Post Session: Dream Run Continues: Nifty Ends Above 10,000 as Metal, CGS Stocks Rally Analysis for J

Posted By: Religare
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    Extending their record-breaking rally, the Indian equities continued its dream run on Wednesday with Nifty breaching psychological level of 10,000 for the first time, on sustained fund inflows and strong earnings by bluechip companies. Investors were in upbeat mood amid optimism that the Narendra Modi led NDA government will continue with its economic reform policies to make India an attractive destination for investments. Expectations of an interest rate cut by the Reserve Bank of India after CPI and WPI inflation cooled down to a record low in June also injected positivity among investors.

    Post Session: Dream Run Continues: Nifty Ends Above 10,000 as Metal, CGS Stocks

    The 30-share barometer SENSEX closed at 32382.46, up by 154.19 points or by 0.48 per cent, and the NSE Nifty ended at 10020.65, up by 56.1 points or by 0.56 per cent.

    During the day"s trade, Sensex touched an intraday high of 32413.63 and intraday low of 32226.08, while the NSE Nifty touched intraday high of 10025.95 and intraday low of 9965.95.

    On the sectoral front, metal and capital goods stocks emerged as top gainers, rising as much as 1.74 per cent and 0.89 per cent respectively.

    In line with benchmark indices, the broader markets ended marginally higher, with MIDCAP and SMLCAP indices gaining as much as 0.18 per cent and 0.28 per cent, respectively.

    The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 565.40,+2.22%), Sun Pharmaceutical Industries Ltd. (Rs. 578.45,+2.08%), ICICI Bank Ltd. (Rs. 310.20,+2.07%), Mahindra & Mahindra Ltd. (Rs. 1417.00,+1.94%), Cipla Ltd. (Rs. 574.80,+1.82%), among others.

    On the flip side, Axis Bank Ltd. (Rs. 528.85,-2.90%), Asian Paints Ltd. (Rs. 1135.50,-1.43%), Tata Consultancy Services Ltd. (Rs. 2554.80,-0.62%), Bharti Airtel Ltd. (Rs. 426.25,-0.32%), Bajaj Auto Ltd. (Rs. 2838.00,-0.24%), were among the top losers on the BSE.

    The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total shares traded 3031, shares advanced were 1447, while 1390 shares declined and 194 were unchanged.

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