Nifty closes with gains amidst volatility

Our Correspondent

The stock market witnessed volatility on November 2 following selling pressure. Banking-financial stocks were the main losers. The Nifty was down 120 points during the trade. At the same time, the Nifty was able to close with gains after recovering from lower levels.

The Sensex was down 37 points while the Nifty was up four points. The Sensex ended at 44618.04 points and the Nifty closed at 13113.80 points. Nifty Metal and Real Estate Indices gained 3 per cent. Similarly, the Nifty Bank Index fell 1.09 per cent.

The Nifty Metal Index, which continues to outperform the Nifty, rose 2.56 per cent. The Nifty Metal Index touched a 52-week high today. Factors such as the expectation of improving demand, the recovery of the global economy, and the conclusion that China’s investment in infrastructure development will benefit the metal industry are behind the rise in metal stocks.

Shares of Tata Steel, JSW Steel and Hindalco rose more than 3 per cent. National Aluminum gained 8.6 per cent during the week.

The majority of Nifty stocks traded higher today. Out of the 50 stocks in the Nifty, 36 gained while 14 lost. Gail, ONGC, Asian Paints, Coal India and Titan are the top five gainers in the Nifty.