Stocks

Sensex tops 61,000, Nifty moves past 18,300 as bulls take charge

Our Bureau Mumbai | Updated on October 14, 2021

Financials, IT, metals lead rally

The market extended its rally on Thursday, with benchmark indices closing at record highs for the third consecutive session, with the BSE Sensex crossing the 61,000-mark for the first time.

 

The market opened on a strong note following positive global cues, and extended its rally through the day. The indices closed at record highs, led by financials, IT and metals. Auto stocks witnessed profit-booking.

The BSE Sensex, which recorded a fresh all-time high of 61,353.25 during the day, closed at a record high of 61,305.95, up 568.90 points or 0.94 per cent. It hit an intraday low of 60,978.04.

The Nifty 50 closed at 18,338.55, up 176.80 points or 0.97 per cent, after recording a fresh all-time high of 18,350.75. It recorded an intraday low of 18,248.70.

 

Breadth remains positive

The market breadth remained positive, with 1,703 stocks advancing on the BSE, 1,655 declining and 140 remaining unchanged. Furthermore, 375 stocks hit the upper circuit as compared to the 234 stocks that were locked in the lower circuit. Besides, 348 stocks touched a 52-week high and 26 touched a 52-week low.

 

Vinod Nair, Head of Research at Geojit Financial Services said, "The Indian market sustained its upbeat mood supported by the positive global market, favourable inflation data and an upmove in IT stocks, following strong earning scorecards by the sector majors.”

“India’s September retail inflation eased sharply to 4.35 per cent against 5.30 per cent in August owing to a decline in food prices, while wholesale inflation stood at 10.66 per cent compared to 11.39 per cent in the previous month. Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season," added Nair.

Adani Ports, Wipro, Grasim, HDFC Bank and ITC were the top gainers on the Nifty 50, while Coal India, Tata Motors, Eicher Motor, HCL Tech and HDFC Life were the top losers.

Auto stocks under pressure

On the sectoral front, all the indices except Nifty Auto were in the green. IT, metals and financials gained, while auto witnessed profit-booking.

Nifty Bank and Nifty Financial Services closed 1.83 per cent and 1.58 per cent higher, respectively. Nifty PSU Bank was up 1.74 per cent, while Nifty Private Bank was up 1.70 per cent.

IT stocks gained as Infosys and Wipro posted better than expected results for the quarter ended September 2021. Nifty IT was up 1.30 per cent at closing, while Nifty Metal was up 1.77 per cent. Meanwhile, Nifty Auto was down 0.59 per cent.

Broader indices

The broader indices also closed in the green. Nifty Midcap 50 was up 0.96 per cent, while Nifty Smallcap 50 was up 0.72 per cent. The S&P BSE Midcap was up 0.54 per cent, while the S&P BSE Smallcap was up 0.46 per cent.

The volatility index softened 2.06 per cent to 15.77.

Published on October 14, 2021

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