In the afternoon trading session on October 11, both Sensex and Nifty maintain their initial lead, supported by the positive trend in Asian markets. Notably, all significant sectoral indices remain in the green except Nifty PSU Bank, reinforcing market sentiment. The Nifty Auto Index stands out as the top gainer of the day, witnessing up to a 0.50 percent increase in shares of major companies such as Maruti Suzuki, Tata Motors, M&M, Bajaj Auto, and Eicher Motors.
Sensex and Nifty Maintain Strong Lead Amid Positive Asian Trends
At around 12:05 pm, the Sensex stands at 66,502.89, displaying a gain of 423.53 points or 0.64 percent, while the Nifty is at 19,813.60, up by 123.80 points or 0.63 percent. Approximately 2,304 shares experience an upward trajectory, while 798 shares decline. Meanwhile, 93 shares remain unchanged.
Market experts provide insights, with VK Vijayakumar from Geojit Financial Services highlighting the market’s resilience in the global landscape despite the West Asian crisis. He emphasizes the essential support from the robust US economy, falling US bond yields, and positive expectations regarding interest rates. VK Vijayakumar believes that the Israel-Hamas conflict will likely remain a localized crisis and not significantly impact crude oil prices. However, he advises caution, acknowledging the potential escalation of the situation.
Nifty Auto Index Shines Bright as Top Gainer, Major Stocks Surge
Ashwin Ramani, a derivatives and technical analyst at Samco Securities, foresees the possibility of a further rise in Nifty if it surpasses the 19,725 level. He notes the support for Bank Nifty from short covering and suggests that a breakout above 44,500 could herald a bullish phase.
In terms of stocks and sectors, Tata Consultancy Services (TCS) garners attention ahead of its Q2 results and buyback announcement. Notably, Wipro’s shares surge by over 3 percent following its investment in renewable energy company FPEL Ujwal. Additionally, Lakshmi Organic witnesses an impressive gain of over 8 percent after successfully raising Rs 259 crore through QIP.
