Indian shares turned in a sparkling performance on Thursday, and the benchmark indices Sensex and the Nifty climbed to fresh record highs as the bulls thronged several counters from across various sectors.
Optimism about the progress of the monsoon and strong economic recovery lifted the market.
Expectations about the vaccination drive gathering greater momentum contributed as well to the rally in the market. Investors shrugged off concerns about Chinese real estate major Evergrande’s woes, and the Fed’s hint that a tapering of its bond-buying program might start “soon.”
Investors took positive note from the Fed’s statement that interest rate hikes are not likely anytime soon.
People’s Bank of China’s move to inject $17 billion into the country’s banking system helped ease concerns about any big damage to the financial sector due to the impact of Evergrande’s debt woes.
The benchmark 30-share BSE Sensex, which hit a fresh high at 59,957.25, ended the session with a gain of 958.03 points or 1.63% at 59,885.36, a new closing high.
The broader 50-stock Nifty index of the National Stock Exchange scaled a fresh high as well, racing to 17,843.90, before settling at 17,822.95 with a gain of 276.30 points or 1.57%.
Bank, energy, capital goods, consumer durables, metal and oil stocks rallied sharply, but the realty sector was the top performer once again, with the BSE Realty Index surging up 8.7%.
Oberoi Realty and Godrej Properties climbed 13% and 11.85, respectively. DLF, Hemisphere Properties, Sobha, Indiabulls Real Estate, Prestige Estate and Sunteck Realty gained 5 to 9.1%.
Axis Bank, IndusInd Bank, State Bank of India, HDFC Bank, ICICI Bank and Kotak Bank moved up 2 to 3.1%.
Reliance Industries and ONGC climbed nearly 2.5% and 3.2%, respectively.
Bajaj Finserv moved up more than 5%. Larsen & Toubro, HDFC, Infosys, NTPC, Bajaj Finance and Tata Steel also posted strong gains.
The market breadth was strong. On BSE, 1974 stocks closed higher, and 1266 stocks ended weak, while 163 stocks settled flat.
Market Analysis
Sensex, Nifty Post Record Closing Highs As Bulls Take Charge
2021-09-23 11:16:18
