Sensex, Nifty up nearly 1% as Banks, Metals lead rebound

The domestic share market saw a rebound on Tuesday driven by gains in financial stocks ahead of the weekly FINNIFTY expiry, accompanied by a rally in metal stocks that boosted Nifty’s gains.
Analysts however suggest a balanced approach to interpreting today’s gains,   noting that overall sentiment remains cautious due to major global events scheduled for the week, including the U.S. presidential election, the Federal Reserve's policy announcement, and anticipated details on China’s stimulus plan.
At close, the Sensex was up 694.39 points or 0.88 percent at 79,476.63, and the Nifty was up 217.95 points or 0.91 percent at 24,213.30. About 2337 shares advanced, 1448 shares declined, and 102 shares unchanged.
JSW Steel, Tata Steel, Hindalco Industries, Bajaj Auto, Axis Bank were the top gainers on the Nifty, while losers included Coal India, Trent, Adani Ports, Asian Paints and ITC.
On the sectoral front except FMCG and Media, all other sectoral indices ended in the green with bank, metal, auto and oil & gas up 1-2 percent.BSE Midcap and smallcap index added 0.4 percent each.
Rupee Close: 
On 05 Nov'24,the Indian rupee recovered from its all-time low level to settle 1 paisa higher at 84.10  against the U.S. dollar on Tuesday, supported by a recovery in the domestic markets and suspected intervention by the Reserve Bank of India.Forex traders reportedly stated investors were cautious ahead of the U.S. presidential election. Markets are bracing for potential volatility over the coming days, especially with the Federal Reserve’s monetary policy announcement also scheduled this week.
Trading Guide: 
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying,the domestic market experienced a sharp recovery, reclaiming most of the previous day’s losses amid uncertainty surrounding the likely downgrade in Q2 GDP forecast and closely contested U.S. presidential election.However, the recent rebound in domestic manufacturing activity data, along with the expected revival of consumption in the H2, are likely to support market sentiment. Metals led the gains, driven by the anticipation of significant stimulus from China later this week.
Market experts have recommended five stocks to buy- V-Guard Industries Ltd, Max Healthcare Institute Ltd , Tata Consultancy Services Ltd , Power Finance Corporation Ltd and Samvardhana Motherson International Ltd.

(Business Correspondent)