Stocks Hit Fresh Record Highs On Tuesday As Domestic Markets Continue To Remain Upbeat
The NSE Nifty Futures index rose 0.74 per cent to 20,953 points, notching a record high for the third session in a row. The S&P BSE Sensex climbed 0.63 per cent to 69,296, a record close for the second day.
From the Sensex pack, Power Grid and NTPC were the top gainers, rising over 4 per cent each. SBI, ICICI Bank, M&M, Titan and Maruti also closed in the green. On the flip side, HUL, HCL Tech, Bajaj Finance, and Wipro closed in the red.
Meanwhile, Adani Group stocks also closed up to 20 per cent higher. Adani Green Energy, Adani Energy Solutions and Adani Total Gas closed in 20 per cent upper circuit. While NDTV and Adani Enterprises surged over 17 per cent, Adani Ports and Adani Power gained over 15 per cent. Adani Wilmar closed in 10 per cent upper circuit. On the sectoral front, Nifty Metal advanced over 3 per cent, led by Adani Enterprises. Nifty Bank and Oil Gas index also closed over 1 per cent higher. Whereas, Nifty FMCG, IT, Media, Realty and Healthcare closed lower.
Nifty Smallcap100 and Nifty Midcap100 gained 0.47 per cent and 0.11 per cent, respectively, also hitting new all-time highs. The market capitalisation of all listed companies on BSE increased by Rs 3.04 lakh crore to Rs 346.51 lakh crore. The market breadth was skewed in favour of the bears. About 1,969 stocks declined, 1,787 gained and 119 remained unchanged on the BSE.
FII and FPIs, on Tuesday, saw a net purchase of Rs 5,223.51 crore in the cash segment. A total of Rs 11,967.22 crore was sold against a total purchase of Rs 17,190.73 crore. Domestic institutional investors saw net sales of Rs 1,399.18 crore in the cash segment. A total of Rs 12,866.29 crore was sold against a total purchase of Rs 11,467.11 crore.
Meanwhile, The aura of the state election results and other positive factors like above-expected earnings and GDP growth data are supporting the return of FII flows to the Indian market. The RBI’s monetary policy meeting is expected to be status quo. However, the commentary on economic growth, food grain prices and inflation trajectory will be closely watched.
Technically, the important key resistances placed in October Nifty future are at 20,953 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional upmove with immediate resistances seen at 21,188 – 21,303 levels. Immediate support is placed at 20,880 – 20,676 levels.
