Closing Bell: Sensex, Nifty end at record closing high; IT stocks outperform

The bulls continued to dominate as the benchmark indices scaled to new highs led by strength in IT majors. The mood was upbeat from the beginning, thanks to favourable global cues and supportive macroeconomic data viz. IIP and CPI inflation. Noticeable buying in the IT majors combined with support from other index majors further boosted the momentum. Finally, the Nifty index ended higher by 1% at 16,529 levels. Amongst the sectors, except Realty and Healthcare, all the other indices ended with gains. The broader indices underperformed as both midcap and smallcap ended in the red.

Markets are taking comfort from the upbeat global markets and supportive domestic cues amid the fear of a third COVID wave. However, we’re now seeing restricted participation and expect the same trend to continue, at least in the near future. We thus advise continuing with the “buy on dips” approach but focus largely on index majors and select midcaps for long trades.

The market witnessed the continuation of the positive trend, after sustaining above the level of 16350. The market has breached an important resistance level of 16500. If the market sustains above the level of 16500, the market expects to gain momentum, leading to an upside projection till 16700-16750 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

Indian benchmark indices rallied 1 percent hitting fresh record levels led by the IT, metal and FMCG names.

At close, the Sensex was up 593.31 points or 1.08% at 55,437.29, and the Nifty was up 164.70 points or 1.01% at 16,529.10. About 1412 shares have advanced, 1583 shares declined, and 81 shares are unchanged.

Tata Consumer Products, TCS, L&T, Bharti Airtel and HCL Technologies were among major gainers on the Nifty, while losers were Eicher Motors, Dr Reddy’s Labs, Cipla, Power Grid Corp and Britannia Industries.

Except pharma, all other sectoral indices ended in the green with IT index added 1 percent. BSE Midcap and Smallcap indices ended flat.

The company has reported a net profit at Rs 61.8 crore versus Rs 1.9 crore and revenue was up 92.6% at Rs 293.3 crore versus Rs 152.3 crore, YoY.

MOIL was quoting at Rs 183.05, up Rs 7.45, or 4.24 percent on the BSE.

The company's standalone net profit was at Rs 481.6 crore agaisnt loss of Rs 282.9 crore and revenue was at Rs 3,762.7 crore versus Rs 1,335.7 crore, YoY.

Grasim Industries was quoting at Rs 1,502.65, up Rs 10.30, or 0.69 percent on the BSE.

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