The largest Nifty gainers were Divi’s Laboratories, Hero MotoCorp, Eicher Motors, Larsen & Toubro, and Axis Bank; the biggest losers were SBI, HUL, Tata Motors, Cipla, and Titan Company.
On November 6, the benchmark for equity markets continued to rise. The 30-pack Sensex increased by 594.91 points, or 0.92 percent, to close at 64,958.69, while the Nifty closed at 19,411.80, up 181.20 points, or 0.94 percent.
Following a strong opening, the indices continued to rise during the day, with the Nifty surpassing 19,400 in the last hour of trading as buying occurred in all sectors, with the exception of PSU Banks.
Stocks and Sectors
Divi’s Laboratories, Hero MotoCorp, Eicher Motors, Larsen & Toubro, and Axis Bank were the top gainers on the Nifty, while SBI, HUL, Tata Motors, Cipla, and Titan Company were the top losers.
With the exception of PSU Bank, which saw a 1% decline, all sectoral indices concluded the day higher, including those for pharma, capital goods, metal, oil & gas, power, and real estate.
The BSE smallcap and midcap indices ended the day one percent higher.
Aarti Industries, JK Cement, and Metropolis Healthcare all had lengthy build-ups, whereas Bank of Baroda, Zee Entertainment Enterprises, and Vodafone Idea had brief build-ups.
Among specific stocks, Aarti Industries, Bharat Forge, and Bata India experienced a volume spike exceeding 500 percent.
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Divis Labs | 3,506.70 | 156.00 | +4.66% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| SBI | 574.35 | -3.80 | -0.66% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 6567.10 | 87.95 | +1.36% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 5000.45 | -54.90 | -1.09% |
On the BSE, over 240 stocks reached their 52-week high, including Godrej Properties, Brigade Enterprises, Esab India, CRISIL, Zomato, Kalyan Jeweller, Amber Enterprises, and Suzlon Energy.
All day, the Nifty continued on its upward trajectory. The 21-day moving average (21DMA) served as resistance for the rally on the upper side. In the near future, it is expected that the trend will keep moving sideways. A strong advance above 19,450 points might open the door for a Nifty rally. Support is located at 19,300 points on the lower end.
The Bank Nifty had a positive day overall. The index closed above the 21-day moving average (21DMA), which is a positive development. In the near future, the trend is anticipated to continue sideways to positively. Lower end support is found at 43,300 points. On the plus side, a rally towards 44,500 points might be initiated by a move above 43,700 points.
By: Rupak De, Senior Technical analyst at LKP Securities
The markets continued their recent upward trend, beginning the week on a firm note and gaining close to one percent. The move was facilitated by all the major sectors. The wider indices followed benchmark trading patterns as well.
The markets appear to be testing the 19,500 Nifty hurdle as they closely resemble the US markets’ recent upswing. Maintaining the upbeat tone on the international scene and better involvement from the banking community will be crucial moving forward. We continue to believe that stock selection should take center stage.
By: Jatin Gedia – Technical Research Analyst at Sharekhan