Taking Stock: Nifty Ends Above 16,600, Sensex Gains 403 Pts; Mid, Smallcaps Outshine
The broader market outperformed with BSE midcap and smallcap indices adding over 1 percent each.... Read More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,364.94 | -61.52 | -0.08% |
| Nifty 50 | 24,634.90 | -19.80 | -0.08% |
| Nifty Bank | 54,461.00 | 71.65 | +0.13% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Interglobe Avi | 5,707.00 | 146.00 | +2.63% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Axis Bank | 1,132.20 | -21.80 | -1.89% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7390.75 | 129.30 | +1.78% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26436.55 | -47.95 | -0.18% |
Market has given strong closing on Tuesday on the back of positive global cues and optimism over economic growth amid the easing of COVID-19 related restrictions by the states. The unlocking in the country has manifested itself in improving performance across various high frequency industrial and service sector indicators, mobility and toll collections in July 2021.
Business activity in India stayed buoyant for the second week in a row with Nomura India Business Resumption Index rising to 100.8 for the week ended August 22. Global markets also remained strong after US FDA gave the final approval of the Pfizer Inc. /BioNTech SE COVID-19 vaccine. Baring IT and FMCG index all the major indices closed in positive.
Strong rebound in broader markets along with favourable global cues bolstered optimism in Dalal Street, led by metal, banking and realty stocks. Metal stocks led the rally as value buying was witnessed in the sector after deep sell-off during the past four trading sessions due to weak iron ore futures across the globe. The USFDA granted full approval to the covid-19 vaccine by Pfizer and BioNTech which pumped in hopes of faster inoculations.
While the Bajaj Twins helped power the Sensex back to 56K in afternoon trade, what was more encouraging was to see savvy investors begin to accumulate stocks sold at higher levels in the broader market which speaks about the recovery in the earnings cycle during Q1 despite the adverse impact of the second wave. Buoyancy in tax collections brought back traders into metal names even as the Nifty Bank lent good support.
: Benchmark indices ended higher with Nifty above 16,600 led by the metal, pharma, banks and power stocks.
At close, the Sensex was up 403.19 points or 0.73% at 55,958.98, and the Nifty was up 128.10 points or 0.78% at 16,624.60. About 2067 shares have advanced, 969 shares declined, and 122 shares are unchanged.
Bajaj Finserv, Adani Ports, Bajaj Finance, Tata Steel and Hindalco Industries were the top Nifty gainers. Britannia Industries, HDFC, Infosys, Asian Paints and Nestle were among the top losers.
BSE midcap and smallcap indices gained over 1 percent each. Among sectors, except IT and FMCG, all other sectoral indices ended in the green.
Gold eased on Tuesday as the dollar steadied, but speculation that a spike in coronavirus cases may prompt the U.S. Federal Reserve to defer its tapering of monetary stimulus kept bullion above the pivotal $1,800 level.
The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 16,600. It is going to be crucial for the short-term market scenario to sustain above the 16,600 level. Sustaining above 16,600, the market expects to gain momentum, leading to an upside projection till 16,700 level. Technical indicators suggest, a volatile movement in the market in a small range between 16,500-16,700.
The dollar was steady on Tuesday, holding near the previous session's five-day low, as markets appeared less concerned by the spread of the Delta variant, while the New Zealand dollar picked up after hawkish comments from the central bank.
Benchmark indices were trading at day's high level led by metal, pharma, banks and power stocks.
The Sensex was up 463.83 points or 0.83% at 56019.62, and the Nifty was up 148 points or 0.90% at 16644.50. About 1994 shares have advanced, 923 shares declined, and 101 shares are unchanged.
Infosys announced the signing of a new minimum three-year contract with UCAS, the admissions service for UK higher education.
As part of the new agreement Infosys will provide a wide range of digital services that will enable UCAS to further develop the capabilities that connect learners to universities, awarding bodies, schools, and other organisations, built on a dynamic digital suite of systems able to rapidly respond to the evolving UK higher education sector.
Infosys touched a 52-week high of Rs 1,755.60 and was quoting at Rs 1,720, down Rs 19.20, or 1.10 percent on the BSE.
