Benchmark indices closed at an all-time high on Thursday, the weekly day of the F&O expiry.

Market, which opened on a positive note amid firm global cues rallied through the day, led by IT and financials. Indices gained further in the second half with Realty stocks gaining focus.

The BSE Sensex which recorded a fresh all-time high of 53,266.12 during the day, closed at a fresh high of 53,158.85, up 254.80 points or 0.48 per cent. It hit an intraday low of 52,948.43. The Nifty 50, after recording a fresh all-time high of 15,952.35, closed at a record high of 15,924.20, up 70.25 points or 0.44 per cent. It recorded an intraday low of 15,855.00.

Breadth remains neutral

Despite market hitting new high , many stocks witnessed profit booking. The advance-decline ratio stood almost even with 1,662 stocks advancing, 1,576 declining and 128 remaining unchanged on the BSE. As many as 499 securities hit the upper circuit and 206 the lower circuit; 511 hit their 52-week high while 23 touched a 52-week low.

Binod Modi, Head Strategy at Reliance Securities said, “Domestic equities extended gain with benchmark indices Nifty and Sensex recording fresh all-time high today. Notably, a continued rebound in IT stocks followed by Financials supported today’s rally. We note strong revenue performance and strong deal wins reported by key IT companies in 1QFY22 attracted investors toward IT pack.”

“Notably, dovish remark of Federal Reserve Chairman Powell in his testimony despite surge in inflation should offer comfort to global equities including India,” added Modi.

HCL, Wipro, L&T, Tech Mahindra and Hindalco were the top gainers on the Nifty 50 while ONGC, Eicher Motors, Bharti Airtel, Grasim and Coal India were the top laggards.

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said, “Indian markets started on a positive despite mixed Asian market cues with China reporting its economy grew in the second quarter by 7.9 per cent year-on-year which was marginally lower than expectations of 8.1 per cent. During the afternoon session markets went from strength to strength escalating to all time high point on sustained buying activities by funds and retail investors.”

Sentiments were lifted by a private report stating that India’s IT spending is expected to grow at 8% to $92.7 billion in 2021. The growth at 8% is a shade less than the world average of 8.6% and global spends on information technology are estimated to come at $4.2 trillion, said Solanki.

Auto, Pharma and PSU drag

On the sectoral front, Realty and IT stocks led the rally while financials, metals and FMCG also gained. Meanwhile auto, pharma and PSU Bank stocks continued to remain under pressure.

Nifty IT was up 1.29 per cent at closing. Nifty Bank and Nifty Financial Services were up 0.67 per cent and 0.61 per cent, respectively. Nifty Metal was up 0.67 per cent while Nifty FMCG was up 0.30 per cent.

Nifty Realty recorded the highest gains and was up 4.20 per cent.

Meanwhile Nifty Auto was down 0.40 per cent. Nifty Pharma was down 0.27 per cent while Nifty PSU Bank was down 0.33 per cent.

“Baring auto, pharma and PSU Banks, buying momentum was visible in most of key sectors. Realty stocks witnessed sustained rebound due to better-than-expected improvement in operational performance of real estate companies in 1QFY22,” said Modi.

Broader indices

Broader indices remained in the green. Nifty Midcap 50 was up 0.23 per cent while Nifty Smallcap 50 was up 1.62 per cent. The S&P BSE Midcap was up 0.31 per cent while the S&P BSE Smallcap was up 0.43 per cent.

The volatility index softened 2.54 per cent to 12.27.

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