Sensex rallies 603 pts as market bounces back Nifty above 24,300

The domestic equity market indices rebounded on Monday, with the Nifty nearing 24,500 in intraday trade,amid buying across sectors especially banking and metal stocks. At close, the Sensex was up 602.75 points or 0.76 percent at 80,005.04, and the Nifty was up 158.35 points or 0.65 percent at 24,339.15.
Shriram Finance, Adani Enterprises, ICICI Bank, Eicher Motors and Wipro were the top gainers on the Nifty, while losers included Coal India, Bajaj Auto, Axis Bank, Kotak Mahindra Bank and Hero MotoCorp.
On the sectoral front, all the sectoral indices ended in the green with PSU Bank index rose 3.8 percent, Metal index added 2.5 percent, while pharma, media, realty up more than 1 percent each.The BSE midcap index was up 0.7 percent and smallcap index gained 1 percent.
Rupee Close:
On 28 Oct'24,the Indian rupee settled on a flat note up 1 paisa to close at 84.07 against the US dollar on Monday, amid positive domestic markets and a sharp decline in crude oil prices.Forex traders reportedly stated that the rupee traded in a narrow range during the day as the strong dollar weighed on the local unit, while positive domestic equities, weak crude oil prices and suspected intervention by the Reserve Bank of India (RBI) supported the local currency at lower levels.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly stated that the market exhibited a rebound after continuous selloff last week. Positive results from banks and a slump in oil prices in expectation of an ease in retaliations in the Middle East aided investor sentiment. Stability in the broad-based rally requires more evidence from earnings, which are currently in the doldrums of weak demand and margin pressure. We expect companies with a less leveraged balance sheet and growth prospects to outperform when the market stabilizes.
Market experts have recommended to buy these shares: Yatharth Hospital, Thermax, Torrent Pharma, ICICI Bank, and BEL.

(Business Correspondent)