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Sensex reclaims 35,000 level amid broader market rally
(02-Nov-2018  , 16:36 Hours IST)

The market climbed on Friday in line with global stocks as crude prices fell and the rupee extended gains to touch a one-month high. Global shares rose on hopes of a trade agreement between China and the United States. The Sensex ended above the psychologically important 35,000 mark after moving above and below that level in intraday trade. Weakness in IT shares capped gains.

The Sensex rose 579.68 points or 1.68% to settle at 35,011.65, its highest closing level since 16 October 2018. The index rose 758.23 points, or 2.20% at the day's high of 35,190.20. The index rose 217.83 points, or 0.63% at the day's low of 34649.80.

The Nifty 50 index rose 172.55 points or 1.66% to settle at 10,553, its highest closing level since 16 October 2018. The index rose 226.50 points, or 2.18% at the day's high of 10,606.95. The index rose 77.25 points, or 0.74% at the day's low of 10,457.70.

Among secondary barometers, the BSE Mid-Cap index rose 0.78%. The BSE Small-Cap index rose 0.76%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1611 shares rose and 1054 shares fell. A total of 143 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Auto index (up 4.05%), the S&P BSE Metal index (up 3.04%), the S&P BSE Oil & Gas index (up 2.46%) outperformed the Sensex. The S&P BSE IT index (down 1.32%), the S&P BSE Teck index (down 0.96%), the S&P BSE Healthcare index (down 0.48%) underperformed the Sensex.

Maruti Suzuki India (up 6.37%), Tata Motors (up 6.29%), Vedanta (up 6.04%), IndusInd Bank (up 5.29%), Adani Ports & Special Economic Zone (up 4.46%) and Mahindra & Mahindra (up 3.87%), were the major Sensex gainers.

Bajaj Auto rose 2.31% after the company reported 32% growth in its total vehicles sales to 5.06 lakh units in October 2018 over October 2017. The announcement was made during market hours today, 2 November 2018.

Bajaj Auto's total domestic sales rose 29% to 3.19 lakh units, while total exports rose 38% to 1.86 lakh units in October 2018 over October 2017.

Oil sector stocks rose. Among oil exploration and production firms, ONGC (up 1.98%), Oil India (up 2.17%) and Reliance Industries (up 1.64%), edged higher.

Among state-run oil marketing companies, BPCL (up 6.69%) and Indian Oil Corporation (up 4.85%), edged higher.

Hindustan Petroleum Corporation (HPCL) rose 4.77%. The company reported 37.05% fall in net profit to Rs 1091.98 crore on 41.4% rise in total income to Rs 67931.38 crore in Q2 September 2018 over Q2 September 2017. The result was announced after market hours yesterday, 1 November 2018.

Lower crude oil prices could reduce under-recoveries of public sector oil marketing companies (PSU OMCs) on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.

IT shares declined on a firm rupee. Tech Mahindra (down 4.29%), Wipro (down 3.29%), MindTree (down 2.7%), Hexaware Technologies (down 2.55%), MphasiS (down 2.37%), TCS (down 1.28%), HCL Technologies (down 1.25%) and Infosys (down 0.65%), edged lower. Oracle Financial Services Software (up 0.25%) and Persistent Systems (up 0.87%), edged higher.

Appreciation in rupee dents top line of IT firms as these companies derive most of their revenues in dollar terms.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 72.505, compared with its close of 73.455 during the previous trading session.

In the global commodities markets, Brent for January 2019 settlement was up 9 cents at $72.98 a barrel. The contract had fallen $2.15 a barrel or 2.87% to settle at $72.89 a barrel during the previous trading session.

Overseas, shares in Europe and Asia jumped on Friday on hopes of a trade agreement between China and the United States.

US stocks rallied to close higher Thursday, with the S&P 500 gaining for its third straight session for the first time in six weeks, on cautious optimism that US-China trade tensions could ease in the near term.

Stocks added modestly to their gains after President Donald Trump, in a Thursday morning tweet, hinted at progress in early trade talks with China. The president also said in his morning tweet that trade discussions are moving along nicely and meetings between the two leaders at the upcoming G-20 summit are being scheduled.

On the US data front, the ISM manufacturing index fell to a six-month low of 57.7%. Respondents cited rising costs as a concern. The IHS Markit final US Manufacturing Purchasing Managers' Index printed at 55.7 for October, up slightly from 55.6 in September. A reading of at least 50 indicates improving conditions.

Nonfarm productivity growth grew at a 2.1% annualized rate in the third quarter. Unit labor costs rose by 1.2%.

The number of newly unemployed Americans seeking jobless benefits fell in the seven days ended 27 October to 212,000.

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