-11770, and is all set to make an attempt towards 12000 levels.
Tax cut reports lifted market sentiment while the markets in the near-term are likely to be driven by earnings outcome and Auto volume numbers which will be a crucial indicator of revival in consumer spending.
On the global front, investors would eye the outcome of US Fed meet (scheduled for October 29-30) which will influence the market trend, and any developments on the trade talk front between the US and China.
Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 581 points to 39,831 while the Nifty50 rallied 159 points to close at 11,786 on Tuesday.
Sectorally, the S&P BSE Auto index and Metal index rallied over 4 percent each, followed by the Energy index which was up 1.99 percent, and the Consumer Discretionary index gained 1.7 percent. The telecom index lost over 4 percent.
In the broader market space, the S&P BSE Mid-cap index rose 1.1 percent while the Small-cap index gained 0.55 percent.
Auto and Auto Ancillaries post healthy gains; Bharat Forge, Bosch & Motherson up 2-9 percent respectively thanks to the festive cheer.
On the institutional front, FPIs were net buyers in Indian markets for Rs 876 cr while the DIIs were also net buyers to the tune of Rs 144 cr, provisional data showed.