Sensex's 383-point rally eventually washed away as offloading of funds into banking stocks

- Amid recovery in global markets amid further stimulus measures by China

- Sensex closes up 11 points to 65087 : Spot Nifty up five points to 19347 : Small, mid-cap stocks rally

MUMBAI: On the global front, interest rates are likely to remain high as the demon of inflation rears its head, and on the other hand, China is taking one stimulus after another to save its economy from collapse, as global markets along with Indian stock markets bounced due to uncertainty. At the beginning of trading, the Sensex rose 382.88 points to 65,458.70 on the back of gains in automobile, IT-software services, technology stocks as well as metal-mining, consumer durables stocks. So, the improvement of Sensex was washed away and reached a low of 65052.74, and finally increased by 11.43 points to close at 65087.25. The Nifty Spot also rose initially to 19452.80 and then down to 19334.75 and finally closed by 4.80 points at 19347.45. Foreign portfolio investors were selling today against buying in local fund stocks. Out of the total 3790 scrips traded in BSE, the number of gainers was 2230 and the number of decliners was 1425.

Bankex lost 303 points

Banking-finance stocks were broadly lower today as funds offloaded in the last hour. Amidst the decision to implement BSE Bankex's expiry on Monday, October 16 instead of Friday, positions in banking stocks were also seen easing. State Bank of India fell by Rs.7.55 to Rs.567.65, ICICI Bank fell by Rs.9.40 to Rs.958.40, Federal Bank fell by Rs.1.15 to Rs.143.30, HDFC Bank fell by Rs.11.35 Rs.1578.95, IndusInd Bank fell by Rs.7.65 to Rs.1393.45, Kotak Mahindra Bank fell by Rs.6.15 to Rs.1775.75. Along with this, Indian Bank decreased by Rs.11.05 to Rs.380.55, Nippon decreased by Rs.6.30 to Rs.310.75.

Increasing attraction of funds in auto stocks

Funds in stocks of automobile companies continued to buy on expectations of a big surge in vehicle purchases during the festive season. TVS Motor rose by Rs.35.65 to Rs.1415.55, Eicher Motors rose by Rs.52.05 to Rs.3407.05, Mahindra & Mahindra rose by Rs.23.90 to Rs.1583.40, Cummins India rose by Rs.7.20 Increased by Rs.1737.30, MRF increased by Rs.414.04 to Rs.1,09,222.80. The BSE Auto Index rose 238.71 points to close at 35578.67.

Selective valuing of funds in IT stocks

Funds in IT-Software Services, Technology stocks had a picky valuation today. Infosys increased by Rs.16.85 to Rs.1435.05, HCL Technology increased by Rs.10.55 to Rs.1168.50, L&T Technology increased by Rs.38.05 to Rs.4383.80, Persistent increased by Rs.82 to Rs. 5182.90, Quick Hill Technology increased by Rs.12 to Rs.220.70, Intellect Design increased by Rs.17.65 to Rs.710.45, Emphases increased by Rs.53.40 to Rs.2364.50, Mastec increased by Rs.41.70 It increased by Rs.2295, Coforge increased by Rs.66.45 to Rs.5293.35, Imudra increased by Rs.5.65 to Rs.497. The BSE IT index rose 221.25 points to close at 31467.74.

5 percent upper circuit in Jio Phy

After Mukesh Ambani's announcement of Jio Financial Services Limited's entry into the insurance sector, the company's shares rose by Rs 11.05 to Rs 232.70 in the upper circuit today amid reports of promoters buying 4.99 crore shares in block deals yesterday. .

495 Crore sale of FPIs/FIIs

Foreign Portfolio Investors - FPIs, FIIs had a net sale of shares worth Rs.494.68 crore in cash today-Wednesday. A total of Rs.10,706.01 crore was sold against a total purchase of Rs.10,211.33 crore. While DII-domestic institutional investors had a net purchase of Rs.1323.24 crore shares. A total of Rs.7390.14 crore was sold against a total purchase of Rs.8713.38 crore.