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  Business   Market  31 Oct 2019  Overall trend remains positive

Overall trend remains positive

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Oct 31, 2019, 1:06 am IST
Updated : Oct 31, 2019, 1:06 am IST

The broader market also gained with BSE Mid Cap Index up 0.65 per cent and BSE Small Cap Index up 0.36 per cent.

The Sensex closed at 40051.87 gaining 220.03 points or 0.55 per cent, the gains came after over 1.4 per cent gain on Tuesday, as reports of tax rationalisation on securities transactions and better festivals season sales for autos and retailers were getting stronger.
 The Sensex closed at 40051.87 gaining 220.03 points or 0.55 per cent, the gains came after over 1.4 per cent gain on Tuesday, as reports of tax rationalisation on securities transactions and better festivals season sales for autos and retailers were getting stronger.

The Sensex regained the 40000 level on Wednesday as the market gained for the fourth consecutive session on heavy buying by the foreign portfolio investors.

The Sensex closed at 40051.87 gaining 220.03 points or 0.55 per cent, the gains came after over 1.4 per cent gain on Tuesday, as reports of tax rationalisation on securities transactions and better festivals season sales for autos and retailers were getting stronger.

 

Broader Nifty-50 index also closed 0.40 per cent or 57.25 points up at 11844.10.

FPIs were net buyers of Indian equities worth Rs 7,192.42 crore in a single trading session due to large block deals in shares of HDFC Life Insurance and HDFC Asset Management Company.

The broader market also gained with BSE Mid Cap Index up 0.65 per cent and BSE Small Cap Index up 0.36 per cent.

Technical View

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said, “Tues-day’s strong broad based rally was followed by a decent bump up at the opening on Wednesday... We still remain sanguine and expect this rally to extend towards the next immediate level of 11,900 first and then towards the magical figure of 12000. For the coming session, 11800–11784 would now be seen as immediate support base,” Chavan said.

 

Jay Thakkar, head - Technical and Derivatives Research, Anand Rathi Shares and Stock Brokers, said, "The index after having provided a breakout above 11,700 levels the upward momentum has begun and with that the probability of it inching towards 12,000 levels and thereafter 12,300 levels is quite high. Now, till 11,700 levels aren’t broken the overall trend remains positive.”

Market View

Vinod Nair, Head of Research, Geojit Financial Services, said, "Market is positive in expectation of fresh reforms from the government and change in the long-term capital gain tax in the future. After a long-time the market is seeing incentive to invest in equity due to reduction in taxation producing better than expected Q2FY20 result, providing a hope that earnings growth will revamp further in H2FY20.”

 

Tags: sensex