5 Reasons Why Sensex Zoomed 553 Points Today

Fri, 6 Nov Closing

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Indian share markets extended gains as the session progressed and ended on a strong note.

Benchmark indices rose for the fifth straight day, with Sensex inching closer to its all-time high, boosted by shares of Reliance Industries.

At the closing bell, the BSE Sensex stood higher by 553 points (up 1.3%).

The NSE Nifty closed higher by 143 points (up 1.2%).

Reliance Industries and Bajaj Finserv were among the top gainers today.

The SGX Nifty was trading at 12,265, up by 122 points, at the time of writing.

The BSE Mid Cap index ended up by 0.4%. The BSE Small Cap index ended up by 0.5%.

On the sectoral front, gains were largely seen in the energy sector, finance sector and banking sector.

Asian stock markets ended on a mixed note today. As of the most recent closing prices, the Hang Seng ended down by 0.1% and the Shanghai Composite ended down 0.2%. The Nikkei rose 0.9%.

US stock futures are trading lower today indicating a negative opening for Wall Street indices. Nasdaq Futures are trading down by 154 points (down 1.3%), while Dow Futures are trading down by 220 points (down 0.8%).

The rupee is trading at 74.20 against the US$.

The domestic currency strengthened by 50 paise to 73.88 in early trade today, supported by foreign portfolio flows even as investors continued to wait for the outcome of the US elections.

Gold prices are trading up by 0.2% at Rs 52,153 per 10 grams.

Here are Top 5 Factors Why Indian Stock Markets Rallied Today

US Fed Meet: The US central bank provided some cheer to traders after its latest policy meeting as it pledged to do all it could to support the world's top economy. Jerome Powell said more stimulus was absolutely essential to support the economy as the outlook was extraordinarily uncertain but that other tools were available to the Fed.

Strong Global Cues: Indian share markets edged higher tracking gains in global peers. Japan's Nikkei rose 0.9% to almost its best level in 30 years. Most of global markets also traded in the green amid expectations of Democratic Party winning US election, following 2% rally in the US markets overnight.

Foreign Inflows: Foreign institutional investors are seen having a bullish view on the markets as they remained net buyers in every session in November so far. They net bought Rs 85.3 billion worth of shares in November, on top of Rs 145.4 billion in October.

Banking and Finance Stocks Rally: Banking and finance stocks rallied today as experts feel the rising hope for easing NPA pressure helped these stocks catch up the momentum.

Reliance Industries' Shares Rally: The rally in shares of Reliance Industries was one of major reasons behind upside seen in the market. The stock gained over 4% after Saudi Arabia's Public Investment Fund (PIF) said it will invest Rs 95.6 billion in company's subsidiary Reliance Retail Ventures for a 2.04% stake.

We will keep you updated on how these factors develop in the coming days and what effect they have on Indian stock markets. Stay tuned!

Speaking of the stock markets, India's #1 trader Vijay Bhambwani talks about what will happen if Joe Biden wins the US Presidential election, in his latest video for Fast Profits Daily.

In the video below, Vijay dissects Joe Biden's policies and how India will be affected by them.

So, how will the markets react? Will President Biden's policies have a negative impact on your portfolio?

Tune in here to find out more:

In news from the banking sector, Bank of India today reported over two-fold jump in September quarter consolidated net profit at Rs 5.4 billion as bad assets came down.

The bank had posted a net profit of Rs 2.6 billion for the same quarter a year ago.

Total income rose to Rs 124.8 billion in Q2FY21 from Rs 120.6 billion in the year-ago period.

The state owned lender's gross non-performing assets (NPAs) fell to 13.8% of gross advances as on September 30, 2020 from 16.3% by the year-ago period. Net NPAs came down to 2.89% from 5.87%.

Provisions for bad loans increased to Rs 21.3 billion during the quarter under review from Rs 14.5 billion in the corresponding quarter last year.

Bank of India share price ended the day up by 2.8%.

In other news, HDFC Bank was among the top buzzing stocks today.

Shares of HDFC Bank hit a record high of Rs 1,309.95, surpassing its previous high of Rs 1,304.10, touched on December 19, 2019.

In the past three months, HDFC Bank share price has rallied as much as 25%.

HDFC Bank had reported healthy Q2FY21results with net profit growing 18.4% year-on-year (YoY) at Rs 75.1 billion on the back of substantial growth in interest earnings and other income.

To know more, you can read HDFC Bank's Q2FY21 result analysis on our website.

Speaking of the banking sector, note that the sector was one of the worst affected sectors in the Indian stock market when Covid-19 struck.

Banking stocks were severely punished. No investor wanted to touch them even with a 10-ft pole.

However, sentiment have changed now as investors are chasing banking stocks like never before.

Have a look at the monthly returns of major sectors for the month of March and October 2020 in the chart below:

Banks were among major losers with a cut of 34% in the month of March. Cut to October, they are the biggest gainers for the month with 11% returns!

As per Apurva Sheth, senior Research Analyst at Equitymaster, banks are set to outperform the broader markets going forward.

Apurva believes PSU banks are in a sweet spot right now and offer the best investing opportunity.

You can check out his video on contrarian trading in PSU banking space here: Contrarian Trading in PSU Banks.

Moving on to news from the consumer durables sector, Voltas reported 25.7% decline in consolidated net profit at Rs 796.6 million for September quarter 2020-21.

The company had posted a net profit of Rs 1,072.8 million for the same quarter last fiscal.

The Tata group company's total income stood at Rs 16.5 billion, up 10.5% as against Rs 14.9 billion crore in the year-ago quarter.

Voltas share price touched a 52-week high of Rs 768, despite the company posting a poor set of numbers in the quarter ended September 2020.

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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