Mumbai,aug 17
Equity benchmark Sensex surged 210 points to end at a fresh peak on Tuesday, tracking gains in index majors Infosys, TCS, HUL and Tech Mahindra.After scaling a fresh lifetime high of 55,854.88 during the day, the 30-share index settled 209.69 points or 0.38 per cent higher at 55,792.27, while the broader NSE Nifty advanced 51.55 points or 0.31 per cent to 16,614.60. Tech Mahindra was the top gainer in the Sensex pack, rising over 3 per cent, followed by TCS, Nestle India, Titan, Infosys and HUL.On the other hand, IndusInd Bank, NTPC, Bharti Airtel, Tata Steel and L&T were among the laggards.“Domestic equities remained volatile amid weak global cues. Midcap and smallcap stocks remain under pressure today, while volatility index softened marginally,” said Binod Modi, Head Strategy at Reliance Securities.Visibility of sustained earnings recovery in IT stocks in the backdrop of strong deal wins and encouraging guidance shared by managements in 1QFY22 made investors to lap-up IT stocks, he stated.Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul ended with significant losses.Equities in Europe were also largely trading on a negative note in mid-session deals.Meanwhile, international oil benchmark Brent crude fell 0.24 per cent to USD 69.34 per barrel.Equity benchmarks Sensex and Nifty opened on a choppy note on Tuesday, tracking weak cues from global markets.After dropping over 100 points in the opening session, the 30-share index turned positive to trade 64.21 points or 0.12 per cent higher at 55,646.79, while the broader NSE Nifty advanced 14.95 points or 0.09 per cent to 16,578.Tech Mahindra was the top gainer in the Sensex pack, rising over 3 per cent, followed by Asian Paints, Sun Pharma and Nestle India.On the other hand, IndusInd Bank, HDFC Bank, Maruti and ICICI Bank were among the laggards.In the previous session, Sensex ended 145.29 points or 0.26 per cent higher at a new peak of 55,582.58, and Nifty advanced 33.95 points or 0.21 per cent to a fresh high of 16,563.05.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,088.32 crore on Monday, as per provisional exchange data.According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the market is slowly moving into a consolidation phase with strong support coming from largecaps. The current trend of largecap outperformance is likely to continue in the very short term. “Presently, there are no major global cues that can sway the market trend. But domestic cues like the sustained decline in COVID cases and economic activity returning back to normal are positives,” he noted.Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with losses in mid-session deals, while Tokyo was positive.Equities in the US largely ended on a positive note in overnight trade.Meanwhile, international oil benchmark Brent crude rose 0.03 per cent to USD 69.53 per barrel.
