Investors richer by Rs 2.5 lakh cr as Sensex surges 514 pts on Thursday; Nifty ends above 17,200
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M&M to halt production for 7 days due to chip shortage, sees 25% output cut
India’s gasoline demand seen hitting record high
Power producers body urges MP Power Management Company to release 70% of Rs 2,433-cr dues
Let us take a quick glance at what happened on Dalal Street today.
Bulls were back in action on Dalal Street pushing the benchmark indices higher, after a day’s break. Strong buying action in IT, FMCG and consumer durables lifted the markets higher, whereas investors booked profits in auto and select banking names. Traders shunned the concerns of auto sectors on the buzz of high demand in the upcoming festive season. BSE Sensex soared about 515 points to settle above 57,850, just 40-odd points below day’s high. Nifty 50 gained about 160 points to close at 17,234, about 20 points below its all time high.
Broader markets outperformed as they marched along the benchmark indices as BSE midcap and smallcap indices added up to a per cent each. Fear gauge India VIX increased mildly.
On the BSE Sensex, TCS led the gainers, jumping over 3 per cent. HUL and Ultratech Cement, Dr Reddy’s Labs, Nestle and Kotak Mahindra Bank gained between 2 and 3 per cent each. Titan, IndusInd Bank, Reliance, NTPC, Tata Steel, ICICI Bank and HDFC added a per cent each. On the other hand, M&M tanked over 2 per cent, where Bajaj Auto shed a per cent. Bajaj Finserv, Bajaj Finance, Asian Paints, Airtel and SBI also settled in red. Over 340 stocks hit upper circuit limits for the day, whereas more than 175 stocks hit the lower circuit. About 115 stocks tested their 52-week highs during the session.
We have Vinod Nair from Geojit Financial Services to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Markets were back on the gaining track today. What drove the rally?
2. Broader markets are constantly outperforming the benchmark indices. What does it suggest?
We also caught up with Ashis Biswas of CapitalVia Global Research to decode the technical charts for you.
1. Nifty scaled 17,200 mark again today. Where is it headed now?
2. What is your take on Nifty Bank?
Asian markets ended mixed for the day. Major European markets were trading mostly higher in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
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