Healthy macros, upbeat festive sales push markets higher

Mumbai, Nov 3 (SocialNews.XYZ) Healthy quarterly results, along with upbeat macro data, pushed the Indian benchmark equity indices higher on Tuesday.

Continuous foreign fund inflows also aided in the northward trajectory of the markets.

Both the key indices ended higher despite volatility caused due to the US presidential election.

On the global front, Asian stock markets followed Wall Street higher, as investors watched for US election results.

Similarly, European stock markets rose in early trading on Tuesday as investors bet on a clear win for Joe Biden as the US voted in its most polarised presidential election in living memory.

Back home, volumes on the NSE were higher than recent average.

Among sectors, banking, metals, auto and pharma indices rose the most while realty and energy indices fell the most.

However, broader market indices closed almost flat.

The net foreign fund inflows stood at Rs 2,274.40 crore.

The Nifty50 on the National Stock Exchange closed at 11,813.50, higher by 144.35 points, or 1.24 per cent, from its previous close.

The Sensex closed at 40,261.13 points, higher by 503.55 points, or 1.27 per cent, from its previous close of 39,757.58.

"Nifty rose with a mildly positive advance decline ratio, bringing back confidence of traders in the near term direction," said Deepak Jasani, Head of Retail Research at HDFC Securities.

"However, the outcome of US Presidential elections which will be known earliest by Nov 4 late night IST will also impact the sentiments and near term trend of the markets."

Vinod Nair, Head of Research at Geojit Financial Services, said: "The weak opening reflected the rough waters market the entered last week. However, some recovery was seen as investors showed interest in banking stocks as major players announced Q2 results, beating the street estimates with positive outlook."

"Additionally, the banking stocks are attempting to price, in expectation of the positive SC verdict on moratorium. The Indian market is expected to be volatile, amidst mixed global sentiments due to increasing Covid cases, the US election and delayed stimulus."

Source: IANS