Sensex, Nifty contact document excessive


Mumbai, June 3

Market benchmarks ratcheted up to fresh lifetime highs on Thursday after two days of muted trade as banking, finance and infra stocks saw hectic buying ahead of RBI’s monetary policy decision. A rebounding rupee added to the momentum, with midcap and smallcap gauges outperforming the benchmarks.

The BSE Sensex opened strong and carried the gains through the day to finish 382.95 points higher at 52,232.43. The index surpassed its previous closing record of 52,154.13 hit on February 15 this year.

Similarly, the NSE Nifty soared 114.15 points to end at its lifetime peak of 15,690.35. Titan was the top performer in the Sensex pack, spurting 6.69%, followed by ONGC, L&T, Axis Bank, Kotak Bank, Bajaj Finance and HDFC Bank.


Titan top performer

  • The BSE Sensex opened strong and carried the gains through the day to finish 382.95 points higher at 52,232.43. The index surpassed its previous closing record of 52,154.13 hit on February 15 this year
  • Similarly, the National Stock Exchange’s Nifty soared 114.15 points to end at its lifetime peak of 15,690.35
  • Titan was the top performer in the Sensex pack, spurting 6.69%, followed by ONGC, L&T, Axis Bank, Kotak Bank, Bajaj Finance and HDFC Bank

On the other hand, IndusInd Bank, PowerGrid, Bajaj Auto, M&M and Dr Reddy’s were among the laggards, shedding up to 2.15%. Domestic equities remained upbeat with benchmark indices recording fresh highs, said Binod Modi, Head-Strategy at Reliance Securities.

Rebound in heavyweight financial services supported the market once again, he said, adding that realty followed by FMCG and metals also witnessed sharp recovery.

IT, pharma and auto witnessed some amount of pressure. “Notably, midcap and small-cap stocks continued to outperform broader indices as improved prospects of sustainable earnings recovery continue to attract investors towards this space,” he noted.

S Ranganathan, Head of Research at LKP Securities, said the markets remained firmly in the grip of bulls ahead of the RBI policy announcement on Friday, with investors expecting the central bank to continue with its accommodative stance while keeping a watchful eye on inflation.

Expectation of vaccination being ramped up coupled with capex programmes is likely to improve credit growth, he added. All BSE sectoral indices ended in the positive terrain, with consumer durables, realty, capital goods, oil and gas, bankex and finance rallying up to 4.44%. — PTI



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