Equity investors grew richer by Rs 2.37 lakh crore as the total market cap of BSE-listed companies bounced to Rs 240.11 lakh crore. However, volatility indicators surged over 7 per cent as traders got cautious.
The 30-share pack Sensex climbed 872.73 points or 1.65 per cent to close at 53,823.36. Its broader peer NSE Nifty advanced 245.60 points or 1.55 per cent to 16,130.75.
“Progressive economic data indicates strong rebound from the impact of the second wave. All major domestic data like PMI index, GST collection, corporate earnings, and export data favour a strong recovery. This has added euphoria in the domestic market reaching new highs along with context to a drop in global risk after the accommodative monetary & fiscal policy announcements,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Vodafone Idea tanks 10 per cent as Birla proposes to give up his stake
- Steel Strips Wheels hits 10 per cent upper circuit after record sales in July 2021
- Titan Company surges another 4 per cent as buying continues
- HDFC advances 4 per cent after delivering 22 per cent Q1 NII growth
- Metal stocks buck the trend, see profit-booking
Among the blue-chip names, Titan was the top gainer for the second day, rising 3.99 per cent. HDFC, IndusInd Bank, Nestle India, UltraTech Cement, SBI, HUL, Axis Bank, Bharti Airtel and Tata Motors were other gainers.
JSW Steel was the top loser in the Nifty pack, falling 0.78 per cent. Shree Cement, Bajaj Auto, UPL, Tata Steel and NTPC were others that ended in the red.
Broader market indices ended mixed underperforming their headline peers. Nifty Smallcap fell 0.24 per cent and Nifty Midcap climbed 0.05 per cent. Nifty 500, the broadest index on NSE, ended up 1.13 per cent.
“We estimate corporate earnings to continue to recover, as the underlying economy opens up, with progressively higher vaccination trends, thus offering many bottom-up opportunities.”
Rossari Biotech, Trident, Firstsource Solution, Cummins India, Godrej Industries, Dr Lal Pathlabs were top gainers from mid and smallcap indices, climbing in the range of 4-8 per cent.
RBL Bank, Coforge, CESC, Rain Industries, PVR and Alkyl Amines were major losers from broader market space, falling in the range of 2-5 per cent.
Barring Nifty Metal and Nifty Media that dipped 0.05 per cent and 0.83 per cent, all sectoral indices ended with gains. Nifty FMCG was the biggest gainer, up 1.73 per cent. Nifty Auto, Nifty Bank and Nifty Financial Service were other top gainers.
Market breadth was in favour of gainers as 1,740 stocks ended in the green, while 1,505 names settled with cuts. As many as 538 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 13 names hit 52-week lows, mostly from the microcap space. About 520 stocks hit upper circuit limits and 210 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.41 per cent while Paris and Frankfurt advanced 0.95 per cent and 0.13 per cent, respectively. In Asia, China, Hong Kong, Singapore and Japan ended in the red while others registered gains.
