Market Update - 15 November 2022

Market Update

Equity benchmark Sensex climbed to its all-time high on Tuesday, tracking unabated foreign capital inflows amid a positive trend in global markets. Last hour buying interest was seen in banking and IT stocks that lifted Sensex over 200 points while recovered nearly 400 from the intra-day low. Sentiments were further boosted on account of smart gains in Asian and European markets along with US Future. Sensex climbed up by 248 points or 0.4% to close at 61773 while touched intra-day low of 61437. Nifty gained 74 points or 0.4% to close at above 18400 mark (18403) while touched intra-day low of 18282 on a range bound markets today. Bharti Airtel, ONGC, Power Grid, ICICI Bank and UltraTech Cement were major gainers today. Coal India, Cipla, Grasim and Bajaj Finance were major losers today. India Vix slipped by 2% to close at 14.63. Among the global markets, Asian and European markets gained after better-than-expected third-quarter earnings, US inflation cooling off in October, China's moves to shore up its economy and likely to announce financial package in the real estate sectors and positive meeting between US President Joe Biden and Chinese counterpart Xi Jinping in the G-20 meeting indicated an easing of geo-political tensions. US Future has gained by half percent. Among the domestic factor like October inflation fell to 3-month low at 6.77% from 7.41 previous month, single-digit wholesale inflation reported after 18 months and strong FIIs buying interest boosted market sentiment. Gas stocks witnessed fresh buying today on account of attractive valuation after a fall of last few sessions. Moreover, good quarterly, hope of price hike and expectation of improve demand lifted gas stocks. Gujarat Gas surged 6% to close at Rs529 and IGL soared 4% to close at Rs434. Banking stocks witnessed fresh buying. Bank Nifty gained by half percent. ICICI Bank gained 2% to close at Rs912. Axis Bank, Bandhan Bank and HDFC Bank bounced back into positive territory. Tech stocks bounced back into positive territory. Nifty IT Index recovered 1.5% from the intra-day low. Tech major Infosys managed to ended positive territory at Rs1594 while touched intra-day low of Rs1573. HCL Tech, Wipro and Tech Mahindra bounced back into positive territory.