Indian markets hit record high; Nifty at 16,000, Sensex up 400 points: 10 points
Indian share market hit record highs on Tuesday, buoyed by technology and consumer stocks, as economic indicators pointed to a demand recovery. The Nifty touched the 16,000-mark for the first time, whihc the Bombay Stock Exchange (NSE) was up over 400 points at 53,378, also a new high.
Many economists have pointed to normalisation of activity after Covid-19 curbs were eased, based on factory data and purchasing managers index.
Here are the key updates about the markets after today's stellar performance:
- The Nifty IT index climbed 0.8 per cent, while the fast moving consumer goods sub-index rose 1 per cent.
- Among stocks, Titan surged by 4 per cent to ₹1,843.90 per share while Asian Paints was up by 2.2 per cent, Britannia and ITC by 1.5 per cent, and Nestle India by 0.9 per cent.
- The other prominent gainers were Sun Pharma, Tata Motors, Tata Consultancy Services and Tata Consumer Products. Experts said fundamental support to the bulls has been coming from good corporate results.
- "India-specific things continue to be strong, with industrial production data and manufacturing purchasing managers ndex positive for July," said Anita Gandhi, wholetime director at Arihant Capital Markets. She adding that unlocking of Covid-19 restrictions is also a positive factor.
- Arun Agarwal, Deputy Vice President, Equity Research, Kotak Securities Ltd, told Livemint that strong recovery in terms of volume (for the month of July) in automobile OEMs in in the passenger vehicle and the commercial vehicle segment also played a significant part in lifting investor confidence.
- HCL Tech, Bajaj Auto, Tata Steel, ICICI Bank and NTPC were among the laggards.
- In the previous session, Sensex rallied 363.79 points or 0.69 per cent to finish at 52,950.63, while Nifty surged 122.10 points or 0.77 per cent to 15,885.15.
- Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth ₹1,539.88 crore on Monday, as per provisional exchange data.
- Meanwhile, the spread of the Delta variant of coronavirus in key Asian regions posed new risks and put Chinese authorities on high alert, rattling investor confidence.
- MSCI's broadest index of Asia Pacific shares outside Japan fell 0.4 per cent in early trading. Japan's Nikkei was off 0.85 per cent while Hong Kong's Hang Seng Index fell 0.83 per cent.