INSUBCONTINENT EXCLUSIVE:
Better than expected corporate earnings in June quarter also added to the bullish investors' sentiment.The Indian equity benchmarks surged
to record highs on Tuesday on hopes of faster pace of economic recovery as various macro-economic indicators pointed towards demand revival
The country's factory activity bounced back last month and GST collections jumped 33 per cent to Rs 1.16 lakh crore in July, indicating
demand revival in an economy hit hard by the second wave of Covid-19 pandemic
Better than expected corporate earnings in June quarter also added to the bullish investors' sentiment
The Sensex surged as much as 937 points to hit an all-time high of 53,887.98 and Nifty 50 index climbed as much as 262 points to hit record
high of 16,146.90.The Nifty 50 index climbed 245.60 points or 1.55 per cent to close at an all-time high of 16,130.75 and Sensex surged
872.73 points or 1.65 per cent to settle at record high of 53,823.36."Pace of vaccination is giving hopes that the economy can open up
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," AK Prabhakar, head of research at IDBI Capital told
TheIndianSubcontinent."The Nifty witnessed some strong trends and after overcoming the resistance level of 16,000
While sustaining above 16,000 is the key factor from a short-term perspective, maintaining above this level is important for Nifty to gain
momentum and extend the rally up to 16,200," Ashis Biswas, Head of Technical Research at CapitalVia Global Research said.HDFC, Infosys, Tata
Consultancy Services, ICICI Bank, Hindustan Unilever and Reliance Industries were among the top movers in the Sensex.Buying was visible
across sectors as nine of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty FMCG index's nearly 2 per
Nifty Auto, Bank, Financial Services, IT, Pharma, PSU Bank indices also rose 1.2-1.5 per cent.On the other hand, media and metal indices
ended lower.Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index ended unchanged while Nifty Smallcap 100
index slipped 0.2 per cent.Tian was top Nifty gainer, the stock rose 4 per cent to close at Rs 1,842
HDFC, IndusInd Bank, Nestle India, UltraTech Cement, State Bank of India, Hindustan Unilever, Axis Bank and Bharti Airtel also rose between
2-3.8 per cent.On the flipside, JSW Steel, Shree Cements, Bajaj Auto, UPL, Tata Steel, NTPC and Grasim were among the notable losers.The
overall market breadth was marginally positive as 1,740 shares ended higher while 1,505 closed lower on the BSE.
