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The BSE Sensex and the NSE Nifty50 were ruling firm on Thursday after recording fresh highs during the morning session.
Market, after opening on a positive note amid mixed global cues, maintained bullish momentum led by IT stocks and financials. Meanwhile, Auto, Pharma and PSU stocks were under selling pressure.
After recording a fresh all-time high of 53,253.20, the BSE Sensex was ruling at 53,151.55, up 247.5 points or 0.47 per cent. It hit an intraday low of 52,948.43. The Nifty 50 which also recorded a fresh all-time high of 15,946.65, was ruling at 15,915.25, up 61.30 points or 0.39 per cent. It recorded an intraday low of 15,855.00.
HCL Tech, L&T, Tech Mahindra, Wipro and ITC were the top gainers on the Nifty 50 while ONGC, Eicher Motors, Coal India, IOC and BPCL were the top laggards.
Wipro, one of the top gainers today was up 2.35 per cent ahead of its Q1 FY22 results.
Also read: Benchmark indices bounce up, Sensex gains 78 points to trade at 52,848
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, market sentiments were supported by claims from a private report that IT investment in the country is predicted to expand at an annual rate of 8 per cent to $92.7 billion in 2021.
An ICRA Ratings poll saying that 42 per cent of non-banking financial companies (NBFCs) are likely to see a 15l per cent increase in their asset under management (AUM) in fiscal 2021-22, also positively impacted market sentiment, he added.
“Following the release of the U.S. jobs report, global market prices were flat and bond rates were slightly lower on Wednesday. The S&P 500 reached a new intraday high as Federal Reserve Chair Jerome Powell assuaged investor concerns by stating that a recent inflation rise will dissipate. Asian markets were mostly trading in green following the US market cues,” said Garg.
Auto, Pharma and PSU lose shine
On the sectoral front, IT stocks led the rally followed by financials, metals and FMCG. However, auto, pharma and PSU Bank stocks remain under selling pressure.
Nifty IT was up 1.52 per cent. Nifty Bank and Nifty Financial Services were up 0.45 per cent and 0.48 per cent, respectively. Nifty Metal was up 0.15 per cent while Nifty FMCG was up 0.16 per cent.
Nifty Auto was down 0.57 per cent. Nifty Pharma was down 0.32 per cent and Nifty PSU Bank was down 0.52 per cent.
Broader indices
Broader indices remained in the green. Nifty Midcap 50 was up 0.08 per cent while Nifty Smallcap 50 was up 1.13 per cent. The S&P BSE Midcap was up 0.15 per cent while the S&P BSE Smallcap was up 0.37 per cent.
The volatility index rose 1.40 per cent to 12.77.
Also read: Zomato IPO subscribed 1.05 times on Day 1
Zomato IPO: Retail investors pour in
The ₹9,375-crore IPO of food delivery platform Zomato opened for subscription on Wednesday. The platform on Tuesday raised ₹4,196.51 crore from 186 anchor investors by allotting about 55.22 crore shares.
At 1:10 pm, Qualified Institutional Buyers (QIBs) subscribed 0.98 times, Non Institutional Investors subscribed 0.24 times, Retail Individual Investors (RIIs) subscribed 3.87 times, Employee Reserved subscribed 0.21 times. It was subscribed 1.29 times in total, as per BSE data.
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