The stock market on October 27 made up for the losses the day before. The Sensex was up by 376 points and the Nifty by 121 points. The market closed with gains after a sharp volatility.
The morning trade started with a slight gain but then moved towards a loss. But since then there has been a strong uptick in the market. The Nifty gained 175 points from a low.
The Sensex closed at 40,522 points. It was up 40,555 points. Today’s low was 39,978 points. There was strong support at 40,000 points.
The Nifty fell below 11,800 points on October 26 but rose above that level on October 27. Similarly, Nifty gained 121 points to 11,899. The Nifty closed at 11,889 points, after falling 1,723 points.
The majority of Nifty stocks traded higher. Of the 50 stocks involved in the Nifty, 32 gained while 18 lost. Kotak Mahindra Bank, Nestle India, Asian Paints, Shree Cements and Bajaj Finance were the top five gainers.
Kotak Mahindra Bank gained 11.70 per cent. During the July-September quarter, Kotak Mahindra Bank reported better-than-expected performance. This is what caused the stock price to soar. Shares of Nestle India, Asian Paints and Shree Cements gained over 5 per cent.
Bank stocks were the biggest gainers. The Nifty Bank Index was up 2.88 per cent. Kotak Mahindra Bank’s strong performance led to the rise of other bank stocks. At the same time, IT stocks lost ground.
HDFC, TCS, ONGC, Infosys and Wipro were the top five gainers in the Nifty. HDFC fell more than 2 per cent.
