Since the government’s announcement of its capex plans in the Union Budget, benchmark indices have climbed nearly 11 per cent, driven primarily by foreign investors. With the rise, valuations have once again become stretched.
The 30-share pack Sensex added 617.14 points or 1.22 per cent to close at 51,348.77. Its broader peer NSE Nifty advanced 191.55 points or 1.28 per cent to 15,115.80. Both indices closed at fresh record highs.
“Strong global cues supported the domestic rally. PSU Banks, which was on a bull run paused today with some correction noticeable in FMCGs. The overall market is maintaining its buoyancy with a rally in all sectors, especially auto, IT and metal stocks. Improved domestic outlook is encouraging sustained FPI inflows,” said Vinod Nair, Head of Research at Geojit Financial Services.
Investors got richer by Rs 2.53 lakh crore as the total market capitalisation of BSE-listed companies hit Rs 202.87 lakh crore.
Market at a glance
- M&M jumps 7% on all-round Q3 show; analysts raise targets
- BHEL tanks 9% after registering loss in December quarter
- M&F Fin, Shriram Transport gain up to 4% as MS sees 44% upside
- SBI continues its stellar run, adds another 1%
- India VIX, the gauge of volatility, rises 2%
Among the bluechip stocks, M&M was the top gainer, rising 7.36 per cent. Tata Motors, Hindalco, Shree Cements, JSW Steel, Bajaj Finserv, Infosys, Adani Ports and Bharti Airtel were other gainers.
“We are eyeing 15,200 in Nifty. Going forward, earnings and global cues will dictate the market trend… Market participants would actively track key macro data like IIP, CPI and WPI data.”
Britannia Industries was the top loser in the Nifty pack, falling 3.06 per cent. HUL, Kotak Mahindra Bank, Divi’s Labs, Bajaj Finance and SBI Life Insurance were others that ended in the red.
Broader market indices ended with gains in line with their headline peers. Nifty Smallcap rose 1.52 per cent and Nifty Midcap gained 1.51 per cent. Nifty 500 — the broadest index on NSE — added 1.31 per cent.
Dalmia Bharat, Ramco Cement, Adani Enterprises, Karur Vysya Bank, Delta Corps and Aegis Chemicals were top gainers from the mid- and small-cap indices, climbing in the range of 5-10 per cent.
Indiamart Intermesh, Chambal Fertilisers, Vakrangee, BHEL, V-Guard and Vodafone Idea were major losers from broader market space, falling in the range of 2-9 per cent.
The sectoral matrix on NSE was mixed. Nifty Metal added 3,17 per cent, followed by Nifty Auto, which advanced 3.14 per cent. Nifty PSU Bank and Nifty FMCG registered losses, ending down 1.04 per cent and 0.55 per cent, respectively.
Market breadth was in favour of gainers as 1,721 stocks ended in the green, while 1,313 counters settled with cuts. As many as 341 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 45 scrips hit 52-week lows, mostly from the microcap space. About 335 stocks hit upper circuit limits and 280 lower circuit limits.
European markets were trading on a mixed note at the last count. London-based FTSE was up 0.76 per cent while Paris and Frankfurt were up 0.57 per cent and 0.17 per cent, respectively. In Asia, barring South Korea, which closed 0.94 per cent lower, all markets closed with gains. Nikkei was the top gainer, up 2.12 per cent.
