Nifty ends at record high as Covid-19 cases fall to lowest in 44 days
Nifty closed 97 points higher at 15,435 against previous close of 15,337 and Sensex ended 307.66 points higher at 51,422
- May 28, 2021,
- Updated May 28, 2021 7:00 PM IST
Nifty ended at a fresh record high on Friday as falling Covid-19 cases boosted market sentiment. The 50-stock index closed 97 points higher at 15,435 against previous close of 15,337.
Earlier, Nifty hit all time-high of 15,469 tracking gains in index heavyweights Reliance Industries, HDFC twins and Kotak Bank amid positive cues from global markets.
Nifty breached the record high of 15,431 on February 16 this year led by extension of gains after investors cheered Union Budget on February 1. Sensex too scaled record high of 52,516 in the same session.
Today, Sensex ended 307.66 points higher at 51,422. M&M,HDFC twins, Kotak Bank, ITC and Bharti Airtel were the other Sensex gainers rising up to 2.13%. Of 30 Sensex stocks, 17 ended in the red.
On the other hand, Sun Pharma, Bajaj Finserv, ICICI Bank and Dr Reddy's were among the top losers falling up to 4.30%.
Reliance Industries took Nifty to record high after the index heavyweight ended 5.90% or Rs 116.70 higher at Rs 2,094.90 on BSE. The stock was the top gainer on both Sensex and Nifty.
On Sensex, RIL share ended 5.99% higher at Rs 2,094.95. Other Nifty gainers were Adani Ports, Grasim, M&M and Coal India rising up to 3.41%.
Vinod Nair, Head of Research at Geojit Financial Services said, "Steady decline in fresh covid cases, expectations of another set of relief measures, global cues and improved corporate earnings buoyed the market this week. As per reports, the central government is preparing the next set of support measures in order to minimise the economic impact of the second wave, especially in the worst-hit sectors."
Over Rs 3 lakh crore was added to market cap on BSE during the week. Market capitalisation on BSE ended at a record high of Rs 221.18 lakh crore today.
A sharp drop in daily COVID-19 caseload in second wave (remaining below 2 lakh despite higher testing) and improvement in recovery rates led to positive investor sentiment on bourses.
The daily number of Covid-19 cases fell to 1.86 lakh, the lowest in 44 days.
However, market breadth was negative with 1,377 shares closing higher against 1,756 ending in the red.
BSE mid cap and small cap indices fell 25 points and 112 points, respectively.
Energy stocks led the gains with BSE energy index rising 279 points to 6,710. BSE oil and gas index rose 188 points to 16,251.
Commenting on the market outlook, Nair said, "Expectations of state-wise unlocking due to declining COVID cases are giving hopes of economic recovery. As the result of a decline in the covid second wave infection curve, the plausibility of further re-opening of the economy has enlarged and consequently the market is expected to gain further momentum surpassing previous highs. In the coming week, the market also expects PMI for May and Production data for April to be released."
Meanwhile, rupee strengthened for the third straight session closing 15 paise higher at 72.45 against the US dollar tracking positive domestic equities.
Earlier, the currency opened at 72.46 against the dollar and witnessed an intra-day high of 72.31 and a low of 72.49 during the session.
On Thursday, the rupee had settled at 72.60 against the US dollar. In the last three trading sessions, rupee has appreciated by 51 paise.
Nifty ended at a fresh record high on Friday as falling Covid-19 cases boosted market sentiment. The 50-stock index closed 97 points higher at 15,435 against previous close of 15,337.
Earlier, Nifty hit all time-high of 15,469 tracking gains in index heavyweights Reliance Industries, HDFC twins and Kotak Bank amid positive cues from global markets.
Nifty breached the record high of 15,431 on February 16 this year led by extension of gains after investors cheered Union Budget on February 1. Sensex too scaled record high of 52,516 in the same session.
Today, Sensex ended 307.66 points higher at 51,422. M&M,HDFC twins, Kotak Bank, ITC and Bharti Airtel were the other Sensex gainers rising up to 2.13%. Of 30 Sensex stocks, 17 ended in the red.
On the other hand, Sun Pharma, Bajaj Finserv, ICICI Bank and Dr Reddy's were among the top losers falling up to 4.30%.
Reliance Industries took Nifty to record high after the index heavyweight ended 5.90% or Rs 116.70 higher at Rs 2,094.90 on BSE. The stock was the top gainer on both Sensex and Nifty.
On Sensex, RIL share ended 5.99% higher at Rs 2,094.95. Other Nifty gainers were Adani Ports, Grasim, M&M and Coal India rising up to 3.41%.
Vinod Nair, Head of Research at Geojit Financial Services said, "Steady decline in fresh covid cases, expectations of another set of relief measures, global cues and improved corporate earnings buoyed the market this week. As per reports, the central government is preparing the next set of support measures in order to minimise the economic impact of the second wave, especially in the worst-hit sectors."
Over Rs 3 lakh crore was added to market cap on BSE during the week. Market capitalisation on BSE ended at a record high of Rs 221.18 lakh crore today.
A sharp drop in daily COVID-19 caseload in second wave (remaining below 2 lakh despite higher testing) and improvement in recovery rates led to positive investor sentiment on bourses.
The daily number of Covid-19 cases fell to 1.86 lakh, the lowest in 44 days.
However, market breadth was negative with 1,377 shares closing higher against 1,756 ending in the red.
BSE mid cap and small cap indices fell 25 points and 112 points, respectively.
Energy stocks led the gains with BSE energy index rising 279 points to 6,710. BSE oil and gas index rose 188 points to 16,251.
Commenting on the market outlook, Nair said, "Expectations of state-wise unlocking due to declining COVID cases are giving hopes of economic recovery. As the result of a decline in the covid second wave infection curve, the plausibility of further re-opening of the economy has enlarged and consequently the market is expected to gain further momentum surpassing previous highs. In the coming week, the market also expects PMI for May and Production data for April to be released."
Meanwhile, rupee strengthened for the third straight session closing 15 paise higher at 72.45 against the US dollar tracking positive domestic equities.
Earlier, the currency opened at 72.46 against the dollar and witnessed an intra-day high of 72.31 and a low of 72.49 during the session.
On Thursday, the rupee had settled at 72.60 against the US dollar. In the last three trading sessions, rupee has appreciated by 51 paise.