Informist, Friday, Sep 24, 2021
By Vivek Kumar
MUMBAI – Encouraging global markets and positive underlying local sentiment ahead of the earnings and festival season negated the concerns over rich valuations of the benchmark indices today, as they reached new milestones yet again.
The Sensex surpassed the landmark of 60000 points today and also closed above it. Nifty 50 inched closer to 18000 points as it hit its highest level of 17947.65 points during the day.
A fully functional economy in the upcoming festival season and the sustenance of earnings momentum in Jul-Sep are the near-term triggers for the market, said Naveen Kulkarni, chief investment officer at Axis Securities.
After hitting lifetime highs in early trade, benchmark indices lost some steam through the day due to weakness brought in by the European markets. However, they managed to stay in the green.
The 50-stock index closed with 0.2% gains at 17853.20 points, while the 30-stock index closed 0.3% higher at 60048.47 points. The Sensex hit a high of 60333 points intraday.
For the week, Nifty 50 rose 1.5%, marking its fifth consecutive weekly gain, while Sensex rose 1.8%, ending higher for two weeks in a row.
Expectations of strong corporate earnings growth, continued infrastructure spending and policy reforms by the government, coupled with accommodative financial conditions globally will keep the outlook for risk assets positive in the long term, said Amar Ambani, senior president and head of institutional equities at YES Securities.
While the indices closed with gains today, the trend was not broad-based. For every two stocks that rose, around three fell among the Nifty 50 constituents.
Shares of information technology and financial services companies were the frontrunners today, with half the gainers on the benchmark indices from these sectors.
A strong sales growth outlook and robust earnings by US technology major Accenture Plc on Thursday triggered strong buying in shares of domestic information technology companies today.
The Nifty IT index was the top gainer as it closed 0.8% higher. Mindtree, Infosys, HCL Technologies and Larsen & Toubro Infotech rose 1-4%.
The Nifty Bank index also ended marginally higher led by heavyweight HDFC Bank, which rose 2%.
Several automobile companies too rose today. Maruti Suzuki India, Eicher Motors and Mahindra & Mahindra ended 1-3% higher, but Tata Motors erased opening gains and closed over 1% lower.
Meanwhile, metal companies were the worst hit today, as uncertainty over the impact of China’s Evergrande Group’s potential collapse on steel demand kept investors cautious. Shares of JSW Steel and Tata Steel were the worst hit on the National Stock Exchange, falling 2.7% and 3.5%, respectively.
On the listing front, shares of Sansera Engineering saw a decent debut today. The stock got listed at 811.5 rupees, a premium of 9.1% to its issue price. The stock closed 10% higher.
* Among Nifty 50 stocks, 21 rose and 29 fell
* Among Sensex stocks, 14 rose and 16 fell
* On the NSE, 713 stocks rose, 1,235 fell and 88 were unchanged
* On the BSE, 1,329 stocks rose, 1,940 fell and 153 were unchanged
* Nifty Realty: Up 1.5%; Nifty Auto: Up 0.5%; Nifty FMCG: Down 1.1%
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BSE National Stock Exchange
Sensex: 60048.47, up 163.11 pts (0.3%) Nifty 50: 17853.20, up 30.25 pts 0.2%)
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S&P BSE Sensitive Index Nifty 50
Lifetime High: 60333.00 (Sep 24) : Lifetime High: 17947.65 (Sep 24)
Record Close High: 60048.47 (Sep 24) : Record Close High: 17853.20 (Sep 24)
2021 1st day close: 47868.98 (Jan 1) : 2021 1st day close: 14018.5 (Jan 1)
2021 Closing High: 60048.47 (Sep 24) : 2021 Closing High: 17853.20 (Sep 24)
2021 Closing Low: 46285.77 (Jan 29) : 2021 Closing Low: 13634.60 (Jan 29)
2021 High (intraday): 60333.00 (Sep 24) : 2021 High (intraday): 17947.65 (Sep 24)
2021 Low (intraday): 46160.46 (Jan 29) : 2021 Low (intraday): 13596.75 (Jan 29)
2020 Closing High: 47751.33 (Dec 31) : 2020 Closing High: 13981.95 (Dec 30)
2020 Closing Low: 25981.24 (Mar 23) : 2020 Closing Low: 7610.25 (Mar 23)
2020 High (intraday): 47896.97 (Dec 31) : 2020 High (intraday): 14024.85 (Dec 31)
2020 Low (intraday): 25638.90 (Mar 24) : 2020 Low (intraday): 7511.10 (Mar 24)
2019 High (intraday): 41809.96 (Dec 20) : 2019 High (intraday): 12293.90 (Dec 20)
2019 Low (intraday): 35287.16 (Feb 19) : 2019 Low (intraday): 10583.65 (Jan 29)
2018 High (intraday): 38938.91(Aug 28)) : 2018 High(intraday): 11760.20 (Aug 28)
2018 Low (intraday): 32483.8 (Mar 23) : 2018 Low (intraday): 9951.9 (Mar 23)
2017 High (intraday): 34005.37 (Dec 26) : 2017 High(intraday): 10515.10 (Dec 26)
End
Edited by Pranav S. Joshi
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