Sensex rises over 250 points to hit all-time high, Nifty above 18,850; Shriram Finance up 12%; Aptus Value down 7%
The 30-share BSE Sensex climbed 261 points or 0.39 per cent to hit its all-time high of 63,588, while the broader NSE Nifty moved 58 points or 0.28 per cent higher to trade at 18,876, a tad below from its record peak of 18,888. Mid- and small-cap shares were positive as Nifty Midcap 100 gained 1.05 per cent and the small-cap 100 was up 0.61 per cent.
- Jun 21, 2023,
- Updated Jun 21, 2023 12:45 PM IST
Indian equity benchmarks rose in early deals on Wednesday, extending their gains for the second session. The domestic indices were up today led by gains in financials, banks, automobile and consumer stocks. The 30-share BSE Sensex climbed 261 points or 0.39 per cent to hit its all-time high of 63,588, while the broader NSE Nifty moved 58 points or 0.28 per cent higher to trade at 18,876, a tad below from its record peak of 18,888. Mid- and small-cap shares were positive as Nifty Midcap 100 gained 1.05 per cent and the small-cap 100 was up 0.61 per cent.
"Sensex rallying to all-time-high is in tune with the recent global rally in stock markets. In India, a sustained rally beyond the record highs is difficult since valuations are rich. Further rally, beyond a point, will not have fundamental support," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"After almost an 8-month consolidation, Sensex has hit an all-time high. World inflation has fallen fast and importantly, key inputs like oil, natural gas, lumber, palm oil, steel and coal have come off significantly," said Amar Ambani, Head of Institutional Equities, YES Securities.
Most Asian shares slipped today. Overnight, Wall Street equities declined ahead of US Federal Reserve chair Jerome Powell's testimony before the financial affairs committee of US House of Representatives.
Bach home, 12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green today. Sub-indexes Nifty Financial Services, Nifty Bank, Nifty Auto, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 1.06 per cent, 0.33 per cent, 0.46 per cent, 0.22 per cent and 0.57 per cent, respectively. Nifty Metal, Nifty Pharma and Nifty Healthcare were trading lower.
Foreign institutional investors sold Rs 1,943 crore worth of Indian equities on a net basis on Tuesday, while domestic investors bought Rs 1,973 crore of shares, as per provisional NSE data.
On the stock-specific front, HDFC Life was the top Nifty gainer as the stock jumped 2.25 per cent to trade at Rs 658.20. Also, PowerGrid, HDFC Bank, L&T and Wipr0 climbed up to 1.39 per cent.
In contrast, JSW Steel, Divi's Labs, Apollo Hospitals, Sun Pharma and Cipla slipped up to 1.39 per cent.
The overall market breadth was strong as 2,038 shares were advancing while 873 were declining on BSE.
On the 30-share BSE index, HDFC twins (HDFC and HDFC Bank), Reliance Industries, L&T, Hindustan Unilever (HUL), TCS and Airtel were among the top gainers.
In addition, Shriram Finance, Zee Entertainment, Saregama, Tube Investments and HUDCO jumped up to 12.40 per cent.
On the flip side, Aptus Value Housing Finance India, IDFC and Jubilant Pharmova slipped up to 6.80 per cent.
Sensex had climbed 159 points or 0.25 per cent to settle at 63,328 yesterday, while Nifty had added 61 points or 0.33 per cent to end the session at 18,817.
Nifty outlook
"In the past four days, Nifty has followed a pattern of one down day followed by one up day. Therefore, despite the formation of a 'Dark Cloud Cover' on Monday, we believed there wasn't much cause for concern for the bull's camp. Now considering the momentum and buying in heavyweight stocks yesterday, it is possible to expect the Nifty to reach new highs in the upcoming morning session, and then potentially head towards the psychological level of 19,000. Traders are hence advised to remain upbeat and continue the recent strategy of buying during intra-day dips. In terms of support levels, 18,550 – 18,600 are crucial levels, with yesterday's low around 18,660 also serving as a pivotal point. On the sector front, performance was mixed, with no clear winners emerging. However, we anticipate ongoing sector rotation, and traders should focus on thematic moves that are likely to provide opportunities for outperformance," said Sameet Chavan, Head Research, Technical and Derivatives at Angel One.
Also read: Tata Steel shares recover, up 9% in 1 month; Motilal Oswal sees limited upside potential
Also read: Shriram Finance shares in focus as Piramal Enterprises may sell 8.3% stake via block deals today
Indian equity benchmarks rose in early deals on Wednesday, extending their gains for the second session. The domestic indices were up today led by gains in financials, banks, automobile and consumer stocks. The 30-share BSE Sensex climbed 261 points or 0.39 per cent to hit its all-time high of 63,588, while the broader NSE Nifty moved 58 points or 0.28 per cent higher to trade at 18,876, a tad below from its record peak of 18,888. Mid- and small-cap shares were positive as Nifty Midcap 100 gained 1.05 per cent and the small-cap 100 was up 0.61 per cent.
"Sensex rallying to all-time-high is in tune with the recent global rally in stock markets. In India, a sustained rally beyond the record highs is difficult since valuations are rich. Further rally, beyond a point, will not have fundamental support," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"After almost an 8-month consolidation, Sensex has hit an all-time high. World inflation has fallen fast and importantly, key inputs like oil, natural gas, lumber, palm oil, steel and coal have come off significantly," said Amar Ambani, Head of Institutional Equities, YES Securities.
Most Asian shares slipped today. Overnight, Wall Street equities declined ahead of US Federal Reserve chair Jerome Powell's testimony before the financial affairs committee of US House of Representatives.
Bach home, 12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green today. Sub-indexes Nifty Financial Services, Nifty Bank, Nifty Auto, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 1.06 per cent, 0.33 per cent, 0.46 per cent, 0.22 per cent and 0.57 per cent, respectively. Nifty Metal, Nifty Pharma and Nifty Healthcare were trading lower.
Foreign institutional investors sold Rs 1,943 crore worth of Indian equities on a net basis on Tuesday, while domestic investors bought Rs 1,973 crore of shares, as per provisional NSE data.
On the stock-specific front, HDFC Life was the top Nifty gainer as the stock jumped 2.25 per cent to trade at Rs 658.20. Also, PowerGrid, HDFC Bank, L&T and Wipr0 climbed up to 1.39 per cent.
In contrast, JSW Steel, Divi's Labs, Apollo Hospitals, Sun Pharma and Cipla slipped up to 1.39 per cent.
The overall market breadth was strong as 2,038 shares were advancing while 873 were declining on BSE.
On the 30-share BSE index, HDFC twins (HDFC and HDFC Bank), Reliance Industries, L&T, Hindustan Unilever (HUL), TCS and Airtel were among the top gainers.
In addition, Shriram Finance, Zee Entertainment, Saregama, Tube Investments and HUDCO jumped up to 12.40 per cent.
On the flip side, Aptus Value Housing Finance India, IDFC and Jubilant Pharmova slipped up to 6.80 per cent.
Sensex had climbed 159 points or 0.25 per cent to settle at 63,328 yesterday, while Nifty had added 61 points or 0.33 per cent to end the session at 18,817.
Nifty outlook
"In the past four days, Nifty has followed a pattern of one down day followed by one up day. Therefore, despite the formation of a 'Dark Cloud Cover' on Monday, we believed there wasn't much cause for concern for the bull's camp. Now considering the momentum and buying in heavyweight stocks yesterday, it is possible to expect the Nifty to reach new highs in the upcoming morning session, and then potentially head towards the psychological level of 19,000. Traders are hence advised to remain upbeat and continue the recent strategy of buying during intra-day dips. In terms of support levels, 18,550 – 18,600 are crucial levels, with yesterday's low around 18,660 also serving as a pivotal point. On the sector front, performance was mixed, with no clear winners emerging. However, we anticipate ongoing sector rotation, and traders should focus on thematic moves that are likely to provide opportunities for outperformance," said Sameet Chavan, Head Research, Technical and Derivatives at Angel One.
Also read: Tata Steel shares recover, up 9% in 1 month; Motilal Oswal sees limited upside potential
Also read: Shriram Finance shares in focus as Piramal Enterprises may sell 8.3% stake via block deals today