The Indian equity benchmarks recorded major gains from Reliance Industries, Baja Finance, HDFC, Tata Steel HDFC Bank and Mahindra & Mahindra. The Sensex rose hot 243 points of 55,680.75 and the Nifty 50 index touched an all-time high of 16,589.40. The profit generated from the equity markets were capped owing to the fall of Infosys, State Bank of India, Maruti Suzuki and ICICI Bank.
The Sensex went above 145 points of 55,582.58 and the Nifty 50 index reached 34 points with a whopping 16,563.
“Sentiments remained intact and poised towards positivity as the government focuses more on the infrastructure in the coming time which will help the economy reach new heights. Our research suggests that 16,350 is an important support level for Nifty in the short term, if Nifty sustains above this level, we can expect the market to remain positive and gain momentum, leading to an upside projection till 16,700-16,750 level,” Gaurav Garg, Head of Research at CapitalVia Global Research told NDTV through an email.
Moreover, the Nifty Metal index was among the top Nifty gainer with a 1.5 per cent share rate. Oil & Gas, FMCG and Financial Services indexes also reached higher slots. The broader market could not perform as Nifty Midcap 100 index fell significantly by 0.35 per cent and the Nifty Smallcap 100 index dipped by 0.72 per cent.
Devyani International summed up being the top performer with a start of 56 per cent shares at ₹ 141 on the BSE and ₹ 140.90 on the NSE, issued at ₹ 90 per share.
Exxaro Tiles shares commenced for trading at ₹ 126, along with a premium of 5 per cent from the issue price of ₹ 120 per share.
Windlas Biotech shares made a weak start with trading at ₹ 437 on the National Stock Exchange (NSE), with a discount of 5 per cent from the issue price of ₹ 460.
Krsnaa Diagnostics, a Pune-based company’s shares were offered at a premium of 7 per cent at ₹ 1,025 on the BSE and a premium of around 5 per cent at ₹ 1,005 on the NSE against the issue price of 954 per share.
Reliance Industries was amongst the best Nifty gainers, their stock had a major hit of 2.8 per cent with an intraday high of ₹ 2,203. Tata Steel, Bajaj Finance, Mahindra & Mahindra, Britannia Industries, Indian Oil, Bharat Petroleum, JSW Steel, Bajaj Finserv and HDFC witnessed a 1-3 per cent rise.
In hindsight, Maruti Suzuki, Shree Cements, Eicher Motors, Power Grid, Bajaj Auto, State Bank of India, UltraTech Cement, Coal India and Tata Motors couldn’t gain well this time. The total market breadth was towards the negative to 2,127 shares which closed at lower rates against the 1,167 higher rates on the BSE.