Market recovers from its low level, metal registers sharp rise

By Sandy Verma On Nov 6, 2024

Mumbai Mumbai:Both the benchmark indices ended the session with positive gains, marking a notable improvement from Tuesday's lows. The Nifty fell as much as 0.5 per cent to an intraday low of 23,842.75, then rose to an intraday high of 24,229.05, 1.6 per cent higher than the day's low. During the day, Sensex rose more than 1200 points from its day's low to reach 79,523.13. Nifty closed in the green at 24,198.30, up 0.85 percent, while Sensex closed at 79,476.63, up 0.88 percent. On the Nifty 50, 39 components ended the session in positive territory, with JSW Steel leading the list with a gain of 4.7 per cent. It was followed by Bajaj Auto, which registered a gain of 3.7 percent. Other notable performers included Tata Steel, Hindalco Industries, Axis Bank and HDFC Bank, all of which ended the session with gains of over 2 per cent.

On the Sensex, the top gainers included Tata Steel (3.64 per cent), Axis Bank (2.73 per cent), HDFC Bank (2.56 per cent), IndusInd Bank (2.49 per cent) and State Bank of India (2.33 per cent). Losers included ITC (0.96 per cent), Asian Paints (0.91 per cent), Bharti Airtel (0.80 per cent), Infosys (0.63 per cent) and Larsen & Toubro (0.39 per cent). Among sectors, Nifty Metal index gained 2.84 per cent, followed by Nifty Private Bank, Nifty PSU Bank and Nifty Auto indices rising over 1 per cent each. In contrast, the Nifty FMCG and Nifty Media indices declined marginally, losing over 0.30 per cent each.

Shares of Mazagon Dock Shipbuilders rose 4 per cent after reporting September quarter results, which showed sharp year-on-year growth on all parameters. Shares of Saregama India fell 5 per cent after the company reported September quarter results. Shares of ABB India fell 3 per cent as the company's September earnings came in below estimates and order inflows declined 2.7 per cent quarter-on-quarter. Gillette India shares surged 27 per cent to ₹10,466 in seven days following good second-quarter financial results. The stock has gained 142.5 per cent in 18 months, while Gillette India shares have gained 61.5 per cent so far this year, its biggest annual rise since 2017. The market fell in early trade amid continued foreign fund outflows and cautious investor sentiment ahead of the US presidential election results and the Federal Reserve's interest rate decision.