Market at all-time high: Sensex rises over 300 points to trade above 67,750, Nifty tops 20,150; Bombay Dyeing zooms 20%

Indian equity benchmarks rose sharply in Thursday's trade to scale their fresh lifetime peaks, led by gains across all sectors. The 30-share BSE Sensex pack surged 304 points or 0.44 per cent to hit an all-time high of 67,771, while the NSE Nifty moved 97 points or 0.47 per cent up to scale a fresh peak of 20,168. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.91 per cent and small-cap gained 1.23 per cent.

On the global front, Asian equities moved higher today on easing rate concerns after US consumer price data showed core inflation moderated to 4.3 per cent in August from 4.7 per cent in July, the smallest year-on-year rise in nearly two years. This cemented the likelihood of a pause in the rate hike cycle by the Federal Reserve later this month. However, the overall retail inflation accelerated 3.7 per cent in August, the most in 14 months, on rising gasoline prices.

Back home, foreign institutional investors (FIIs) sold Rs 1,632 crore worth of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 850 crore worth of shares, exchange data showed.

"Since financials account for 32 per cent weightage in Nifty, strength in financials, particularly the banks, can keep the index resilient. More importantly, the valuations of banking stocks are even now fair. Strength in banking stocks can impart resilience to the market even though the overall market valuations are slowly rising beyond comfort levels," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

All 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty IT, Nifty Metal and Nifty PSU Bank were outperforming the NSE platform by rising as much as 1.05 per cent, 1.42 per cent and 1.06 per cent, respectively.

On the stock-specific front, Hindalco was the top gainer in the Nifty pack as the stock jumped 4.47 per cent to trade at Rs 504.8. Tata Steel, UPL, Tech Mahindra and JSW Steel gained up to 3.24 per cent.

In contrast, Tata Consumer Products, ITC, Bajaj Finance, Sun Pharma and Asian Paints were among the top laggards.

The overall market breadth was positive as 2,353 shares were advancing while 539 were declining on BSE.

On the 30-share BSE index, Infosys, Tata Steel, HDFC Bank, TechM, M&M, HCL Tech, SBI, Tata Consultancy Services (TCS) and Maruti were among the top gainers.

Also, Bombay Dyeing, NBCC, DCW, Zensar Tech, Bombay Bumrah, Avanti Feeds, Balrampur Chini Mills and Apar Industries surged up to 20 per cent. On the flipside, IOL Chemicals and Pharmaceuticals, Supreme Industries, BEML, Orient Cement and West Coast Paper Mills slipped up to 2.56 per cent.

On Tuesday, Sensex had climbed 246 points or 0.37 per cent to settle at 67,466.99, while Nifty had moved 77 points or 0.38 per cent higher to settle at 20,070.

Nifty outlook

"The 19,944 region held for yet another day. Thus, despite the selling found towards close, the upside trajectory aiming 20,230, or even 20,600 continue to be in play. Downside marker may be pushed higher to 20,033, with deeper support beyond 19,944 seen at 19,690," said Anand James, Chief Market Strategist at Geojit Financial Services.

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