Closing Bell: Sensex gains 291 pts, Nifty ends above 11,400; Vedanta, Eicher Motors top gainers

Oct 15, 04:49 PM (IST)
Nifty technical: Nifty has surpassed the hurdle of 11,400 on the closing basis. Hence, post a ‘Doji’ formation on Monday the bulls seem to have taken the charge on Tuesday. The daily chart shows that the index is moving higher as a follow-through of a ‘Popgun’ pattern, formed recently near the key short-term moving averages. Traders are recommended to be on the long side of the trade and use intraday dips as a buying opportunity. On the downside, 11,350-11,300 will now act as a key support zone from near term perspective. The overall setup suggests that the Nifty is likely to continue with the northward journey and can head towards the September high of 11,694.

-Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas.

Oct 15, 04:17 PM (IST)
Outlook on Nifty: Despite early weakness in the global markets, our market managed to stay higher due to exceptional strength in FMCG, auto and private bank stocks. Nifty added 67 points and Sensex shot up by 291 points. Bank Nifty also added 400 points and closed above the resistance level of 28,500. The next levels to watch out for are between 11,500 and 11,600. Below 11,400, Nifty would find support at 11,340 and a close below the same would further weaken the sentiment. However, while looking at the market breadth and stocks specific performance, Nifty is more likely to hit the level of 11,550 in the near term.

-Shrikant Chouhan, Senior Vice-President – Equity Technical Research, Kotak Securities.

Oct 15, 04:08 PM (IST)
Analyst’s view on the market: The on-going earnings season is likely to set the tone for the Indian markets as some of the heavyweights would be declaring their results this week. We expect that more than the earnings announcement, the outlook given by the management would hold importance, especially for consumption-driven companies. On the global front, market participants would keep a close watch on the US-China trade talks along with the movement in currency and crude oil prices.

-Ajit Mishra, Vice President – Research, Religare Broking.

Oct 15, 03:28 PM (IST)
Bajaj Consumer trades in a block deal on BSE at Rs 194.05 per share

As many as 3.2 crore shares (22 percent of total equities) of Bajaj Consumer Care traded in a block deal on BSE at Rs 194.05 per share. Shares plunged 16 percent intraday to touch 52-week low of Rs 193. No single entity, other than promoters of Bajaj Consumer, holds over 10 percent in the company.

Oct 15, 02:12 PM (IST)
US-China trade deal: As per reports from agencies, China has confirmed signing ‘Phase One’ of the trade deal with the US.

Oct 15, 02:09 PM (IST)
HCL Technologies: The IT company has extended the agreement for IT operations and transformation with Equinor for 7 years. Equinor is the largest supplier of oil and gas in the Nordic energy market and the largest offshore operator in the world.

Oct 15, 02:01 PM (IST)
Global update: European stocks climbed to two-week highs, as investors cheered comments from the European Union’s chief Brexit negotiator that a deal with Britain over the terms of their divorce was still possible this week, reported Reuters.

The pan-European STOXX 600 index rose 0.5 percent in early deals with London- and Dublin-listed stocks leading gains and all but one of the 21 European industry subsectors rising.

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