INSUBCONTINENT EXCLUSIVE:
The domestic markets surged to record highs on Monday, in line with global bourses, after the US Federal Reserve Chair Jerome Powell
indicated the US central bank could begin scaling back its bond buying program by year-end but did not give a firm timeline
Comments by Jerome Powell spurred buying interest in equities across the world as concerns over tight liquidity conditions eased, analysts
The Sensex soared as much as 834 points to hit an all-time high of 56,958.27 and Nifty 50 index surpassed its important psychological level
of 17,900 for the first time.The BSE Sensex advanced 765 points to close at record high of 56,889.76 and Nifty 50 index jumped 226 points to
settle at 16,931.At the Fed's annual Jackson Hole conference, Jerome Powell expressed caution about raising interest rates as the Fed
tries to nurse the economy to full employment and would avoid chasing "transitory" inflation.Following Mr Powell's speech, the S-P 500 and
the Nasdaq closed at record highs for the fourth time last week driven by stocks in technology, communications, consumer discretionary and
financials."The texture of a breakout continuation formation suggests an uptrend wave is likely to continue in the near future
For the day traders, the support has shifted from 16,700 to 16,800- 16,850 levels
On the flipside, markets may take a temporary pause near 17,000-17,050 due to an extended rally while intraday charts suggest the market is
in an overbought situation
As long as the index holds the 16,800 level, the uptrend formation could continue up to 17,000-17,050 levels, whereas on the downside, below
the 16,800 level uptrend would be vulnerable," Shrikant Chouhan, executive vice president, equity technical research at Kotak
Securities.Back home, buying was visible across sectors as all the 19 sector gauges, barring the measure of information technology shares,
ended higher, led by the S-P BSE Telecom index's over 3.5 per cent gain.Banking, Financial Services, Energy, Healthcare, Utilities, Auto,
Capital Goods, Consumer Durables, Metal, Oil - Gas and Power indices also advanced 1.5-2.5 per cent each.Mid- and small-cap shares also
witnessed buying interest as the Nifty Midcap 100 index jumped nearly 2 per cent and Nifty Smallcap 100 index advanced 1.5 per cent.In the
Nifty 50 index, 43 shares ended higher.Bharti Airtel was top Nifty gainer; the stock rose 5 per cent to close at record high of Rs 625 after
its board approved fund raising plan of up to Rs 21,000 crore via rights issue to existing shareholders
Bharti Airtel has priced rights issue at Rs 535 a share, a discount of around 10 per cent to Friday's close of Rs 595.15.Divi's Labs,
Axis Bank, Tata Steel, Coal India, Titan, ONGC, Maruti Suzuki, Bajaj Finance, State Bank of India, Hindalco, Asian Paints, Mahindra -
Mahindra, Tata Motors and Reliance Industries also rose 2-4 per cent.On the flipside, Tech Mahindra, Nestle India, Eicher Motors, Infosys,
Wipro, SBI Life and TCS were among the notable lowers.The overall market breadth was extremely positive as 2,223 shares ended higher while
1,094 closed lower on the BSE.
