Share and Stock Market…
The 30-scrip Sensex closed at a record high of 59,885, as it rose 958 points. And the Nifty50 index surged 276 points to end at 17,822. The broader markets supported the rally as both mid-caps and small-caps rallied 1.5 percent higher.
During the session, Sensex soared over 1000 points to 59,957. The broader index, NSE also jumped nearly 300 points to hit an all-time high of 17,843.
“Indian market witnessed a stellar rally where Nifty and Sensex hit their fresh all-time high of 17,844 and 59,957 respectively. Our market is in a roaring bulls market and outperforming global peers where the market took minor correction as a buying opportunity. The recent correction was driven by China’s Evergrande issue and this matter is easing for time being, therefore, we are seeing a short-covering rally across the globe,” Santosh Meena of Swastika Investmart said.
Among the 50 stocks on Nifty, Bajaj Finserv, Hindalco, L&T, Tata Motors, and Coal India lead the gains, as each scrip rose over 3 to 5 percent higher. Leading the losses were HDFC Life, Dr Reddy, ITC, Tata Consumer, and Britannia.
Among sectors on NSE, a strong rally was seen in the bank, auto, financial services, IT, metal, pharma, and realty indices. Whereas, only the Nifty Realty index ended in the red. Nifty Realty closed over 8 percent higher, and Nifty Bank surged over 2 percent. Nifty Metal, Consumer Durables, Oil and Gas and IT rose over 1.5 percent.
Globally, world markets shrugged off the hawkish Fed and rallied higher. “The outcome of the Fed meeting is not favorable for the equity market as Fed has mentioned the timeline of bond tapering. But the global markets had already corrected ahead of this meeting so we are seeing a short-covering rally because the market likes clarity instead of uncertainty,” Meena added.
Even the shares of Evergrande leapt ahead of the crucial debt payment. Asia’s nerves were also calmed after China injected fresh cash into its financial system ahead of an $83.5 million Ever Grande bond coupon deadline.
Norway became the first rich economy to raise rates since COVID struck. European stocks were up 1 percent in early trading as they pushed for a third straight day of gains
In commodity markets, US crude rose 0.1 percent to $72.33 a barrel, and the Brent crude gained 0.2 percent to $76.23 per barrel. Spot gold lost 0.3 percent to trade at $1,763.32 per ounce.
