Wednesday, October 20, 2021
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Bulls bare their teeth to US Fed as Sensex inches closer to 60K


NEW DELHI: There is no negative news for this bull run, or at least this is what Dalal Street thinks, given its reaction on Thursday. Benchmark indices clocked their biggest jump in the last four months even as the US Fed said it will start cutting support to the economy “soon”.

Market participants were also buoyed by positive tailwinds like the progress of the monsoon and the pace of vaccinations. Mortgage and real estate names were seen buzzing around on incremental positive newsflow.

The 30-share pack Sensex soared 958.03 points or 1.63 per cent to close at 59,885.36. Its broader peer NSE Nifty advanced 276.30 points or 1.57 per cent to 17,822.95. Both indices hit fresh highs.

Equity investors were richer by Rs 3.14 lakh crore, as their total wealth represented by BSE market capitalisation climbed to Rs 261.71 lakh crore.

“With improvement in economic activity and the optimism around the capex cycle revival, the earnings trajectory for India Inc will naturally get a big boost. Moreover, liquidity (in the market) remains extremely strong,” said Devang Mehta, Head – Equity Advisory, Centrum Broking.


Market at a glance:

  • Kalpataru Power adds 1 per cent after Rs 236 crore arbitration award
  • Jubilant Ingrevia rises 3 per cent after selling stake in Safe Foods
  • Realty stocks rally on record registration, stamp duty cut
  • IPO watch: Paras Defence subscribed 304x so far on Day 3
  • Zee Entertainment sees profit-booking, ends down 5 per cent

Among the bluechip names, Bajaj Finserv was the top gainer, rising 4.63 per cent. Hindalco, L&T, Tata Motors, Coal India, HDFC, Axis Bank, ONGC and IndusInd Bank were other gainers.

HDFC Life Insurance was the top loser in the Nifty pack, falling 1.08 per cent. Dr Reddy’s Labs, JSW Steel, Tata Consumer, ITC, Nestle India, Britannia Industries and Bharat Petroleum were others that ended in the red.

Broader market indices ended higher, but underperformed their headline peers. Nifty Smallcap rose 0.78 per cent and Nifty Midcap climbed 1.49 per cent. Nifty 500, the broadest index on NSE, ended up 1.43 per cent.

“Bottom-up stock picking approach is becoming difficult for investors. Traders should have cautious approach as intermittent volatility cannot be ignored given such rich valuations.”

— Siddhartha Khemka, Motilal Oswal

NBCC, Dilip Buildcon, KEI Industries, Indian Hotels, Prestige Estate Projects and Dixon Tech were top gainers from mid and smallcap indices, climbing in the range of 5-9 per cent.

JKLakshmi Cement, Quess Corps, Cyient, Zee Entertainment, Endurance Technologies and Balkrishna Industries were major losers from broader market space, falling in the range of 1-6 per cent.

Barring Nifty Media that ended down 1.71 per cent, all sectoral indices on the NSE closed in green. Nifty Realty continued its massive rally, surging another 8.66 per cent. Nifty Bank and Nifty Financial Services were other big gainers.

Barring Nifty Media that ended down 1.71 per cent, all sectoral indices on the NSE closed in green. Nifty Realty continued its massive rally, surging another 8.66 per cent. Nifty Bank and Nifty Financial Services were other big gainers.

Market breadth was in favour of gainers as 1,974 stocks ended in the green, while 1,266 names settled with cuts. As many as 254 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 15 names hit 52-week lows, mostly from the microcap space. About 333 stocks hit upper circuit limits and 168 lower circuit limits.

European markets were trading higher. London-based FTSE was up 0.25 per cent while Paris and Frankfurt advanced 0.85 per cent and 0.85 per cent, respectively. In Asia, Japan and South Korea ended in red. Rest of the markets registered gains.



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