Sensex strikes record high, led by gains in financial stocks

The Indian stock market registered a new high today marked by gains in financial stocks. The Sensex increased by around 250 points to a new high of 53,129 while Nifty was above 15,900.

The Indian rupee stood at 74.51 against the US dollar. As per reports, the market breadth continued to remain strong with the BSE midcap and smallcap indices up 0.8 per cent and 0.4 per cent respectively.

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10 things to consider about today’s market performance :

– Today, the financial stocks headed the gains with Nifty Financial Services and Nifty Bank indices up by 1.3 per cent each.

-Some of the noted top gainers in the Sensex pack today are UltraTech Cement, Bajaj Finance, HDFC Bank, Bajaj Finserv and IndusInd bank.

-The airline stock surged after the country’s aviation ministry permitted increasing capacity on domestic flights to 65 per cent from 50 per cent, till July.

-State-owned Oil and Natural Gas Corporation included 1.2 per cent following an uptick in oil prices as OPEC+ nations called off talks on output levels on Monday.

‘Mint’ cited Head of Research, CapitalVia Global Research Ltd, Gaurav Garg who explained that if the market sustains above the zone of 15900-15950, it can be expected that the market can gain momentum, leading to an upside projection till 16100-16200 level.

The publication further quoted Technical Analysts, Deen Dayal Investments and Manish Hathiramani who stated that the bias is on the upside and any dip or intraday correction can be utilized to buy this market. Chief Investment Strategist at Geojit Financial Services, V K Vijayakumar stated that the rising crude oil prices is a concern. He stated, ” The bull juggernaut may continue to roll on, but investors have to exercise caution.”  He further explained that markets are expected to respond positively to many Q1 FY22 numbers coming out from this week onwards. ” Brent crude at $77 is a serious macro concern.” he expressed.

According to the report, Asian equity markets were volatile today following Australia’s central bank indicated some tapering in its quantitative easing programme. On Monday, the U.S. markets were shut to mark the Independence Day holiday, as a result the Asian region were left without a strong lead to trading on Tuesday. MSCI’s broadcast index of Asia-Pacific shares outside Japan was 0.1 per cent down.