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Stock markets extend record run for 4th straight session

Stock-specific activity may continue
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Stock-specific activity may continue

Highlights

HDFC twins, IT pack lead charge as macro indicators improve

Mumbai: Equity benchmarks raced to new peaks for the fourth straight session on Wednesday as participants took note of continuously improving macroeconomic indicators and positive trends in global markets.

The BSE Sensex settled 403.29 points or 0.87 per cent higher at 46,666.46, while the NSE Nifty climbed 114.85 points or 0.85 per cent to 13,682.70 -- record closing for both the benchmarks. Both the indices also marked their all-time intra-day highs of 46,704.97 and 13,692.35, respectively. In the Sensex pack, HDFC, ONGC, Bharti Airtel, Asian Paints, Titan, TCS and Mahindra and Mahindra were the prominent gainers, advancing up to 3.11 per cent.

On the other hand, ICICI Bank, IndusInd Bank, NTPC, UltraTech Cement, Tech Mahindra and HCL Tech were among the major laggards, skidding up to 1.09 per cent. Asian bourses closed broadly higher amid hopes that COVID-19 vaccines and economic stimulus by governments around the world will revive economic growth.

European equities surged to 10-month highs on prospects of a Brexit trade deal and expectations of swift rollout of coronavirus vaccination. "Domestic equities remained in the grip of bulls, recording fresh highs fairly supported by firm global markets. Emerging prospects of additional fiscal stimulus in the US and satisfactory progress on coronavirus vaccination bolstered investors' sentiments. Barring PSU banks, all key sectoral indices recorded gains. "Encouraging data for key economic indicators and positive news flows continued to attract investors' interest in domestic equities. Further, improving prospects of corporate earnings recovery, weak dollar index, consistent improvement in coronavirus recovery rates, government's strong commitment to revive the economy and dismal real interest rate scenario globally continued to act as key tailwinds to attract FPIs flows into Indian equities," said Binod Modi, Head- Strategy at Reliance Securities.

SBI in a research report said India's GDP growth is expected at (-) 7.4 per cent in FY21 on better-than-projected recovery, upgrading its earlier forecast of (-) 10.9 per cent. Sectorally, BSE realty index soared 5.03 per cent, followed by consumer durables (2.39 per cent), telecom (1.75 per cent), metal (1.75 per cent) and capital goods (1.39 per cent). Broader BSE smallcap, midcap and largecap indices jumped as much as 0.88 per cent. On the forex market front, the Indian rupee settled 5 paise higher at 73.58 against the US dollar.

Brent crude futures, the global oil benchmark, rose 0.47 per cent to USD 50.93 per barrel. Foreign institutional investors remained net buyers in the capital markets, purchasing shares worth Rs 2,484.09 crore on Tuesday, according to exchange data. (PTI)

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