The Bombay Stock Exchange (BSE) building is illuminated during a special Diwali session. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty Clock Best Diwali Session Since 2008     

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Closing Bell: Sensex Rises 245 Points, Nifty Ends At 10,598

Indian equity benchmarks clocked their best Diwali session since 2008 led by gains in Infosys, ITC and Reliance Industries as economic concerns ease and earnings of the top 50 companies mostly beat or matched analyst estimates.

The S&P BSE Sensex rose 0.7 percent or 246 points to 35,238 and the NSE Nifty 50 Index climbed 0.65 percent or 68 points to 10,598.

All sector gauges compiled by BSE ended higher led by the S&P BSE Auto Index's 1 percent gain.

Mid- and small-cap shares also witnessed buying interest as the S&P BSE MidCap Index rose 0.8 percent and the S&P BSE SmallCap Index advanced 1.2 percent.

Infibeam Avebues Surges Over 20% In Mahurat Trading Session

The e-commerce website operator was the top gainer in the Nifty 500 Index. The stock rose as much as 21 percent, the most in over a month, to Rs 53.

Markets Likely To Head Higher In Samvat 2075, Says Ramesh Damani

We saw a sharp break in markets in September and October and evidence suggests that it was a break in the bull market and it is likely to head higher in Samvat 2075, Market expert Ramesh Damani told BloombergQuint.

  • Looking at businesses which were punished badly in the recent fall
  • Casino, liquor stocks still look good bets

Election, Crude, Rupee Are Headwinds For Markets: Deven Choksey

Election, crude, rupee are the headwinds for the market but Samavat Year 2075 would be strong due to strong fundamentals of Indian economy, Deven Choksey of KRChoksey told BloombergQuint.

  • Election, crude and rupee are the headwinds in today's market.
  • Samavat Year 2075 should be strong due to the strong fundamentals of the Indian economy.
  • Would advise you to buy stocks based on valuations.
  • Large-cap stocks are available at attractive valuations due to corrections.
Advise to buy stocks based on valuations; large caps stocks are available at attractive valuations due to corrections.
Deven Choksey, MD, KRChoksey Investment Managers

Stick To Large Cap Stocks, Says Ajay Srivastava

Midcaps continue to remain at disadvantage at this point of time and I would advise to stick to large caps, Ajay Srivastava of Dimensions Corporate Finance told BloombergQuint.

Key highlights of the conversation:

  • The feeling entering Samvat 2075 is a little somber.
  • Not planning into an entire year, only uptil elections.
  • Global events have impacted us substantially and domestic markets is saturated with retail participants.
  • Looking into new Samvat with the retail investors saturated with investments which have done okay or not okay depending on when they entered the market.
  • Challenge for today is that we won’t see the same bullishness in supply of capital, as we did last year.
  • Stick to the large-cap stocks
  • Use the revival of mid-caps stocks to exit out.
  • Do not get tempted by mid-caps stocks, they are a trap.
  • Now is the time to take concentrated portfolio bets, maximum 10-12 stocks.
  • Elections do wonderfully for few industries and we should stick to those.