Market Closing:
Equity markets recovered from a volatile 45 minutes of trade to end higher for the fourth straight day. The final two hours were a roller-coaster for the Nifty Bank index.
The index fell as much as 700 points from the day's high, only to recover in the final minutes, and end with gains of 330 points or 1.3%.
Similarly, Nifty fell over 2% after crossing above 12k (12018) and low of 11775. Finally Nifty managed to gain 41 points (0.3%) to close at 11938.
Nifty rose 258 points (up 2.2%) in the fourth trading session as investors assessed a positive start to the earnings season amid a decline in the pace of new coronavirus infections and volatility ahead of the U.S elections.
India faces the world’s second-largest coronavirus caseload, the peak of infections has passed and the outbreak may be contained by February, scientists said this week.
Most of the companies are saying in their results commentary that their sales, dispatches, volumes are fast returning to pre-Covid levels.
In the global market, European stocks edged lower (down 1% each) as earnings reports gave a mixed picture of corporate health, while investors awaited progress on U.S. stimulus talks. Realty Index biggest gainer today (up 4.4%), followed by Metal (up 2.2%).
Cement stocks Banking and NBFC stocks witnessed mixed bank while Pharma stocks profit booking.
Soft interest rates and improved real estate demand boosted real estate stocks. Godrej Properties surged 11% to close at Rs1033. Sobha Ltd gained 12% to close at Rs304. Oberoi Realty gained 2% to close at Rs468.
Metal stocks like Jindal Steel 4% to close at Rs209. Hindalco gained 3% to close at Rs185.
Banking and Finance stocks like ICICI Bank and Axis Bank gained nearly 1.5% each. However, IndusInd Bank ended flat at Rs627 while touched intraday high of Rs647. Bajaj Finance slipped 1% to close at Rs3233.
Cement stocks like UltraTech Cement surged 2% to close at Rs4629 after announcing impressive Q2 results. ACC gained 2.5% to close at Rs1620. Heavyweight, Reliance declined 1.5% to close at Rs2125 on account of profit booking.