Sensex, Nifty Hit Lifetime Highs; Nifty Nears 16k

The equity markets continued their upward rally for the second consecutive day as Sensex topped 53,000 in the morning deals and Nifty made a fresh record high of 15,968.75. Bharti Airtel, Sun Pharma and Titan Company are the top gainers at this hour.

The momentum currently is upbeat on further relaxations in the restrictions across cities and from hopes of better economic progress moving ahead, said experts. The strong GST collections for the month of July also reflect the revival and better spots in the country's economy.

At 10:20 AM, the Sensex was trading higher by 300 points at 53,286.52 after hitting a record high of 53,292.82, and the key index Nifty-50 was at 15,955, up by 70.55 points. At 11:03 AM, the BSE had gained 376 points to touch 53,326.64.

Shares of Titan Company topped the gainers' chart in the 30-share pack Sensex as the stock advanced over four per cent to hit a 52-week high of Rs 1,854.95. IndusInd Bank, Sun Pharma, Bharti Airtel, and Asian Paints also gained 1-2 per cent each. Overall in the index, 25 shares advanced and only five shared traded in the red.

Later today, Bharti Airtel, Adani Enterprises, Adani Ports and Special Economic Zone, Bajaj Healthcare, Bank of India, Barbeque-Nation Hospitality, CARE Ratings, and Dabur India will release their results for the quarter ended June'21.

How will the markets move further?

Experts are of a view that markets further will dance on the tune of MPC outcome in the coming days, the ongoing corporate earnings session, and a slew of macro data. The primary market action this week will also guide the market direction as nearly four IPOs will hit the street to raise Rs 3,600 crore and furthermore, three IPOs will hit the street in the upcoming week.

Companies like Devyani International, Windlas Biotech, Exxaro Tiles, and Krsnaa Diagnostics will open their offers on Wednesday, August 4 and close on Friday, August 6. Devyani International operates KFC and Pizza Hut in India whereas Krsnaa Diagnostics, a testing chain of labs operating during the ongoing pandemic. Devyani International shares will be offered at Rs 86-90 apiece, while Krsnaa Diagnostics has priced its shares at Rs 933-954 each.

Recently, Policybazaar and Nykaa have also filed their preliminary papers with the Sebi this week. Both firms together could bring in around Rs 10,000 crore in the primary market, as per reports.