The Sensex made a new all-time high of 40392.22, gaining for the fifth session, amid October month futures and options derivatives series expiry. Due to profit taking later the benchmark index closed much lower at 40,129.05, up 77.18 points or 0.19 per cent as it gained for the fifth consecutive session.
Foreign portfolio investors were net buyers of equities worth Rs 1,870.87 crore which helped market to move up further.
The Nifty-50 Index came very close to the 12000-mark intra-day, touching a high of 11945 and finally closed at 11 877.45, up 33.35 points, or 0.28 per cent.
The broader markets outperformed with the BSE Mid Cap Index up 1.14 per cent and the Small Cap Index up 0.94 per cent.
Among the sectors, the top gainers were BSE IT (1.75 per cent), Telecom (1.87 per cent), Realty (1.30 per cent), Technology (1.97 per cent), Consumer Durables (0.54 per cent) and Oil & Gas (0.59 per cent).
Technical View
Shrikant Chouhan, Senior Vice-President, Equity Technical Resea-rch, Kotak Securities, said, “Sensex made a record-high, however, it remained short-lived and profit booking emerged especially in those companies that have rallied substantially in the last few weeks.
“We may even call it as a short covering day for the market as many weak companies namely, RBL Bank, Yes Bank and Grasim managed to close significantly higher than the previous day. On the other side, companies that are part of the index and have huge weightage have closed lower on the back of profit-taking in the second half of the trading session. For the coming month, we are of the view that Nifty may trade in the range of 11,700 and 12,100.”
Chandan Taparia, Analyst-Equity Derivatives & Tech-nicals, Motilal Oswal Financial Services said, "Nifty index remained highly volatile in October as it moved in a wider range of 850 points. It has shifted its support base from 11100 to 11500 and now at 11700 zones.”
“Now till it holds above 11700 zones, we are expecting it to head towards its life time high of 12103 marks while Bank Nifty has been underperforming the Nifty Index and needs to hold above 29750 zones to head towards next hurdle of 30800 zones.”
Market View
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Finan-cial Services said, “Celebration of Diwali continued on Dalal Street as Sensex touched a record high of above 40392 mark by surpassing previous high of 40312 made on June 4, 2019. Sensex drifted to 36000 levels in the middle of September month but witnessed good recovery in last two months led by FPIs inflows, positive momentum from US indices, reducing tension over US-China trade war.”
“In October, FPIs have bought nearly $700 million in equities, while so far this year they purchased equities worth $8.87 billion,” Khemka said.
