Markets snap 3-day losing streak; Sensex jumps 832 points & Nifty settles at 17,930

Domestic equity benchmarks closed with strong gains, as they ended near the day's high on Monday, November 1, 2021. The Sensex regained the 60,000-mark while the Nifty reclaimed 17,900 level. The gain was supported by banks, IT, metal, realty and telecom stocks. Global positive cues boosted the sentiments.

The S&P BSE Sensex jumped 831.53 points or 1.40 per cent to 60,138.46. The Nifty 50 index advanced 258 points or 1.46 per cent at 17,929.65. On the same lines, Nifty Bank rose 648.15 points or 1.66 per cent to close at 39,763.75.

In the broader markets, the S&P BSE MidCap index rose 1.75 per cent and the S&P BSE SmallCap index gained 1.11 per cent. In the sectoral indices on NSE ended in Green with Nifty Realty taking the lead rising 4.02 per cent and followed by Nifty Metal (up 3.06 per cent), Nifty Media (up 2.57 per cent) and Nifty IT (up 2.56 per cent) among others.

The market breadth was strong today. On the BSE, 2,119 shares rose and 1,193 shares fell. On the Nifty 50 index at the NSE, 46 shares advanced and 4 shares declined. The top five gainers on Nifty were IndusInd Bank (up 7.52 per cent), Hindalco (up 4.47 per cent), Bharti Airtel (up 4.21 per cent), HCL Technologies (up 3.96 per cent) and Grasim (up 3.71 per cent). The four losers on the index were UPL (down 2.63 per cent), Bajaj Finserv (down 1.61 per cent), Mahindra & Mahindra (down 1.44 per cent) and Nestle India (down 0.44 per cent).

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 1.09% to 17.24.

Economy

The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was at 55.9 in October 2021, rising from 53.7 in September 2021. The latest figure pointed to the strongest improvement in overall operating conditions since February 2021. The figure was in expansion territory for the fourth month in a row.

The Gross GST revenue collected in October is Rs 1,30,127 crore. Out of this amount, the CGST component is Rs 23,861 crore, SGST is Rs 30,421 crore, IGST is Rs 67,361 crore and Cess is Rs 8,484 crore.

China's official manufacturing Purchasing Managers' Index for October came in at 49.2. However, a private survey released Monday showed Chinese manufacturing activity growth in October expanding with the Caixin/Markit manufacturing PMI coming in at 50.6. A leading US investment bank has brought forward its forecast by a year to July 2022 for the first post-pandemic US interest rate hike, as the investment bank expects inflation to remain elevated.