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Markets back in green, post smart weekly gains

by The Outlooker Web Desk
November 13, 2020
in Business
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Sensex, Nifty end with gains; here’s what experts make of today’s trading session
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The futures and options segment saw a turnover of Rs 14.57 lakh crore while the cash market saw a turnover worth Rs 58,436.97 crore.

Markets were back in the green on Friday the gap of a day as banking and finance stocks rose amid mixed global cues. The Nifty ended the session higher by 29.15 points (0.23%) while the Sensex rose 85.81 points (0.20%). During the week, the Sensex rallied 1,549.94 points or 3.69%, while the Nifty soared 456.40 points or 3.72%.

The markets will have a special one-hour Muhurat trading session on Diwali (Saturday) to mark the beginning of Samvat 2077. Both the benchmarks closed Hindu calendar year Samvat 2076 with smart gains.

The strong show in the markets in November can be attributed to the robust inflows coming in from foreign portfolio investors (FPIs). FPI inflows so far in November are at $4.1 billion, the highest after August ($6 billion). On Thursday, FPIs bought stocks worth $201.8 million while domestic institutional investors sold stocks worth $298.5 million.

Bajaj Finserv was the top gainer in the Sensex pack on Friday, rising 3.32%, followed by Tata Steel, ICICI Bank, Axis Bank, Bajaj Finance, SBI and UltraTech Cement.

The broader markets outperformed the gains of the benchmark with the Nifty Midcap 100 and Nifty Smallcap 100 rallying by 0.94% and 0.62%.

Sanjeev Zarbade, vice-president – private client group research, Kotak Securities, said: “The BSE-30 Index gained 3.6% in the current week. Market mood gained further ground on news of successful testing of a Covid-19 vaccine, stable count of Covid cases in India, improvement in high frequency indicators and a better-than-expected 2QFY21 results.”

Jefferies in its report said the focus of the government towards jobs after the finance minister’s announcement on Thursday was an encouraging sign. The brokerage said, “Reallocating expenditure towards farmers is not a surprise; though increased attention to jobs, manufacturing (PLI scheme) and housing is encouraging. Expansion of the credit guarantee scheme to stressed sectors is a clear positive. House price cap on the new income tax benefit limits usefulness of the announced measure.”

The futures and options segment saw a turnover of Rs 14.57 lakh crore while the cash market saw a turnover worth Rs 58,436.97 crore.

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The Outlooker Web Desk

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