Home Finance & Investing Business Stock Market Updates: Sensex Up 300 pts, Nifty Holds 19,800; HDFC Bank Rises 1% – News18

Stock Market Updates: Sensex Up 300 pts, Nifty Holds 19,800; HDFC Bank Rises 1% – News18

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Stock Market Updates: Sensex Up 300 pts, Nifty Holds 19,800; HDFC Bank Rises 1% – News18

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Last Updated: October 17, 2023, 09:40 IST

Sensex Today: Firm global cues lifted Indian benchmarks by up to 0.56 per cent in early deals on Tuesday, led by HDFC Bank, Bajaj twins, Tata Steel, Wipro, Tech M, SBI, Axis Bank, and Titan Company.

The S&P BSE Sensex quoted at 66,535 levels, with gains of 368 points, while the Nifty50 hovered above 19,800-mark.

The broader markets, meanwhile, extended their winning run with the BSE MidCap and SmallCap indices gaining 0.48 per cent and 0.83 per cent, respectively.

Among sectors, all the key indices were in the green with the Nifty PSU Bank index up 0.8 per cent, followed by the Nifty Financial Services and Metal indices (up 0.7 per cent each), and the Nifty Media index (up 0.5 per cent).

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The market scenario is changing fast. There is a risk-on mood in the market triggered by the hope that the Israel-Hamas conflict will not spread. President Biden’s upcoming trip to Israel and Jordan and the two US aircraft carriers sent to the Eastern Mediterranean is a clear message to Iran and Hezbollah not to intervene in the war. The market hopes that the war will remain localised, and this is the reason why the market remains hopeful.”

“The HDFC Bank results, particularly the bullish guidance and commentary, are positive and the bank, which has the highest weightage in the Nifty, can support the market. Results from the other leading banking names too will be good,” he further said.

“Capital goods and autos continue to be on strong wicket,” Vijayakumar added.

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