India Market Wrap: NSE Nifty and BSE Sensex Close at All-time Highs
Indian stock markets closed at all-time highs for BSE Sensex and NSE Nifty as market participants turned bullish. Over the last few weeks, Indian markets have witnessed a broad-based rally. The rally was initially witnessed in blue-chip counters and later, the bullish trends were noticed in mid-cap and small-cap counters. If markets remain at elevated levels, promising stocks in mid-cap and small-cap space can register further growth.
Major gainers for today’s session include Adani Enterprises, Adani Ports, JSW Steel, Bajaj Auto, Sun Pharma, Tata Motors, Titan, Dr Reddy’s, IndusInd Bank, BPCL, Reliance and Infosys Technologies. Adani group stocks were trading firm after the company announced that it will generate enough of cash flow and business in the upcoming quarters. The positive comments from management have surely helped the stocks. Among other gainers were Bajaj Finance, Britannia Industries, UPL and UltraTech Cement.
Among losers in today’s session were HDFC Life, Tech Mahindra, M&M, Hero MotoCorp and Kotak Mahindra Bank.
Commenting on bullish trends in the market, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said, “NSE Nifty remained in momentum throughout the session to close with handsome gains of 155 points. Even Nifty Bank made a new high of 44508 levels. All sectors ended in green with strength seen in Metals, Pharma, and Oil & Gas. After making several attempts in the past few days, Nifty finally managed to cross its previous highs.”
Indian markets are also rising as FIIs are investing in the markets considering the fact that Indian economy is expected to remain strong even as rest of the world is concerned about imminent recession. Indian central bank has managed to keep inflation under control. As a developing nation, India is generally having higher inflation compared to the US and European markets.
Almost all sectors were trading positive today. Indian markets closed at all-time highs. European and US stocks opened slightly positive today and strength in global markets offered additional support to Indian equities.