The Benchmark BSE Sensex and the broader market Nifty50 rose to the record high levels for the second consecutive day. The rise in the indices is due to a sharp rally in IT, power, healthcare and metal stocks. At close, the Sensex was at 57,552.39, up 662.63 points or up 1.16 per cent, and the Nifty was up 201.20 points or 1.19 per cent at 17,132.20. About 1,434 shares have advanced, 1,537 shares declined, and 105 shares are unchanged. Bharti Airtel, Bajaj Finance, Eicher Motors, Hindalco Industries and Shree Cements were the top Nifty gainers. Tata Motors, Nestle, IndusInd Bank, Reliance Industries and BPCL were among the top losers.All the sectoral indices ended in the green, with IT, power, healthcare, metal, oil & gas indices up 1 per cent each, while BSE midcap and smallcap indices up over 0.5 per cent each.
“Domestic equities extended gains with Nifty surpassing 17,000 levels within a month. Sustained buying momentum across all sectors and favourable global cues aided markets. Notably, all key sectoral indices traded in green with metals, financials (excluding banks) and pharma witnessing stronger recovery. Bharti Airtel was in focus again as clarity over fund raising and indication of tariff hike led stock to gain over 7 per cent today. However, midcap, and small cap stocks underperformed today and profit booking in number of midcap stocks was visible. Volatility index too surged over 7 per cent. Bharti Airtel, Hindalco, Eicher Motors and Bajaj Finance were among top Nifty gainers, while Tata Motors, Nestle, IndusInd Bank and Reliance Industries were laggards,” Binod Modi, head strategy at Reliance Securities said.
Taking positive cues from the global and Asian peer, Indian markets in early trade opened in the green and managed to march upward throughout the day. The clarity about tapering of easy money policy in USA boosted the spirit on Dalal Street. “After a positive opening, the market marched upward throughout the day to close at a new lifetime high at 17,153.50 levels and managed to close at 17,132.20 with a gain of 201.15 points. On the daily chart, the nifty50 index has breached the psychological level of 17,000 with the increase in volume and showed a straight upside rally which points out strength in the counter. Moreover, the index has given breakout of the rising trendline as well as its trading above the upper band of the Bollinger formation, which suggests a bullish presence in the counter,” Palak Kothari, research associate, Choice Broking said.
Apart from Indian markets, US benchmark indices the Dow Jones Industrial Average, Nasdaq composite rose yesterday. And apart from US benchmark indices, Asian stock markets also rose sharply, factoring in, the dovish stance taken by the US Fed Chair Jeremy Powell while speaking at the Jackson Hole Symposium.
“Led by bulls, domestic indices breached record highs amid broad-based buying due to continuation of Fed’s dovish policy and the expected release of domestic GDP data. Many business activities have rebound to Pre-Covid-19 levels, the RBI had forecast June quarter GDP to grow at 21.6 per cent on a YoY basis,” Vinod Nair, head of Research at Geojit Financial Services:
With today’s GDP data, which is expected to be in two digit-thanks to the low base, highest ever since the pandemic struck us is expected to pave the way for another sharp rally at bourses.
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