Markets back to winning ways; auto, power stocks rally

Mumbai, October 23

Domestic equity markets on Friday resumed their northward journey after a day’s hiatus, with gains mainly in auto, power and consumer durable shares offsetting losses in IT and realty stocks.

The BSE benchmark Sensex settled 127.01 points or 0.31 per cent higher at 40,685.50; and the broader NSE Nifty rose 33.90 points or 0.28 per cent to end 11,930.35. 

On a weekly basis, the Sensex rallied 702.52 points or 1.75 per cent, while the Nifty advanced 167.90 points or 1.42 per cent. 

On the Sensex chart on Friday, Maruti Suzuki was the top gainer, rallying around 4 per cent, followed by M&M, Tata Steel, PowerGrid, Bajaj Auto and NTPC. 

On the other hand, UltraTech Cement, HCL Tech, HUL and Bajaj Finserv were among the laggards. 

On the sectoral front, BSE auto, consumer durables, power, utilities, industrials and capital goods indices rose up to 2.76 per cent; while realty, basic materials, IT, healthcare, teck and bankex ended in the red.

Broader midcap and smallcap indices rose up to 0.71 per cent. 

“Markets consolidated further for yet another day and ended marginally higher. A mixed trend was witnessed on the sectoral front wherein noticeable buying was observed in auto, consumer durables and capital goods space, while realty, IT and healthcare traded subdued,” said Ajit Mishra, VP - Research, Religare Broking Ltd.

All eyes are on US markets for updates on the stimulus package and upcoming presidential elections, he said adding that the news on COVID-19 cases in Europe will also remain on the participants’ radar.

Bourses in Hong Kong, Tokyo and Seoul closed up to 0.54 per cent higher, while Shanghai finished in the red.  Stock exchanges in Europe were also trading in the green in early deals. 

Meanwhile, international oil benchmark Brent crude was trading 0.38 per cent higher at USD 42.62 per barrel.

In the forex market, the rupee depreciated 7 paise to close at 73.61 against the US dollar. PTI