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What Cheered the Markets Today; Sensex up 1,200 pts, Nifty Above 24,000-Mark

Benchmark equity indices BSE Sensex and NSE Nifty50 ended in green followed by early losses in today’s trading session.

What Cheered the Markets Today; Sensex up 1,200 pts, Nifty Above 24,000-Mark

What Cheered the Markets Today; Sensex up 1,200 pts, Nifty Above 24,000-Mark
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5 Nov 2024 6:01 PM IST

Shunning the negativities in the market, benchmark equity indices BSE Sensex and NSE Nifty50 ended in green followed by early losses in today’s trading session. Sensex jumped 1,226.43 points from day’s low to end at 79,476.63. On the other hand, Nifty settled at 24,213.30, up by 0.91%.

The gains were majorly led by JSW Steel, Tata Steel, Hindalco, Bajaj Auto, and Axis Bank.

List of reasons that made the markets to recover losses on Tuesday

Recovery in financials and metal stocks

The metal sector posted strong gains in Tuesday's trading session. The Nifty Metal index was up by 3% at 9,525.30, led by JSW Steel, Steel Authority of India (SAIL), and Hindalco Industries. The Nifty Financial Services index was up by 2.17 per cent to reach the day's high of 24,174. The gains were led by Axis Bank, Cholamandalam Investment & Finance, and ICICI Lombard General Insurance.

While attributing the rally in these two sectors, Deepak Jasani, Head of Retail Research at HDFC Securities said, “Metal stocks climbed on expectations of further stimulus measures by the Chinese government after the country's parliament meeting concludes on Friday.”

US Fed policy decision

Before the declaration of US Presidential elections, investors are largely expecting an interest rate cut 25 basis points (bps) at its meeting on Thursday.

G Chokkalingam, Founder & Head of Research at Equinomics Research said that markets are recovering because of a positive sentiment surrounding Donald Trump's potential win in the US presidential election.

Strength in Asian markets

Asian markets largely opened higher on account of positive market sentiments in the domestic equities. While Japan’s Nikkei closed up 1.11%, China's main CSI 300 rose 2.52%.

The Caixin/S&P Global Services Purchasing Managers’ Index jumped past 52 in October, up from 50.3 in September. This was majorly driven on the back of increased confidence in future output and higher business activity. Notably, reading above 50 indicates expansion, while a figure below 50 reflects contraction.

Technical indicators

Nifty surged past 24,000-mark as compared to yesterday's low of 23,816. “On the technical side, the daily RSI showed a bullish divergence as the index rebounded from the day's low.” said Jigar S Patel, Senior Manager - Technical Research Analyst at Anand Rathi Shares and Stock Brokers.

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