Sensex, Nifty scale new peaks amid buying spree

Sensex, Nifty scale new peaks amid buying spree

Despite a weak trend in global mkts, heavy buying witnessed in banking, IT and metal stocks

Mumbai: Equity indices darted up for the seventh straight session on Monday to close at fresh lifetime highs as investors remained in risk-on mode despite a bearish trend overseas.

IT, bank and metal stocks witnessed hectic buying, while profit-taking in pharma and auto counters capped the gains. After touching a lifetime peak of 61,963.07 during the session, the 30-share BSE Sensex finished 459.64 points or 0.75 per cent higher at its new closing record of 61,765.59. Similarly, the Nifty surged 138.50 points or 0.76 per cent to its all-time closing high of 18,477.05. It touched a new intra-day record of 18,543.15. Infosys was the top gainer in the Sensex pack, jumping 4.47 per cent, followed by Tech Mahindra, Tata Steel, ICICI Bank, ITC, Maruti, SBI and Axis Bank. On the other hand, HCL Tech, M&M, Dr Reddy's, Asian Paints, Bajaj Auto, HDFC Bank and Bharti Airtel were among the laggards, slipping up to 2.36 per cent.

"The domestic market traded at record highs withstanding the weak trends in the global market due to disappointing Chinese GDP numbers and global inflationary pressure as a result of energy shortage. Chinese GDP grew by just 4.9 per cent during the July-September quarter owing to lower-than-expected growth in industrial activity. However, the trend in the Indian market was bullish as PSU Banks, Metals, IT and Energy stocks took charge of the rally," said Vinod Nair, head (research) at Geojit Financial Services. Narendra Solanki, head (equity research-fundamental), Anand Rathi Shares & Stock Brokers, said: "The sentiment remains buoyant with early data showing Indian economy bouncing back strongly. On the sectoral front, shares of metal companies were in focus on rising base metal prices amid higher demand expectations."

Sectorally, BSE metal, utilities, power, basic materials, IT and teck indices rallied as much as 4.31 per cent, while healthcare and telecom ended in the red. Broader BSE midcap and smallcap gauges climbed up to 0.95 per cent. Global equities were weighed by weaker-than-expected Chinese GDP data amid elevated energy prices and global supply chain issues. Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended with losses, while Hong Kong was positive. Stock exchanges in Europe were also trading in the red in mid-session deals.

Show Full Article
Print Article
Next Story
More Stories