The positive momentum persisted as the Nifty50 rose above 19,200 on November 3 for the first time in the previous eight sessions, supported by encouraging global cues and an advance across all sectors.
After a two-week losing run, the Indian benchmark indexes completed the turbulent week on 3 November with a percent gain amid favorable global markets. This was due to the US Fed maintaining the key policy rates, which caused the US Treasury yields to fall and the price of crude oil to weaken.
The index is currently at a critical level (19,200), which served as a solid support throughout the August rally and a subsequent rally in September. Experts stated that the market may remain rangebound below 19,200, with support at 19,100–19,000 levels, unless the index maintains its current level of support and significantly breaks over 19,300.
Once more, the Nifty50 opened higher at 19,241 and continued to rise throughout the session. In addition to forming a small-bodied bearish candlestick pattern with an upper and lower shadow that resembles a spinning top pattern on daily charts, the index settled at 19,231, up 97 points. This indicates that bulls and bears are unable to decide on a clear direction.
This week, the Nifty50 gained 183.25 points, or 0.96 percent, to settle at 19,230.60, while the BSE Sensex gained 580.98 points, or 0.91 percent, to close at 64,363.78.
The BSE Mid-Cap Index had a 2% increase. The BSE Small-Cap index increased by about two percent. The BSE Large-Cap Index experienced a 1.2% increase. The BSE Realty index increased by 10%, the BSE Telecom index increased by 5.3%, the BSE Oil & Gas index increased by 3.6 percent, and the BSE Auto index decreased by about 1% among the sectors.
In the week ending November 3, the Indian rupee closed at 83.29, slightly lower than its closing value of 83.24 on October 27 against the US dollar. The selling spree by foreign institutional investors (FIIs) continued as they sold stocks valued at Rs.5,522.38 crore, while domestic institutional investors (DIIs) purchased stocks valued at Rs.3,540.25 crore.
