Sensex, Nifty record fresh highs, Nifty tops 18,000

Our Bureau Mumbai | Updated on October 11, 2021

Auto, Realty in focus, IT stocks drag

Benchmark indices recorded fresh-all time highs on Monday with Nifty crossing the 18,000 mark for the first time.

Market opened with marginal gains amid weak global cues, dragged by IT as TCS quarterly earnings weighed on investor sentiments. However, benchmark indices were able to extend gains led by auto and financials and gains in heavyweights such as Reliance Industries.

At 1:15 pm , Nifty 50, after recording a fresh all-time high of 18,041.95, was trading at 18,011.25, up 116.20 points or 0.67 per cent. It hit an intraday low of 17,839.10.

The BSE Sensex was trading at 60,389.20, up 330.14 points or 0.55 per cent, after reaching a fresh high of 60,442.53. It recorded an intraday low of 59,811.42.

Tata Motors, Coal India, Kotak Bank, Maruti and NTPC were the top gainers on the Nifty 50 while TCS, Tech Mahindra, Bharti Airtel, Britannia and HDFC Life were the top losers.

TCS was down 5.28 per cent after its Q2 FY 2022 earnings failed to meet market expectations.

On the other hand, heavyweight RIL recorded a fresh 52-week high of ₹2720 on the NSE after Reliance New Energy Solar Ltd, a wholly-owned unit of Mukesh Ambani-led Reliance Industries Ltd announced two acquisitions for nearly ₹8,600 crore on Sunday as part of its ₹75,000-crore green energy transition plan. This include the acquisition of 40 per cent stake in a 40 per cent stake in the Shapoorji Pallonji-backed company Sterling and Wilson Solar Ltd (SWSL) for ₹2,845 crore and 100 per cent shareholding of REC Solar Holdings AS (REC Group) from China National Bluestar (Group) Co Ltd., for an Enterprise Value of $771 million.

Market is likely to remain volatile this week ahead of earnings announcements as IT majors like Infosys, Wipro and HCL Technologies are going to announce their numbers this week apart from companies such as HDFC Bank, Avenue Supermarts and Mindtree. Weak global cues have also added to the pressure.

The volatility index rose 2.61 per cent to 16.06.

Market sentiment was supported by a balanced RBI policy meeting outcome announced on Friday.

IT under pressure

On the sectoral front, auto, realty, financials, metals and consumer durables recorded gains while IT stocks dragged. All indices, except Nifty IT and Nifty Media were in the green.

Nifty Auto was up 2.85 per cent while Nifty Realty was up 2.68 per cent. Nifty Bank and Nifty Financial Services were up 1.15 per cent and 1.23 per cent. Nifty Metal was up 1.29 per cent while Nifty Consumer Durables was up 1.32 per cent.

Meanwhile, Nifty IT was down 2.07 per cent.

Broader indices

Broader indices were also in the green.

Nifty Midcap 50 was up 0.91 per cent while Nifty Smallcap 50 was up 0.47 per cent. The S&P BSE Midcap was up 0.72 per cent while the S&P BSE Smallcap was up 1.06 per cent.

Published on October 11, 2021

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