The top movers of Sensex HDFC, ICICI Bank, HDFC Bank, Reliance Industries, Kotak Mahindra Bank surged to fresh record highs on Wednesday. The Sensex climbed to 440 points to trade above the 54,000 marks for the first time and the Nifty 50 index moved above its important level of 16,250 for the first time. On the other hand, the RBI’s (Reserve Bank Of India) monetary committee will spur the country’s economic rise and boost positive sentiment on Dalal Street.
As per NDTV profit, the head of research at IDBI Capital AK Prabhakar told NDTV, “Pace of vaccination is giving hopes that the economy can open up faster than anticipated. Tax efficiency has improved drastically, fuel sales have been good in July despite high prices and corporate results have also been surprising the market which is helping the markets scale new highs.”
Also, the FMCG, IT and Auto sectors were showing poor progress. The huge markets were underperforming their large peers as the Nifty Midcap 100 index rose 0.11 per cent and the Nifty Smallcap index advanced 0.53 per cent. Bharti Airtel did not gain much, it suffered a fall of 1.3 per cent to 572 rupees as traders booked profits after the company reported a net profit of 284 crore rupees compared to a net loss of rupees 15,993 crores in the corresponding quarter last year.
The sectors which suffered loss were Tata Consumer Products, ONGC, Tech Mahindra, UltraTech Cement, Grasim Industries, Mahindra & Mahindra, Sun Pharma and Bharat Petroleum.