Comments
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.
Related Stories
Index Outlook: Is near-term view bullish for Sensex, Nifty 50?
The recovery of the benchmark indices last week keeps hopes aliveThe 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.
Related Stories
Sensex, Nifty surge further, as bull momentum continues
IT stocks in focus post Infy, Wipro results; Auto under pressureBreadth 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.
Related Stories
How Sensex, Nifty have raced ahead of global peers since March 2020
China losing steam and India’s under-performance before 2020 drew foreign institutions. Domestic investors swung to equities, tooVinod 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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.