Indian markets hit record highs; Clever at 16,000, Sensex up 400 points: 10 points

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Among stocks, Titan jumped 4% to 1,843.90 per share while Asian Paints was up 2.2%. HCL Tech, Bajaj Auto, Tata Steel, ICICI Bank and NTPC were among the laggards.

By hindustantimes.com | Written by Amit Chaturvedi, Hindustan Times, New Delhi

POSTED 03 AUG 2021 12:15 PM IST

The Indian stock market hit record highs on Tuesday, supported by tech and consumer stocks, as economic indicators pointed to a pickup in demand. The Nifty hit the 16,000 mark for the first time, as the Bombay Stock Exchange (NSE) gained over 400 points to 53,378, also a new high.

Many economists have pointed to the normalization of activity following the easing of restrictions on Covid-19, based on data from factories and the Purchasing Managers Index.

Here are the main updates in the markets after today’s excellent performance:

  • The Nifty IT index climbed 0.8%, while the fast moving consumer goods sub-index rose 1%.
  • Among stocks, Titan jumped 4% to 1,843.90 per share while Asian Paints were up 2.2%, Britannia and ITC 1.5% and Nestlé India 0.9%.
  • Other major winners were Sun Pharma, Tata Motors, Tata Consultancy Services and Tata Consumer Products. Experts said the fundamental support for the bulls came from good corporate results.
  • “Things specific to India continue to be strong, with industrial production data and a positive Manufacturing Purchasing Managers Index for July,” said Anita Gandhi, full-time director of Arihant Capital Markets. She adds that unlocking Covid-19 restrictions is also a positive factor.
  • Arun Agarwal, Assistant Vice President, Equity Research, Kotak Securities Ltd, told Livemint that a strong recovery in volume terms (for the month of July) among automotive suppliers in the passenger vehicle and commercial vehicle segment has also played an important role in building investor confidence.
  • HCL Tech, Bajaj Auto, Tata Steel, ICICI Bank and NTPC were among the laggards.
  • In the previous session, Sensex gained 363.79 points or 0.69% to finish at 52,950.63, while Nifty jumped 122.10 points or 0.77% to 15,885.15.
  • Foreign Institutional Investors (FIIs) were net sellers in the capital market as they shed shares of valued 1,539.88 crore on Monday, according to provisional trade data.
  • Meanwhile, the spread of the Delta variant of the coronavirus in major Asian regions has posed new risks and put Chinese authorities on high alert, shaking investor confidence.
  • The MSCI’s largest Asia-Pacific stock index outside of Japan fell 0.4% at the start of trading. Japan’s Nikkei fell 0.85% while Hong Kong’s Hang Seng index fell 0.83%.

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