Nifty up for third straight day, gains 3% in a week

Mumbai, Nov 6 (SocialNews.XYZ) Nifty ended higher for the third consecutive session on Monday.

At close, Nifty was up 0.94 per cent or 181.2 points at 19,411.75, while Sensex closed at 64,958.69, up 595 points or 0.92 per cent, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Asian shares advanced on Monday following Wall Street gains last week that was buoyed by hopes that interest rates are near their peak. European stocks were struggling for direction on Monday morning as investors chose to keep their powder dry following some strong gains last week, Jasani said.

India's medium-term potential GDP growth has been revised upward by Fitch Ratings, while reaffirming that the economy remains below its pre-pandemic growth path.

In India’s case, potential growth has increased by 0.7 percentage points to 6.2 per cent given an improvement in the employment rate and a modest increase in the working-age population forecast, he said.

Majority of the sectors, including the broader market, ended in green on Monday.

Nifty Smallcap 100, oil & gas, realty, metals and pharma were among the top gainers, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

Action was seen in cement stocks after companies reported strong 2Q earnings. Nifty has seen a good recovery in the last one week with gains of 3 per cent from its bottom made near the 18,840 levels on the back of positive global cues and healthy quarterly results, Khemka said.

"Overall, we expect the market to remain positive over the next few days ahead of Divali over the weekend, he said.

Source: IANS