Sensex, Nifty hit fresh record highs
Government announces relief measures for the telecom sector
Auto sector gets Rs 26,058-crore PLI boost
Household debt may have declined to 34% in Q1 FY22: SBI report
Indian law firms reluctant to advise on LIC mega IPO, says Reuters report
Infosys’ deadline to fix I-T portal ends today
And
HDFC’s Keki Mistry says he expects upside in housing sector in the short, medium as well as long term
Let us take a quick glance at what happened on Dalal Street today.
Bulls took charge on Wednesday as benchmark indices scaled new highs, thanks to strong buying action in telecom, IT and banking stocks. Auto and telecom stocks were the focus of investors after the positive newsflow for the sectors. Equity investors grew richer by Rs 2.16 lakh crore during the session. BSE Sensex added more than 475 points to close above 58,720, just about 55 points below its all time high. Nifty50 gained about 140 points to end the day at 17,520. The index crossed 17,500 mark for the first time. Among the broader markets, BSE midcap and smallcap indices added up to a per cent each. Fear gauge India VIX gained over a per cent.
On the BSE Sensex, NTPC zoomed 7 per cent and Bharti Airtel gained 5 per cent, the most among the gainers. HCL Tech and Titan jumped 3 per cent each. SBI, Power Grid, TCS and IndusInd Bank surged 2 per cent each. Infosys, L&T, Bajaj Auto and ICICI Bank added up to a per cent each. On the other hand, Axis Bank, Asian Paints and Ultratech Cement declined the most. Nestle, Sun Pharma, HDFC Bank, Bajaj Finance, Bajaj Finserv and ITC also settled in the red. Over 415 stocks hit upper circuit limits for the day and 185 stocks hit the lower circuit. About 135 stocks tested their 52-week highs during the session.
We have Mitul Shah from Reliance Securities to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What were the factors that led to strong gains in the domestic markets?
2. The Cabinet has cleared the PLI scheme for the auto sector. How should one play the theme?
We also caught up with Aditya Agarwala of Yes Securities to decode the technical charts for you.
1. Nifty scaled 17,500 levels today. Where is it headed now?
2. What is your take on Nifty Bank after its strong comeback?
Asian markets ended mostly lower for the day. Major European markets were trading mixed in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
