Market extends record run: Sensex ends above 67k; Dishman Carbogen jumps 14%, NTPC up 3%

Domestic equity markets saw another session of gains amid a volatile trade. Bulls continued to win the tug of war against the bears, thanks to all-round buying in the index heavyweights. Upbeat Q1 earnings from India Inc and FIIs inflows are key positives supporting the buying at Dalal Street.

For the day, the 30-share pack BSE Sensex gained 302.30 points, or 0.45 per cent, to settle at 67,097.44, while NSE's Nifty50 added 83.90 points, or 0.42 per cent, to end the day at 19,833.15. BSE smallcap and midcap indices outperformed the headline peers and gained about a per cent each. Fear gauge India VIX dropped about a per cent to 11.60-levels.

Market's record-breaking spree continued on Dalal Street, as we are in the midst of a strong bull run backed by robust foreign fund inflows, strong growth prospects, even monsoon spread out and stable corporate earnings so far, which have increased the appetite for local stocks, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

"Technically, the Nifty got support near 19725 and bounced back sharply. The index has formed a higher bottom formation on intraday charts which is indicating further uptrend from the current levels. As long as the index is holding 19725 the positive sentiment is likely to continue. Above the same, the market could rally till 19950-19975. On the flip side, dismissal of 19725 could trigger short term correction," he said.

On a sectoral front, only the Nifty IT index settled in the red. The Nifty PSU Bank index gained 2 per cent, while the Nifty IT index ended over a per cent up. The Nifty consumer durable, oil & gas, financial services and pharma indices added about a per cent for the day.

In the Nifty50 pack, NTPC topped among the gainers and settled 3 per cent higher. Bajaj Finance, IndusInd Bank and Ultratech Cement rose over 2 per cent each. Sun Pharmaceuticals, State Bank of India, Bharat Petroleum Corporation and ITC were the other key gainers for the day.

Among the losers, Hindalco, Hero MotoCorp and Tata Consultancy Services (TCS) shed about a per cent, each. Bajaj Auto, Maruti Suzuki India and Eicher Motors were also among the key losers for the day among the blue-chip counters.

Despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad-based rally strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs, said Vinod Nair, Head of Research at Geojit Financial Services..

"Although there was some initial profit booking today, the market confidently recovered, with buying observed in all major sectors except auto and IT. Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation," he said.

A total of 3,537 shares were traded on BSE on Wednesday, of which 2,011 settled with gains. 1,412 stocks ended the session with gains while 121 shares remained unchanged. A total of 184 shares hit their upper circuit, whereas 84 shares tested the lower circuit levels for the day.

In the broader markets, HCL Infosystems and Arihant Capital Markets hit upper circuits of 20 per cent, while Dishman Carbogen rose 14 per cent. Ugro Capital gained over 11 per cent, while Tata Teleservices (Maharashtra) and Titagarh Rail Systems ended 10 per cent higher.

On the downside, FCS Software Solutions tumbled more than 12 per cent, while Network18 Media and Investments settled 7 per cent lower. Patel Engineering and HPL Power and Electric hit lower circuits of 5 per cent each, while DCX India ended 4 per cent down for the day.
 

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