Finance and IT lagged; Broader Mid and Small caps posted gains
FinTech BizNews Service
Mumbai, 1 November, 2024: Benchmark indices started the SAMVAT 2081 on a positive note with broad based gains and ended higher in special Diwali muhurat trading session on Friday. Broader Mid and Small caps also posted gains, according to Gaurav Garg, Research Analyst at Lemonn Markets Desk. Lemonn is an innovative stock investing app.
Auto stocks stole the show during the special Muhurat trading session for Samvat 2081 on November 1, driven by robust October sales updates. Gaurav explains: "Leading the gains were M&M, Tata Motors, Bajaj Auto, Hyundai Motor, and Maruti Suzuki India, with shares climbing up to 3 percent, outpacing the Nifty 50’s modest increase. M&M stood out, setting a new record with 54,504 SUV sales in October, marking a 25% YoY increase. Strong festive sales updates from automakers eased concerns over the slowdown in festive demand after disappointing Q2 earnings season."
All major sectors also ended in gains with Realty, Consumer Durables and Energy leading the pack while Finance and IT lagged. Gaurav adds: "Market focus remains on the earnings announcements. In US, election outcome will be watched next week."
