INSUBCONTINENT EXCLUSIVE:
The Indian equity benchmarks surged to record highs on Wednesday led by gains in Bharti Airtel, Infosys, Tata Consultancy Services, State
Bank of India, NTPC and HCL Technologies
The Sensex rose as much as 530 points to hit record high of 58,777.06 and Nifty 50 index moved above important psychological level of 17,500
for the first time.The Sensex advanced 476 points to end at 58,723.20 and Nifty 50 index climbed 139 points to close at 17519.45."Nifty
continues to trade with a positive bias for the short as well and medium term
We expect the index to conquer 18,000 and above in the medium term
Last matured support for the index is seen at 17,080 above which we remain positive
Value is seen in Auto and Mid-cap Banking stocks; expect outperformance in the midcap space to continue," said Sahaj Agrawal, head of
research derivatives at Kotak Securities.Telecom shares witnessed strong buying interest after the government announced relief measures for
telecom companies on payment of their long outstanding dues, including a four-year moratorium on spectrum instalment which is due in April
The measure of telecom shares on the BSE jumped over 3 per cent with Bharti Airtel and Vodafone Idea among the top gainers.Buying was
visible across sectors as all the 19 sector gauges compiled by the BSE ended higher
IT, Industrials, Auto, Consumer Durables, Power, Utilities, Metal And Oil - Gas indices also rose between 1-2 per cent.Mid- and small-cap
shares also witnessed buying interest as Nifty Midcap 100 index rose 1 per cent and Nifty Smallcap 100 index advanced 0.7 per cent.NTPC was
top Nifty gainer, the stock rose 7.5 per cent to close at Rs 125
Bharti Airtel, Coal India, ONGC, Titan, HCL Technologies, State Bank of India, IndusInd Bank, Power Grid and Tata Motors also rose between
1.76-4.8 per cent.On the flipside, Tata Consumer Products, Nestle, Grasim, Bharat Petroleum, Asian Paints, UltraTech Cement, Axis Bank and
Britannia Industries were among the losers.The overall market breadth was positive as 2,055 shares ended higher while 1,246 closed lower on
