Closing Bell: Sensex resumes rally after 2-day break, surges 490 pts; Nifty above 19,100; Tata Steel, TaMo gain 2% each

After two straight sessions of losses, The NSE Nifty 50 index settled 0.76% higher at 19,133, while the S&P BSE Sensex surges 490 pts or 0.77% to 64,091. All sectoral indices closed higher. Nifty Realty surged 2.5% and was the top sectoral gainer, while Nifty PSU Bank, Metal, FMCG and Healthcare surged 1% each.

Surpassing the 200-day SMA is typically considered a bullish signal, suggesting potential long-term growth. On November 1, several major stocks surged above their 200-day SMA, signaling potential bullish trends.

Surpassing the 100-day SMA is often considered a bullish signal, indicating potential medium-term growth. On November 1, several major stocks surged above their 100-day SMA, signaling potential bullish trends.

Dive into the world of stock market analysis with a focus on the Golden Crossover, a key technical pattern. ETMarkets presents insights into five stocks that recently experienced a Golden Crossover, shedding light on how this pattern can influence investment decisions.

The NSE Nifty50 opened higher on Thursday by about 155 points at 19,144. During this rally, 6 large and midcap stocks managed to hit new 52-week highs. Here's a list:

Calling India a "land of opportunities and innovation", he said that his optimism about India is driven by the stable government and young demographic, with an average age of 27 years.

Adani Power stock is just 4.8% shy of its 52-week high of Rs 409.70. The stock has rallied 194% since hitting its 52-week low of Rs 132.40 on February 28, 2023, in the aftermath of the Hindenburg report.

India's state-run insurer Life Insurance Corporation (LIC), Mankind Pharma, Campus Activewear, TVS Supply Chain Solutions, Kaynes Technology, and ten other stocks will see their lock-in period expire in November. Brokerage Emkay has compiled the data in its IPO Tracker report.

The rise of stocks to new all-time highs paints a vivid picture of the ever-evolving stock market. As per data available on StockEdge, five midcap stocks hit their all-time high in Thursday's trade, which includes KPIT Technologies, REC, and Macrotech Developers. Here is a list:

One immediate impact of what the US federal reserve has done by pausing the interest rates is that some amount of risk on trade will be back on the table. This essentially means that new age companies, IT sector stocks and metals would be in focus. Of all the sectors it is metals which probably have more tailwinds not because of anything else but one simple reason, the Chinese economy getting back on track. If one looks at the reaction of the street to the US Fed announcement, it is the nifty metal index which after a gap up opening has performed better than many other indices in the first half of the trading session.

"At $200 a share, Tesla looks overvalued, based upon my story, but it is two bad market days from becoming a buy. I have a limit buy at $180, with the recognition that it may never get there and that I have no margin of safety," Damodaran tweeted.

The smallcap stock has given multibagger returns of 110% over the last 12 months versus Nifty50 which has given just over 4% returns during this period according to Trendlyne data.

Skipper said in an exchange filing that the firm won orders in the domestic T&D business of Rs 788 crore from Power Grid Corporation of India Ltd (PGCIL), and orders worth Rs 136 crore for several other domestic T&D projects including Telecom. Meanwhile, Skipper has also given multibagger returns to its investors as the stock has gained nearly 110% in the last six months, while it has gained over 220% in the last two years and over 400% in the last three years.

As the monthly auto sales numbers got announced yesterday, there was a higher amount of activity in the auto stocks. While monthly sales do hold relevance, more important is what is happening on the EV front by large companies. This normally would come when quarterly results are announced. While some companies are opening their EV strategy, they are very cautious in their approach. That is why analysts are bullish on few of the stocks from the sector as a whole.

The Futures Short Position Scan conducted on the previous trading session i.e. November 1, suggested that Aggressive New Short Positions were taken on some of the Nifty50 stocks. This is a bearish indicator that shows the futures OI has increased while the price has decreased. (Source: StockEdge)

The tyre maker also approved an investment of Rs 1,025 crore for manufacturing capacity expansion. The expansion is proposed to be funded by way of equity/internal accruals and debt.

Through the Futures Long Position Scan, it has been revealed that Aggressive New Long positions were taken on some of the largecap stocks on the previous trading session i.e. November 1. This indicates a bullish sentiment in these counters as the average traded and delivered quantity for 5 days, the cumulative open interest, and the price of the stocks have increased. (Source: StockEdge)

The US interest rates and yields are one of the most important drivers of liquidity in global markets. That is the reason at the first hint that the US Fed is not going to increase the interest rate in the near future, all emerging markets, including India are witnessing bullish moves today. While we are not here to spoil the party, the fact remains that the valuations are still on the higher side. So, while what the US Fed has done might make the street party before the weekend, it would still be better to stay focussed on large caps as they have more ability to weather the storms which come unannounced. ET screener powered by Refinitiv’s Stock Report Plus applies different algorithms & filters to all BSE and NSE stocks, and lists stocks which fulfill the various criteria as specified into the algorithms & filters to find those which might help navigate the stock market.

With Wall Street traders pricing in only a 20% chance of a rate increase in December, the yield on 10-year Treasury notes fell to fresh two-week low of 4.705% while the two-year US Treasury yield, which typically moves in step with interest rate expectations, fell to near two-month low of 4.925%.

As we reach the end of Samvat 2079, a look back shows Indian benchmark indices witnessed a roller ride and have marginally underperformed their emerging and developed market peers, according to a research report by SBI Securities. While Nifty50 delivered returns of 7.6% in the nearly 1-year period between October 2022 and October 2023, Sensex has risen 6.8%. Broader markets, however, delivered strong returns across the board with Nifty Smallcap 250 and Nifty Midcap 100 index having delivered 28.3% and 26% returns, respectively.

Jefferies maintained a buy rating on Sun Pharma with a target price of Rs 1310. The Q2 miss was largely on higher operating expenses.

With a strong emphasis on quality control and an integrated approach to manufacturing, Shyam Metalics has emerged as a powerhouse in the Indian steel industry, and is poised to make significant strides in both domestic and international markets, according to Dhruv Mudaraddi of Stoxbox.

During the quarter, FIIs raised their stake in at least 529 stocks, out of which a vast majority of 496 counters have given positive returns in the fiscal year and 95 have more than doubled investor wealth, shows ACE Equity data.

On the weekly options front, the maximum Call OI is placed at 19100 and then towards 19200 strikes while the maximum Put OI is placed at 18800 and then towards 18900 strikes.

A host of brokerages have upgraded the target prices of a number of stocks in the last one month. Trendlyne data shows that 8 stocks, including Nestle, Bajaj Finance, Polycab, and UltraTech Cement faced up to seven analysts' target price upgrades in the last 1 month. Here's a list of these stocks:

Once Zurich acquires the 51% shareholding in the insurance company, it will cease to be a subsidiary of the bank. The proposed transaction values Kotak General Insurance at approximately Rs 7,943 crore on a post money valuation, subject to customary closing adjustments.

Sensex surges 500 points, Nifty above 19,100; JK Tyre soars 12%, RailTel 5%; Indusind Bank, Infy, Wipro are some of the other gainers in the morning trade.

Tata Motors’ daily trend is sideways. The RSI for weekly and daily are showing sideways momentum, however, the RSI for monthly is showing bullish momentum. Based on option chain analysis, the range is between 600 and 700. Let’s plan a trade around this.

Shyam Metalics and Energy is a leading integrated metal-producing company specializing in long steel products and ferroalloys. With an integrated approach to manufacturing and business diversification, Shyam Metalics is poised to make significant strides in both domestic and international markets, according to Dhruv Mudaraddi of Stoxbox.

Meanwhile, the consolidated net revenue from operations grew by merely 1% on year to Rs 4,433 crore but was lower than the estimated.

Nearly one and half dozen stocks are trading with momentum indicator RSI trending up. ETMarkets has picked five stocks in this pack to give insights about their movement trends on November 1. RSI or the relative strength index computes the ratio of the recent upward traction in the stock price movement relative to its absolute price movement. The RSI value ranges between 0 and 100. Herein the StockEdge data takes into consideration the time period of 14 days to compute RSI. Furthermore, RSI also enables an understanding of the stock’s overvalued or oversold state. (Source: StockEdge)

Hero MotoCorp on Wednesday reported strong earnings for the quarter ended September 2023, with the net profit surging over 47% year-on-year (YoY) to Rs 1,054 crore. The bottomline was higher than the ETNow poll of Rs 983 crore. Revenue from operations increased by 4% on year to Rs Rs 9445.42 crore and was also above the estimated Rs 9,209 crore.

The markets continued to see pressure. Nifty opened weak and soon attempted to get into the positive territory. But it was pushed back.

GIFT Nifty on the NSE IX traded lower by 33.5 points, or 0.17 per cent, at 19,218.50, signaling that Dalal Street was headed for positive start on Thursday. Here's a slew of stocks that will be in focus today for various reasons.

ET Now spoke to various experts, and here's what they have to recommend for today's trading session. Kush Bohra has a buy/sell recommendation on Granules India and Persistent, while Nooresh Merani has a buy/sell recommendation on BPCL and LIC Housing Finance for today's trading session. Check out the targets and stoploss.

Of the top 10 listed software companies, mutual funds increased their holding in eight of them, while FIIs have done it in seven of them, shareholding data for the September quarter analysed by ETMarkets showed.

The Fed held policy rates steady in the 5.25%-5.50% range on Wednesday, with Powell saying that inflation had been coming down and pondering further rate hikes.

Reliance Industries is India’s largest company by market value, and its business interests range from petrochemicals refining to wireless communication services and consumer goods. It is expanding rapidly into 5G and venturing into new areas like green energy and financial services.

In the NSE list of stocks with a market cap of over Rs 10,000 crore, we have collated a list of four stocks that witnessed a 5-year swing high at the close on November 1, suggesting bullishness in counters, according to stockedge.com's technical scan data. Take a look.A 5-year swing high represents the highest price a stock has reached within a five-year timeframe. This level acts as a significant resistance point where the price has historically struggled to go beyond. This occurrence may be seen as a bullish sign, indicating the potential for further upward movement in the stock. However, it's worth noting that this is different from a 5-year breakout, which occurs when a stock's price surpasses a key resistance level that has held for five years.

In the Nifty500 pack, five stocks' close prices crossed above their 200 DMA (Daily Moving Averages) on November 1, according to stockedge.com's technical scan data. The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock. As long as the stock is priced above the 200-day SMA on the daily time frame, it is generally considered to be an overall uptrend.

In the NSE list of stocks, three stocks with a market cap of over Rs 200 crore are witnessing Death Crossovers, according to stockedge.com's technical scan data. The death cross is a technical indicator of bearishness. The death cross appears on a chart when a stock’s short-term simple moving average (SMA) crosses below its long-term moving average on the downside. These stocks' 50-day SMA crossed below their 200-day SMAs on November 1. Take a look:

Stocks that were in focus included names like Patanjali Foods, which declined 1.45%, Tata Motors, which fell 0.17%, and Sun Pharma, whose shares gained 2.61% on Wednesday.

The Dow Jones Industrial Average rose 221.71 points, or 0.67%, to 33,274.58, the S&P 500 gained 44.06 points, or 1.05%, to 4,237.86 and the Nasdaq Composite added 210.23 points, or 1.64%, to 13,061.47.

"AustralianSuper believes Origin has a highly strategic portfolio of assets to participate in, and benefit from, the energy transition," a spokesperson said.

MSCI's broadest index of Asia-Pacific shares outside Japan surged 1.7% to the highest level in one week. Tokyo's Nikkei gained 1.4% to cross the 32,000 level for the first time in two weeks.

"We are still very focused on the first question, which is, have we achieved a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 per cent over time," he said.

Shares see sharpest intraday fall in nearly 18 months to end at 4-month low

The net short position of FIIs increased from 1.57 lakh crore on Tuesday to Rs 1.62 lakh crore on Wednesday.

“Geojit Financial stock has given a strong breakout above its 1.5 year resistance zone. Traders can buy the stock for a target of Rs 58-59 for the next 6 weeks,” Jay Patel, Research Head at Investmentor Securities Limited, said.