Summary of this article
Sensex, Nifty extended gains for the sixth straight day.
Sensex and Nifty gained amid positive cues on November 17
The Nifty PSU Bank and the Nifty Auto index emerged as top-sectoral gainers
The Sensex and Nifty finished the session in the green zone on November 17. Notably, the indices have extended gains for the sixth straight session. The Sensex closed in the green at 84,950.95 levels up by 388.17 points or 0.46 per cent. The Nifty 50 crossed the 26,000 psychological mark, closing at 26,013.45 up by 103.4 points or 0.4 per cent.
In today’s trade, the Nifty 50 climbed 0.44 per cent to an intraday high of 26024.2 levels. The 30-share Sensex surged 0.5 per cent to an intraday high around 84988.09 levels. The gains came amid robust second-quarter earnings and reports of progress in the signing of a potential U.S.-India trade deal. The two factors lifted investor sentiment and cheered D-street.
Eternal and Tata Consumer Products Lead Gainers
Shares of Eternal and Tata Consumer Products led the gainers among the Nifty 50 stocks, as they closed higher by 1.93 per cent and 1.83 per cent, respectively, on the NSE. Shares of Max Healthcare Institute Ltd, Eicher Motors Ltd and Maruti Suzuki India Ltd also closed the session with gains of 1.73 per cent, 1.7 per cent and 1.31 per cent respectively on the NSE. On November 17, a total of 33 constituents of the Nifty 50 advanced, while 17 declined.
Nifty PSU Bank and Nifty Auto Gain
Sectoral indices finished the session with gains. However, the Nifty PSU Bank index and the Nifty Auto finished the session with strong gains of 1.09 per cent and 0.85 per cent respectively. The gains amid the Nifty PSU Bank came amid a positive quarterly earnings and speculation of mergers within the PSU banking space. On November 17, broader market indices finished the session higher, mirroring the gains of the benchmark Nifty. The Nifty SmallCap 100 and the Nifty MidCap 100 closed the session higher by 0.73 per cent and 0.52 per cent respectively.
Asian Markets On November 17
On November 17, Asian indices closed the session with mixed. The Hang Seng and the Nikkei 225 closed the session lower by 0.8 per cent and 0.23 per cent respectively. The Shanghai Composite also declined 0.46 per cent. The KOSPI bucked the trend to finish the session with gains of 1.9 per cent. The declines followed the Japanese economy’s contraction in the third quarter, with its GDP shrinking 1.8 per cent on an annualized basis. On the other hand tensions remained high between China and Japan amid a diplomatic rift following comments made by a Japanese politician regarding Taiwan.
Primary Market Action
The share allotment status of Tenneco Clean Air India IPO will be finalised today on November 17. The public issue of Fujiyama Power Systems Ltd will close for subscription today.
Market Outlook
In the upcoming sessions of the week, D-street is set to factor in progress on a potential US-India trade deal as it can provide a positive sentiment boost to the market. The singing of a deal could reverse the trend of volatility driven by tariffs. Additionally fluctuations in crude oil and gold prices can also influence market sentiment.
