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Hopes of healthy festive sales season lifts market, auto stocks rise (Roundup)

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New Delhi | Saturday, 2020 3:15:06 AM IST
Expectations of healthy festive sales season, along with those for a stimulus package, lifted the Indian equity markets on Friday.

Even the broad market traded on a bullish note led by auto and midcap stocks based on healthy Q2 results.

Globally, Asian markets mostly rose mildly on Friday as US lawmakers struggled to hammer out a fresh economic rescue package.

Similarly, European markets rose in early trade as investors monitored signs of progress toward a US stimulus deal and the continuing resurgence of the coronavirus.

Back home, volumes on the NSE were just under the recent averages with Auto index being the main gainer.

On the other hand, pharma and realty indices were the loss leaders.

Broader market indices rose more than the Nifty.

The Nifty50 on the National Stock Exchange closed at 11,930.35, higher by 33.90 points, or 0.28 per cent, from its previous close.

The Sensex closed at 40,685.50, higher by 127.01 points, or 0.31 per cent, from its previous close of 40,558.49.

"Nifty after opening gap-up remained in a narrow 66 point range for the day and closed towards the lower end of this range," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"Advance decline ratio was positive. Weekly close is positive after one week of loss. Optimism is returning though gradually to markets. Traders prefer to keep a limit on their exposure by switching sectors and stocks. This is evident from the volumes in the markets and the limited gains across the better part of the listed universe."

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "Nifty ended higher led by auto stocks on expectation of healthy festive sales. Maruti and M&M were the top gainers."

"Metal stocks were higher on hopes of US stimulus announcement."

Vinod Nair, Head Of Research at Geojit Financial Services, said: "The market is developing a positive view on auto sector in anticipation of revival in volumes due to pent-up demand and upside in exports. Nifty auto outperformed all its sectoral peers and many auto firms are lined-up to announce their Q2 results in coming days."

"Investors need to be watchful of results of upcoming elections both in India and the US which will have short term impact on the indices, however, the market will retain its focus on quarterly results and improvement in economic activity."

--IANS rv/sn/vd

( 407 Words)

2020-10-23-21:02:04 (IANS)

 
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