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    Gains in IT, metal stocks drive Sensex 175 points higher

    Synopsis

    Broader market indices outperformed their headline peers in morning trade as Nifty Smallcap rose 0.83 per cent while Nifty Midcap added 0.85 per cent. Broadest index on NSE, Nifty 500 was up 0.50 per cent.

    BSE 1 - ReutersReuters
    E-Mini futures for S&P500 stumbled 0.9 per cent in early Asian trading, a signal Wall Street would open in the red later in the day.
    NEW DELHI: IT and metal stocks were in demand in Friday's morning session while select auto and financial names continued to fall keeping gains in benchmark indices in check.

    Overnight rally in US markets helped boost sentiments but high level of volatility in the market is worrying. Analysts advise investors to be cautious and be stock-specific in buying.

    Factors driving markets
    Record covid cases: There has been a record surge in Covid-19 infections in Europe and the US. Global coronavirus cases rose by over 500,000 for the first time and France and Germany prepped fresh lockdowns.

    US tech firms beat estimates: Wall Street had a solid session overnight, which was helped by a diet of strong quarterly reports from tech giants. Google parent Alphabet, Amazon.com Inc, Apple Inc and Facebook Inc all beat analyst estimates for quarterly revenue, with Amazon reporting a second straight quarter of record profits.

    US grows at record pace: The US economy grew at a historic annualised pace of 33.1 per cent in the third quarter as the government injected more than $3 trillion worth of pandemic relief which fuelled consumer spending, but the effects of the Covid-19 recession is likely to linger for longer.

    ECB to take action: The European Central Bank committed to take new action in December to contain the growing fallout from a second wave of coronavirus infections, likely in the form of more bond purchases or cheap credit for banks.

    How are bluechips doing
    After opening in the red, benchmark indices recovered as the day progressed. At 9.48 am, BSE flagship Sensex was up 174.56 points or 0.44 per cent to 39,924.41. NSE benchmark Nifty followed and climbed 57.60 points or 0.49 per cent to 11,728.40.

    In the 50-share pack Nifty, Coal India was the biggest gainer, up 2.71 per cent. Adani Ports, BPCL, NTPC, IndianOil, Nestle India, HCL Tech and HDFC Life Insurance were among other gainers.

    Bajaj Finance was the top loser in the pack, down 1.49 per cent. Power Grid, Eicher Motors, Maruti Suzuki, Hindustan Unilever and Hero MotoCorps were among other names that opened with cuts.

    Broader markets
    Broader market indices outperformed their headline peers in morning trade as Nifty Smallcap rose 0.83 per cent while Nifty Midcap added 0.85 per cent. Broadest index on NSE, Nifty 500 was up 0.50 per cent.

    REC, Vodafone Idea, Godrej Properties, JB Chemicals and Pharma, Strides Pharma and Thyrocare technologies were among major gainers from the space while Welspun India, Welspun Corp, Lux Industries, Tata Chemicals, Ipca Labs and Endurance Technologies were under selling pressure.

    Global markets
    MSCI's broadest index of Asia-Pacific shares outside of Japan was last down 0.3 per cent, on track to the end the week 1.3 per cent lower after four straight weeks of gains.

    Australia's ASX 200 fell 0.2 per cent and New Zealand's benchmark index faltered 0.6 per cent. Japan's Nikkei slipped 0.8 per cent as did South Korea's KOSPI index. Chinese shares were marginally higher, with the blue-chip index up 0.07 per cent.

    E-Mini futures for S&P500 stumbled 0.9 per cent in early Asian trading, a signal Wall Street would open in the red later in the day.

    What to expect
    • Q2 earnings: Reliance Industries, IndusInd Bank, IndianOil Corp, Dixon Technologies, DLF, Just Dial, Jindal Steel & Power, Tata Chemicals, Zee Media among major names that will declare their numbers during the day.
    • Macro data: The government will release September budget data and infrastructure output that will be tracked by investors.
    • FX reserves: RBI will release foreign reserves data for the week ended October 23 that will show how much dollars the central bank has been buying or selling.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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