Sensex, Nifty Post Second Best F&O Series Of 2020
Closing Bell: A Strong F&O Series Expiry
Indian equity markets saw a sharp surge in the final hour of trading to end the November F&O expiry session on a strong note.
The S&P BSE Sensex ended 1% higher at 44,259 while the NSE Nifty 50 index recovered over 200 points from the day's low to end just below the mark of 13,000. The index closed 1% higher at 12,987.
For the November Series, the Sensex ended with gains of 11.7% while the Nifty ended 11.5% higher. Out of the 20 sessions this series, the Nifty gained in 16 of them. This was the second best F&O series for both Sensex and the Nifty after the April F&O series, during which the benchmarks had gained 12% and 14% respectively.
The day belonged to Metal stocks which saw its sectoral index ending with gains of 3.8%. JSW Steel (Up 7%) and Tata Steel (Up 5%) were the top gainers on the Nifty 50 index. While JSW Steel ended at its highest level since October 2018, the closing for Tata Steel was the highest since November 2018.
Other top performers for the day were the PSU Bank index, which gained 2% and the Nifty Pharma index, which ended 1.4% higher. The Nifty Bank recovered over 600 points from the day's low to end 1.2% higher at 29,549.
Broader markets too ended with gains but could not keep up pace with the benchmark indices. Both Nifty Midcap and Smallcap indices ended with gains of 0.9% each.
The India Volatility Index saw its biggest one-day drop since May 2019, falling 13.4% to end at 20. The VIX also snapped a five-day gaining streak.
1,261 stocks on the NSE ended with gains while 588 stocks declined.