ICICI Bank, HDFC, other financials help Sensex, Nifty extend rally for 10th day straight

Asian peers followed the US stocks markets and ended lower.

Stock markets ended in the green on Wednesday, recouping all intraday losses and taking their gaining streak to 10-days. S&P BSE Sensex jumped 169 points or 0.42% while the 50-stock Nifty managed to close above the 11,950 mark. Today’s surge was aided by index heavyweights like ICICI Bank and HDFC twins that moved from losses to gains and pulled the stock market higher. Bajaj Finserv and Bajaj Finance were the top gainers, up over 3% each, followed by ICICI Bank and IndusInd Bank. On the other end of the table, NTPC, ONGC, Tech Mahindra, and Powergrid were the worst performing index constituents.

A 10-day high: Stock markets have now gained for the 10th day straight. During this phase, Sensex has jumped 7.43% and Nifty 50 has moved up by 6.6%. This is the longest gaining streak for markets after over 2 years. 

Financials lift markets: Earlier in the day it was the banking and finance sector players  that pulled equity markets lower with index heavyweights moving with losses. However, stocks like ICICI Bank not only recovered losses but moved higher, helping the indices gain. The loan moratorium case would be heard on November 2.

Global watch: Asian peers followed the US stocks markets and ended lower. “Asian equities slipped on Wednesday as halted COVID-19 vaccine trials and an impasse in U.S. fiscal aid package talks soured risk appetite. European shares steadied on Wednesday after tumbling in the previous session due to a pause in a COVID-19 vaccine trial and on concerns about more lockdowns,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

Broader markets end mixed: Broader markets ended mixed on Wednesday with the BSE Midcap index outperforming the benchmark but the BSE Smallcap index ending lower. Nifty midcap and smallcap 50 indices were up with gains but midcap 100 index ended lower.

Technical take:The Index was able to get past its resistance levels of 11950-11975. This should allow the Nifty to move towards 12100. The support of 11800 has been respected which is an added confirmation that the trend continues to remain bullish,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investment.

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