During the day, the RBI kept policy rates unchanged but extended schemes that have been used to infuse liquidity in the market. However, the rising bond yield, which ticked higher post-policy announcement, has been a worry for the market.
The 30-share pack Sensex added 117.34 points or 0.23 per cent to close at 50,731.63. Its broader peer NSE Nifty advanced 28.60 points or 0.19 per cent to 14,924.25. Both indices closed at fresh record highs.
“Market mood has been quite exuberant in the aftermath of the Union Budget along with stronger-than-expected earnings. Banks have further boosted risk on sentiment in the market. Globally earnings season is driving markets which are flirting near their all-time highs. A combination of positive sentiment, positive FII flows and very healthy earnings could keep markets at elevated levels in the near future,” said Rusmik Oza, Executive Vice President, Head of Fundamental Research at Kotak Securities.
Market at a glance:
- SBI rallies 11% as brokers see up to 80% upside
- Bharti Airtel drops 3% after management conference call
- Tata Motors drops over 2%; Maybank sees 50% downside
- Realty, PSU banks gain as RBI MPC keeps rates unchanged
- 314 scrips hit 52-week highs: DLF, Voltas, SBI, ITC, HDFC Bank, ICICI Bank and Tata Power top names
Among the bluechip names, SBI was the top gainer for the second day, rising 11.32 per cent. Tata Steel, Divi’s Labs, Kotak Mahindra Bank, Dr Reddy’s Labs, UltraTech Cement, ITC and Cipla were other gainers.
Axis Bank was the top loser in the Nifty pack, falling 3.06 per cent. Bharti Airtel, Tata Motors, UPL, Maruti Suzuki, Coal India, ICICI Bank, GAIL and Shree Cement were others that ended in the red.
“We might see some consolidation in the index early next week so there’ll be no shortage of trading opportunities on the stock-specific front. Traders should align their positions accordingly and avoid contrarian trades.”
Broader market indices ended on a mixed note, underperforming their headline peers. Nifty Smallcap rose 0.26 per cent and Nifty Midcap dipped 1.09 per cent. Nifty 500 — the broadest index on NSE — fell 0.05 per cent.
Aditya Birla Fashion Retail, YES Bank, Godrej Properties, Graphite India, Indiamart InterMesh and Indian Bank were top gainers from mid and smallcap indices, climbing in the range of 4-9 per cent.
V-Guard, Dalmia Bharat, Godrej Agrovet, Chambal Fertilisers, FDC and Welspun India were major losers from the broader market space, falling in the range of 4-6 per cent.
The sectoral matrix on the NSE was mixed. Nifty PSU Bank added 3.6 per cent, followed by Nifty Pharma and Nifty Metal that advanced 1-2 per cent. Nifty Media was the top loser, plunging 4.47 per cent.
Market breadth was in favour of losers as 1,325 stocks ended in the green, while 1,651 names settled with cuts. As many as 314 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 37 counters hit 52-week lows, mostly from the microcap space. About 285 stocks hit upper circuit limits and 204 lower circuit limits.
European markets were trading on a mixed note at the last count. London-based FTSE was up 0.12 per cent while Paris and Frankfurt were up 0.99 per cent and 0.26 per cent, respectively. In Asia, barring China, which closed 0.16 per cent lower, all markets closed with gains. Nikkei was the top gainer, up 1.54 per cent.
