Stocks

Sensex closes above 57,000, Nifty scales 17,000

Our Bureau Mumbai | Updated on August 31, 2021

Market indices register record highs for second consecutive session

Benchmark indices closed at record highs for the second consecutive session on Tuesday as bulls kept a firm grip on the market.

The rally, triggered on Monday by US Federal Reserve Chairman Jerome Powell’s dovish stance, extended further on Tuesday, with the broader market too participating.

Taper, yes; tantrums, no

The BSE Sensex, which breached the 57,000-mark effortlessly in the opening session and sped towards the 58,000-mark, recorded a fresh high of 57,625.26. It closed at a record high of 57,552.39, up 662.63 points or 1.16 per cent. It recorded an intraday low of 56,859.10. Nifty, too, surpassed the psychological 17,000-mark. The Nifty 50 closed at 17,132.20, up 201.15 points or 1.19 per cent, after recording a fresh high of 17,153.50. It recorded an intraday low of 16,915.85.

Market favours decliners

Even as benchmark indices touched record highs, the breadth of the market was trending in favour of decliners as 1,623 stocks declined on the BSE, as compared to 1,571 stocks that advanced while 147 remained unchanged. Furthermore, 309 stocks hit the upper circuit as compared to the 216 stocks that were locked in the lower circuit. Besides, 203 stocks touched a 52-week high and 21 touched a 52-week low.

 

8% gain in August

Rahul Sharma, Head of Technical and Derivatives Research, JM Financial Services Ltd, said, “Decent F&O rollovers, Fed’s dovish stance, weakening dollar and FDI numbers ensured that Nifty crossed the coveted 17,000-mark. After the consolidation of June and July, Nifty has taken off in August, adding around 8 per cent gains.”

“Nifty made another lifetime high today. It has been showing strength since the last four trading sessions. Today’s increase in Nifty was with good volumes, which indicates the strength may continue,” said Gaurav Udani, CEO and Founder, ThincRedBlu Securities.

Bharti Airtel, Bajaj Finance, Hindalco, Eicher Motors and Shree Cements were the top gainers on the Nifty 50 while Tata Motors, Nestle India, IndusInd Bank, Reliance and BPCL were the top laggards.

Bharti Airtel in focus

Bharti Airtel stocks remained in focus after the company’s board of directors approved the plan to raise further capital. The telecom services provider has announced a ₹21,000-crore rights issue. Airtel was up 6.70 per cent at closing. It recorded a fresh 52-week high of ₹668.10 on the NSE.

Airtel to raise ₹21,000 crore through rights issue

All-round buying

On the sectoral front, all indices except Nifty Media closed in the green. Metals, IT and healthcare stocks recorded significant gains.

Nifty Metals was up 1.54 per cent while Nifty IT was up 1.35 per cent. Nifty Healthcare Index was up 1.40 per cent.

Strong buying was also witnessed in consumer durables and financial services.

Nifty Consumer Durables was up 1.26 per cent. Nifty Financial Services was up 1.27 per cent.

Broader indices

Broader indices were in the green.

Nifty Midcap 50 was up 0.02 per cent while Nifty Smallcap 50 was up 0.68 per cent. The S&P BSE Midcap was up 0.83 per cent while the S&P BSE Smallcap was up 0.86 per cent.

The volatility index, however, rose 9.02 per cent to 14.52.

Published on August 31, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like