Daily Equity Market Report – October 31, 2013

Indian stock markets celebrated Diwali much earlier than the auspicious day by marking record closing highs as the bull run continued on Dalal-Street. Its celebration time already on D-Street as euphoric investors pulled the market up at five-year high. Both the benchmark indices started the day on very cautious note and traded within a tight range for most of the day before seeing some volatility in last few hours just ahead of expiry of the ongoing series of F&O contracts.

The 50-share index Nifty closed at 6299.15, up by 47.45 points or 0.76%, before hitting an intra-day high of 6309.05. Nifty hits 6300 for the first time since November 10, 2010 and now 57.95 points away from its lifetime intra-day high. The Sensex also ended the day by marking all-time closing high by summing up at 21164.52, up 130.55 points or 0.62. The lifetime intra-day high for Sensex is 21206.77; while the same for Nifty is 6357.10. The market turnover swelled to over 5 lakh crore for the first time ever today.

Earlier today, the markets started with some uncertainty and witnessed bouts of profit-booking, as the US Federal Reserve yesterday indicated that QE3 could taper sooner than expected. This news came as a surprise to the markets as most analysts and participants were of consensus that the Fed is unlikely to begin tapering until March 2014. But shunning all the worries market entered in the festive mood with record turnover never seen before.

Except yesterday's star performer CNX Pharma that plunged by -1.44% today, all the sectoral indices closed in the positive. Today's momentum was led by rate sensitives that failed yesterday, and that too with CNX PSU Bank, emerging as the biggest gainer by 7.40% and also followed by Bank Nifty (1.99%), CNX Metal (1.73%), CNX Energy (1.55%), CNX PSE (1.37%), CNX Finance (1.30%), CNX Infra (1.19%), CNX Service (1.14%) and CNX Commodities (1.07%).

Market breadth remained positive today on NSE as 636 stocks advance against 515 decline while 67 remaining unchanged.

Out of 50 stocks of Nifty, 35 advanced while 15 declined.

Top Five Nifty Gainers: Bank of Baroda topped the Nifty Gainers chart today by registering 10.98% gain and followed by PNB (9.44%), State Bank of India (4.35%), J P Associates (4.14%) and IDFC (3.46%).

Top Five Nifty Losers: Dr. Reddys loses the most today and fell by -3.49% also chased down by Ambuja Cement (-2.80%), Sun Pharma (-1.71%), Lupin (-1.68%) and Ranbaxy (-1.31%).

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