Stocks

Sensex hits new high of 60,333, Nifty closing in on 18,000-level

Our Bureau. | Updated on September 24, 2021

Highs and lows The state of the common man stands in contrast to a soaring Sensex

Tech stocks ride high, Infosys vaults over 2 per cent on Sensex

The BSE Sensex crossed the historical 60,000 mark at opening, with Nifty less than 50 points away from 18,000 as the bull run continued on Friday on the back of easy liquidity.

The market opened on a high note amid positive global cues, as a favourable FOMC meeting outcome continued to enthuse investors. The rally was led by IT and financials, including heavyweights such as HDFC Bank.

The BSE Sensex opened at 60,158.76. At 9:21, am, it was trading at 60,289.44, up 404.08 points or 0.67 per cent, after hitting a new record high of  60,333.00. It hit an intraday low of 60,141.20.

The Nifty 50 was trading at 17,934.95, up 112.00 points or 0.63 per cent after opening at 17,897.45. It hit an intraday high of 17,947.65 and a low of 17,890.80.

Infosys, HCL, TCS, Asian Paints and HDFC Bank were the top gainers on the 30-share Sensex, while Kotak Bank, Reliance, HDFC, Axis Bank and Bajaj Finserv were the top laggards.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, "The outperformance of India during September so far is stunning, with the MSCI World Index down 2.13 per cent and Nifty up by 4.03 per cent. The poor performance of the Shanghai Composite due to a regulatory crackdown and the China Plus One policy have again made India an attractive investment destination for FIIs."

"But the market exuberance has pushed valuations to very high levels. India's valuation premium to EM peers is above 80 per cent now. This is difficult to sustain. Investors may think of reducing their portfolio risk by moving to the safety of high quality large-caps. Partial profit-booking in the mid and small-cap segment and moving some money to fixed income also may be considered," added Dr Vijayakumar.

FIIs were key sellers in the market in the previous session on Thursday, selling shares worth ₹357.93 crore, while DIIs were net buyers, buying shares worth ₹1,173.09 crore.

The rally remained broad-based as midcaps and smallcaps also gained. The S&P BSE Midcap was up 0.41 per cent, while the S&P BSE Smallcap was up 0.70 per cent. 

At 9:32 am, the volatility index was up 1.85 per cent to 16.91.  

 

Published on September 24, 2021

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