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Monday, October 25 2021

Markets

Record highs by Nifty, Sensex : Covid relief measures sustain gains

Record highs by Nifty Sensex

Mumbai: India’s key stock indices Nifty, Sensex hit record highs during the pre-noon trade session on Friday to reach new intra-day record high levels.

Accordingly, both key indices — S&P BSE Sensex and NSE Nifty50 — made new record highs.

The Sensex crossed the 59,700 mark, while Nifty breached the 17,790 level.

As per market observers, the up moves comes on the back of GST Council’s meet to discuss further Covid relief measures and inclusion of fuel in the indirect tax system.

Initially, both key indices had a gap-up opening.

Even stable global cues supported these gains as Asian markets were largely firm.

Sector-wise, Banks, Auto and Consumer Durables indices were amongst the gainers whereas Power, Metals and Utilities were among the losers.

At 11.30 a.m., S&P BSE Sensex traded at 59,566.80 points, higher by 425.64 points or 0.72 per cent from its previous close.

Similarly, NSE Nifty50 traded higher. It rose to 17,746.95 points, higher by 117.45 points or 0.67 per cent from its previous close.

“The Indian benchmark indices started with a gap up after the positivity in global sentiments. Indian shares scaled record highs today as banking stocks extended gain from the previous session after the country’s Finance Minister laid out details for the establishment of a bad bank,” said Likhita Chepa, Senior Research Analyst, CapitalVia Global Research.

“Traders may get support as the Reserve bank of India said the inflation trajectory is coming down faster than anticipated.”

Deepak Jasani, Head of Retail Research, HDFC Securities spoke on this. “Nifty opened gap up on September 17 and rose making fresh record highs helped by Banking stocks. This was after the bad bank sovereign guarantee announcement on Thursday evening. Volumes are in line with recent average.”

“Advance decline ratio is in the negative suggesting pressure on broader markets. Asian shares were mixed on Friday after a mixed economic data led Wall Street to close mostly lower.”

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