Sensex pares early gains as investors book profits; Nifty slips below 18,500

11:51 AM Oct 19, 2021 | FPJ Web Desk

The Sensex turned choppy after rallying past the 62,000-mark in the opening trade on Tuesday as investors booked profits at higher levels.

Extending its record-setting run, the 30-share index soared nearly 400 points to touch an all-time high of 62,159.78 in opening deals. It, however, pared early gains in the morning session, as it traded 137.33 points or 0.22 per cent higher at 61,902.92.


Similarly, the Nifty was quoting 20.75 points or 0.11 per cent at 18,497.80. It touched a new intra-day record of 18,604.45 in early deals.


L&T was the top gainer in the Sensex pack, rising around 3 per cent, followed by HUL, Tech Mahindra, HCL Tech, Reliance Industries and Nestle India.

On the other hand, ITC, UltraTech Cement, Titan, Dr Reddy's and PowerGrid were among the laggards.

When the market opened for trading on October 19, the benchmark indices opened at new record highs on Dalal Street on Tuesday (October 19).

Extending its record-setting run, the 30-share index touched an all-time high of 62,159.78 in opening deals. It was trading 357.88 points or 0.58 per cent higher at 62,123.47.

Similarly, the Nifty surged 101.05 points or 0.55 per cent to 18,578.10. It touched a new intra-day record of 18,604.45 in early deals.

At 09:16 AM, the Sensex was up 264.79 points or 0.43 percent at 62,030.38. The Nifty was up 76.50 points or 0.41 percent at 18,553.50. About 1178 shares have advanced, 327 shares declined, and 81 shares are unchanged.

Larsen and Toubro was among the highest gainer at the opening bell. The stock rose 3.15 percent up at Rs 1,844.45 followed by Bajaj Finserv (+) 1.66 percent to Rs 18,992.25, Bharti Airtel (+) 1.62 percent to Rs 691.45, Tech Mahindra (+)1.30 percent to Rs 1,497.55 and Mahindra and Mahindra (+)1.24 percent to Rs 922.10. Among losers, ITC was the major loser (-)2.65 percent to Rs 255.50, UltraCem (-)0.69 percent to Rs 7,347, PowerGrid (-)0.47 percent to Rs 202.85, Titan (-)0.26 percent Rs 2,582.35, and Maruti (-)0.11 percent to Rs 7,644.

On October 18, Nifty closed higher for the seventh consecutive session on aided by Metal and IT stocks. This is the longest winning streak from NSE Nifty 50 index since August 31. At close Nifty was up 0.75 percent or 138 points at 18476.6.

Nifty rose on very high volumes. Advance decline ratio closed in the positive towards the day end but was lower than the morning levels. Nifty is now overbought on daily charts. Tuesday is the eighth day in this uptrend and eight is also a fibonacci number that could denote a change in trend for the near term. 18,600 on the Nifty is anyways a resistance while 18,350 is a support, said Deepak Jasani, Head-Retail Research, HDFC Securities.

US stocks shake off early losses on Monday

US stocks shook off early losses to finish mostly higher Monday, with buying in consumer discretionary and information technology helping to buttress the broader market, despite a report that revealed slower-than-forecast growth in China that was blamed for early weakness.

In economic reports, a reading of U.S. industrial output was down 1.3 percent in September. The reading for August was revised lower to a decline of 0.1 percent from a gain of 0.4 percent.

Domestic air passenger traffic up

India’s domestic air passenger traffic rose 5.4 percent month-on-month in September this year, the Directorate General of Civil Aviation (DGCA) said on October 18. The total passenger load in September stood at 70.66 lakh compared to 67.01 lakh in August, 50.07 lakh in July and 31.13 lakh in June. The passenger traffic in September 2021 was 79 percent higher when compared to the same month in the past year.

Adding to global inflation worries, data on Monday showed New Zealand's consumer price index rose 2.2 percent in the third quarter, its biggest increase in over a decade

Asian stocks up as tech shares rally

Most Asian stocks rose Tuesday as technology shares rallied and the prospect of solid corporate earnings helped counter concerns stemming from elevated inflation.

Exports up

The country's exports rose by 40.5 percent to $15.13 billion during October 1-14 on account of healthy performance by key sectors such as petroleum products, engineering and chemicals, according to preliminary data of the commerce ministry. Imports during the period grew by 60.72 percent to $14.82 billion, the data showed.

India's merchandise exports grew by 22.63 percent year-on-year to $33.79 billion in September on better performance by key sectors, even as the trade deficit widened to a record high of $22.59 billion. Export sectors which are recording positive growth include coffee, cashew, petroleum products, handloom, engineering, chemicals, man-made yarn/fabrics, gems and jewellery, plastic and marine products.

Volvo planning Stockhold stock exchange debut

Swedish car brand Volvo said Monday it was planning its Stockholm stock exchange debut on October 28, targeting a market value of up to 200 billion kronor ($23.1 billion, 19.9 billion euros). The Swedish carmaker first announced its plans to go public in early October, while noting that China's Geely would remain the largest shareholder.

The expected share price would be between 53 and 68 kronor per share, "corresponding to a market capitalisationof Volvo Cars of 163–200 billion kronor after completion," the company said in a statement.

Results today

Hindustan Unilever, Nestle India, 5paisa Capital, ACC, Consolidated Construction Consortium, DCM Shriram, Heidelbergcement India, ICICI Prudential Life Insurance Company, ICICI Securities, JSW Ispat Special Products, Jubilant Ingrevia, L&T Technology Services, Mastek, Navin Fluorine International, Nelco, Network18 Media & Investments, Oriental Hotels, Rallis India, Rane Brake Lining, Shakti Pumps, Standard Industries, Sonata Software, Tata Steel Bsl, and TV18 Broadcast have results today.

Seven stocks under F&O ban

Seven stocks - Amara Raja Batteries, BHEL, Escorts, Indiabulls Housing Finance, Vodafone Idea, NALCO, and Sun TV Network - are under the F&O ban.

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