Sensex Jumps 453 Points as Auto & Power Stocks Rally; Tata Motors Zooms 21%

Wed, 13 Oct Closing

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Indian share markets witnessed positive trading activity throughout the day today and ended on a strong note.

Benchmark indices extended their record-breaking rally into fifth straight session as macroeconomic tailwinds put stocks in top gear.

India's retail inflation eased again in September, falling to a five-month low of 4.35%, while the Index of Industrial Production (IIP) rose to 11.9% YoY in August.

That apart, IMF's GDP forecast, which pegs India's growth at 9.5% in 2021 and at 8.5% in 2022, came as another shot in the arm for market bulls.

At the closing bell, the BSE Sensex stood higher by 453 points (up 0.8%).

Meanwhile, the NSE Nifty closed higher by 170 points (up 0.9%).

Tata Motors and Mahindra & Mahindra were among the top gainers today.

ONGC and Maruti Suzuki, on the other hand, were among the top losers today.

The SGX Nifty was trading at 18,181, up by 178 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended up by 1.6% and 0.6%, respectively.

Sectoral indices ended on a positive note with stocks in the auto sector and power sector witnessing buying interest.

Shares of V-Mart Retail and Tata Chemicals hit their respective 52-week highs today.

Asian stock markets ended on a mixed note today.

The Hang Seng ended down by 1.4%, while the Shanghai Composite ended up by 0.4%. The Nikkei ended down by 0.3% in today's session.

US stock futures are trading on a positive note today with the Dow Futures trading up by 45 points.

The rupee is trading at 75.36 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 47,350 per 10 grams.

Speaking of markets in general, Brijesh Bhatia, Research Analyst at Fast Profits Report, shares his views on the cryptocurrencies - Bitcoin and Ethereum, in his latest video for Fast Profits Daily.

Tune in to the video below to find out more:

In news from the power sector, RattanIndia Enterprises was among the top buzzing stocks today.

RattanIndia-backed electric motorcycles firm Revolt will expand its dealership network to Bangalore, Jaipur and Surat this month, the company said in a statement today.

The Bangalore dealership will start from 18 October, Jaipur from 25 October and Surat from 28 October, Revolt said.

With starting operations in these three new cities, Revolt will have a footprint across nine major cities. The company is working to expand its pan-India network even further in coming months.

Customers in Surat and Jaipur will get additional incentives as Gujarat and Rajasthan have already announced the incentives for EV buyers.

According to the statement, customers will get a rebate of up to Rs 30,000 on electric bikes in Gujarat and incentives up to Rs 10,690 and a refund of 2.5% GST for electric bike customers in Rajasthan.

Revolt has been witnessing robust demand for its electric bikes, particularly with rising petrol prices. Revolt electric bikes provide great savings for its customers with running costs as low as Rs 9 per 100 kilometres.

RattanIndia Enterprises share price ended the day down by 2.8% on the BSE.

Moving on to news from the aviation sector...

Indian Airline Stocks Soar as Government Allows Full Flight Capacity

Shares of Indian airline operators jumped today after the country's civil aviation ministry allowed domestic flights to fly at full capacity from 18 October 2021, lifting pandemic-led restrictions ahead of the festive season.

InterGlobe Aviation, which runs India's largest airline IndiGo, and SpiceJet rose as much as 4.8% and 5.9%, respectively, to their highest levels since mid-September.

India's aviation industry has been among the worst hit by the Covid-19 pandemic, with airlines losing billions of dollars since operations were halted or restricted since 2020. With Covid-19 cases falling and vaccination rates increasing, India has started easing travel restrictions over the past few months.

Passenger growth jumped 136.6% in August from a year earlier after the government relaxed some curbs, regulatory data showed.

IndiGo's shares have gained about 18.3% for the year as of the last close, while SpiceJet's stock is down about 21% during the same period.

InterGlobe share price ended down by 1%, while the SpiceJet share price ended up 4% on the BSE.

Speaking of stocks, here's a pattern that if you see, you must sell your position. After all, exits are more important than entries.

In the chart below, we can see the head and shoulder pattern - the stock goes up, makes a high, falls a little bit, goes up to a higher high, does not make a higher low, rallies again, fails to make a new high, and then starts to break down.

This usually happens in a situation where a stock or index has typically been in a bull trend for a while. Spotting this correctly can help you save money.

If you're interested in trading and want to know how you can use this pattern, you can read about it in one of the editions of Profit Hunter here: It's When You Sell that Counts

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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