Stock Market: Street lights up with shining power ahead of Diwali gala

By S Jha

New Delhi, November 10: After a day-long see-saw swings in the indices, the Indian stock market firmly closed on bullish note with signs that investors are betting on the equities amid subsiding of the bearish global cues. Nifty traded in a wide range to close in the green with a gain of 30 points, while the bulls decisively chased the Bank Nifty.

The street is now heading for mega Diwali celebrations with the closing of the Samwat on a bullish note as the smallcaps and the midcaps gave multiple returns in the last one year. Bank Nifty, which has been oversold, gained over 200 points in the day amid the bond yields, in the US and India as well, colling off. With the macro factors bring the confidence back, the equity markets are now confidently placed with bullish investors’ sentiments.

The powers sector has been an outperformer for over a year on the bourses. The Friday session also saw action in the counters of the power sector. Power Finance after giving a better than expected quarterly result extended gains to close above the level of Rs 288 on Friday.

REC also extended the gain to close above Rs 326 level. REC already has come out with its quarterly result. NTPC was the top gainer on the index. Powergrid too was buzzing in the session. KPI Global Green was once more locked in 10 per cent upper circuit. The solar energy company has truly been a multibagger after coming to the main platforms from the SME board about two years ago. With strong momentum seen in the powers sector, The Raisina Hills has regularly been updating that several scrips in the sector are buzzing and even the penny stocks are gaining strongly.

Caplin Point, a pharm company, gave a close above Rs 1200 on Friday. The scrip has been a winner on the bourses in times when the pharma sector overall has lagged the market. The last year’s IPO Cartrade also gave a close above its all-time high on Friday. Overall, there are strong bullish sentiments in the small and mid spaces, showing signs that the retail investors have chosen the recent corrections to buy into the market.   

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About The Author

Manish Anand

Manish Anand is a senior journalist with more than two decades of hardcore reporting on beats such as Prime Minister’s Office, Parliament, BJP, Congress, Planning Commission, NITI Aayog, and scores of Union Ministries.

His past has been with The New Indian Express, The Asian Age/Deccan Chronicle, and The Statesman.

For about 15 years, Manish was also a regular commentator and host for talks on AIR on foreign affairs.

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