What happened with the Share Market Today

Equity benchmark Nifty ended above 18k, the highest monthly close in the Indian bourses led by auto, financials, capital goods, and IT stocks. Sensex jumped nearly 800 points or over 1 percent above 60k in line with its Asian market peers as the market expects the Federal Reserve might lower the pace of its rate hike, in its meeting scheduled on Wednesday. Impressive quarterly results, fresh foreign fund inflow, stable oil prices, and strong microdata boosted market sentiment.

Sensex rallied 787 points or 1.30 percent to settle at 60,747. During the day, it jumped 827 points or 1.40 percent to 60,787. On similar lines, the broader Nifty advanced 225 points or 1.30 percent to end at 18,012. From the Nifty pack, UltraTech Cement, M&M, HDFC,  Eicher, Sun Pharma, HDFC Bank, Larsen & Toubro, Bharti Airtel were the major winners while NTPC, Dr. Reddy, and Apollo Hospital ended in negative territory.  India Vix fell to a 3-month low at below 16.

Among the global markets, US markets climbed up by 3% on Friday and Asian markets soared over 1%  on the expectation that the Federal Reserve might slow its pace of interest-rate hikes late this year due to a slowdown in consumer spending data and a softer pace in the third quarter earnings. US Fed Interest rate decision will be held on 2nd November and the domestic MPC meeting will be on 3rd November.

Auto stocks witnessed a smart rally after Maruti reported better-than-expected Q2 results and the hope for impressive October monthly sales data will be announced tomorrow. Maruti gained marginally to close at Rs9528 while touching an intra-day high of Rs9769. M&M, Eicher Motor, Ashok Leyland, TVS Motor, and Tata Motor gained between 1-3%. Tech stocks witnessed fresh buying. LTI surged over 3% to close at Rs4740. Infosys, Wipro, HCL Tech, and TCS gained nearly 1-2%

Technical Outlook:

The nifty index opened the gap up by 124 points and moved in a positive direction throughout the session. It came out of its consolidation of the last four sessions and buying was seen at every small decline. The index crossed the psychological 18000 mark in the last hour of the session and closed with gains of around 230 points with higher lows from the last three sessions. It formed a Bullish candle on the daily frame and gave the highest closing of the last 32 trading sessions. Now, it has to hold above 18000 zones, for an up move towards 18200 and 18350 zones whereas supports are placed at 17900 and 17777 zones.