Sensex exceeds historic 60,000 mark; Nifty Finishes Above 17,800 Amid Profits Reserve

Benchmarks hit new highs on Friday as BSE Sensex broke the historic 60,000 mark on Friday, with Nifty within 50 points of 18,000 at the opening as the bull run continued. Easy liquidity, positive global signals from the relatively anticipated FOMC meeting continued to excite investors.

However, the market remained volatile throughout the day amid the earnings recognition, with benchmarks ending in marginal gains and wider markets indicating increased selling pressure.

After breaking the historic 60,000 mark, BSE Sensex, recording a new all-time high of 60,333, closed at 60,048.47, up 163.11 points or 0.27%. It recorded an intraday low of 59,946.55. The Nifty 50, which nearly missed the 18,000 mark with a new all-time high of 17,947.65, closed at 17,853.20, up 30.25 points or 0.17%. It hit an intraday low of 17,819.4.

The m-cap of the BSE listed shares stood at 2 61 18 340.21 crore at closing.

Ashishkumar Chauhan, Managing Director and CEO of ESB, said, “Sensex reaching 60,000 today for the first time September 24, 2021, is an indicator of India’s growth potential, as well as how India is emerging as a world leader during the COVID era in addition to global monetary expansion and relaxed fiscal policies adopted by world powers.

“The Indian markets are considered to be the best performing markets in the world during the last 18 months of the Covid period due to astute policies and implementation by the government, the private sector and everyone else involved. More and more investors are also joining the stock markets directly or indirectly through mutual funds thanks to market automation, new age brokers and low interest rates in India. The increase in stock prices has been widespread over the recent period, ”added Chauhan.

Naveen Kulkarni, Chief Investment Officer of Axis Securities, of this iconic event, said: “We could see many more positive market surprises over the next two years as we enter a positive bull cycle in the market. profit trajectory. the functional economy in the upcoming festival season and continued earnings momentum in the second quarter of fiscal 22 are the short-term triggers for the market. “

The width favors the declining

However, the scale of the market turned negative, with up to 1,940 stocks falling on BSE against 1,329 stocks that rose while 153 remained unchanged. In addition, 284 shares reached the upper circuit against 172 shares blocked in the lower circuit. Additionally, 244 stocks hit a 52-week high and 20 hit a 52-week low.

Even as BSE Sensex broke through the historic 60,000 mark, experts warned investors of short-term volatility.

Motilal Oswal, Managing Director and CEO of Motilal Oswal Financial Services Limited, said: “The equity market today had a historic day with Sensex hitting 60,000 for the first time thanks to large caps with many heavyweights from the index reaching new highs. The domestic market recovery is driven by positive global signals, strong inflows of FII / DII, good corporate profits, declining Covid-19 cases, upbeat corporate comments and a low cost of capital. “

“Amid the buoyant sentiment and increased activity, valuations have reached high levels and demand a consistent delivery of earnings expectations. Given the high valuations, one cannot ignore the intermittent volatility – however, we expect the positive momentum to continue with improving economic activity and recovering corporate earnings, ”Oswal added. .

According to Santosh Meena, head of research, Swastika Investmart Ltd, investors should remain cautious about the parabolic movement of the past few days as a short-term correction cannot be ruled out in the coming days.

“Global indices like the Dow Jones and Dax are near their critical resistance and may see a correction from here. We are in a strong uptrend and outperforming global markets, while some reversion average can be seen in the coming days, where rising crude oil prices and surging US bond yields could cause short-term volatility, ”Meena said.

According to Shibani Kurian, Senior EVP & Head- Equity Research, Kotak Mahindra Asset Management Company, market developments on this matter are likely to be determined by any contagion effect from the Evergrande crisis in China, the results of business from T2-FY22 and comments on the festival season and rural growth trends.

“The Indian market will also be inspired by the timeline and commentary on the Fed cut and global stock market movements. The risk of a third wave and its possible impact on the economy remains, ”added Kurian.

IT, real estate in focus

IT stocks remained the focus of attention today after Accenture released a solid set of numbers and outlook.

Sector-wise, IT and Real Estate recorded the highest gains.

Nifty IT grew 0.78%, while Nifty Realty rose 1.50%. Nifty Auto also gained and closed up 0.54%.

Meanwhile, Metals, PSU Bank, Healthcare and FMCG recorded significant losses. Nifty Metal was down 2.10% while Nifty PSU Bank was down 1.83%. The Nifty Healthcare Index was down 1.49%, while Nifty FMCG was down 1.10%.

An enlarged market under pressure

Wider markets posted profits, with Nifty Midcap 50 closing down 1.06 percent. Nifty Smallcap 50 finished flat, up 0.14%.

The S&P BSE Midcap was down 1.16%, while the S&P BSE Smallcap was down 0.30%.

The volatility index rose 1.92 percent to end at 16.92.

Source link

About Margie Peters

Check Also

Rupifi Raises $ 25 Million in Serie A Funding Round

Fintech start-up Rupifi has raised a funding round of $ 25 million from Bessemer Venture …

Leave a Reply

Your email address will not be published. Required fields are marked *