Bulls take charge, NIFTY50 closes above 19,650, Sensex gains 742 points; Stock Market Highlights

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The NIFTY Midcap 100 index was up 0.9%, while NIFTY Smallcap 100 index rose 1.3% higher.

The NIFTY Financial Services Index closes 0.9% higher. Shriram Finance (+3.5%), LIC Housing Finance (+3.4%) and ICICI Prudential Life (+3.3%) were the top gainers.

BANK NIFTY gained 0.7% today. HDFC Bank (+1.0%), ICICI Bank (+0.8%) and Axis Bank (+1.5%) were the major contributors.

After a strong opening, India’s benchmark indices continued their upward march. NIFTY50 gained 1.2%, while Sensex (+1.1%) closed 738 points higher. Gains in Reliance Industries (+1.7%), Infosys (+2.8%), HDFC Bank (+1.0%) and TCS (+2.3%) helped in propelling the markets higher. Also, the easing of inflation in the US gave a big boost to the sentiments.

European markets are trading in the green today amid positive global macro cues. The UK’s FTSE is up 0.9%, while Germany’s DAX is up 0.4%. France’s CAC (+0.6%) is also making gains.

The retail inflation rate in the UK dropped to a two-year low of 4.6% in October from 6.7% in September. This was lower than the street estimate of 4.8%.

The lower-than-expected inflation numbers were supported by a fall in prices of housing, food and non-alcoholic beverages.

Earlier this month, the Bank of England kept the rates unchanged at 5.25%. In September, the UK central bank had ended its rate hike spree amid easing inflation.

Eicher Motors extends gains to the third consecutive trading session, hitting a 52-week high of ₹3,860 per share. This rise comes after the company reported robust Q2 earnings, wherein its consolidated net profit grew by over 54% YoY to ₹1,016 crore.

Meanwhile, shares of the two-wheeler maker are up nearly 20% so far in 2023.

India's trade deficit widened to $31.46 billion in October 2023 compared to $19.3 billion in the previous month and above the market estimate of $20.4 billion. Exports rose by 6.2% YoY to $33.57 billion. Imports increased by 12.3% YoY to $65.03 billion.

Source: BSE