On Friday S&P BSE Sensex after a dip to 59,739 closed at 203 points higher at 59,960. While, NSE Nifty settled 50 points higher at 17,787.
Reliance stocks went up by 3 per cent contributing 234 points to the BSE benchmark and Maruti Suzuki rose by 5 per cent at Rs 9,495 after it reported almost 5-fold jump in its net profit.
According to Vinod Nair of Geojit Financial Services, "Gains in index heavyweights helped the domestic market to withstand its gains despite negative trends in its global peers. US tech stocks had a significant sell-off following disappointing quarterly results and a bleak forecast. The ECB raised its interest rate by 75 basis points, also signalling that it is making progress in combating record inflation, though the plausibility for a recession grew. However, the strengthening rupee along with a softening treasury yield and decent Q2 earnings results are supporting the domestic market in the near term."
Prashanth Tapse of Mehta Equities added, "Markets raced ahead as bulls were seen enthusiastic with immediate inter-week goal posts for Nifty seen at the psychological 18000 mark. Above 18000, the benchmark Nifty will aim its all-time-high at 18605 mark. The positive takeaway was that the bulls shrugged off the fact that the Fed will almost certainly issue a fourth-straight 75 basis point rate increase at its policy meeting scheduled on November 2. For Nifty, the immediate hurdle is seen at 18100, while support is seen at 17407-17589."
