For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Nifty Hits 16,000 Levels Despite Weak Sentiment In Asian Markets

|

The benchmark indices in trade today have hit a fresh high with Nifty breaching 16000 levels for the first time. Also, on the Sensex 53,402.03 levels have been hit, which is a record high. The sharp rally in the Indian markets is seen despite weak sentiment in the Asian markets. Notably, the previous crucial level on the Nifty of 15,000 points was hit on February 5, 2021.

 

Broader markets however underperformed with Nifty Midcap 100 trading with losses of 0.14%. Nonetheless, fresh highs have been hit on small and mid cap indexes too in trade today.

Nifty Hits 16,000 Levels Despite Weak Sentiment In Asian Markets

Top gainers on the Nifty in today's trade have been Titan, Sun Pharma, HDFC, Bharti Airtel and IndusInd Bank, while laggards included stocks like JSW Steel, Tata Steel, Hindalco, Grasim and ONGC.

Among the Nifty sectoral indices, barring media and metals all indices traded in the green. Maximum strength came in from FMCG and pharma space which were seen gaining over 1% each, while other indices from Nifty PSU Bank to Nifty index also traded higher between 0.2-0.8%.

Infosys in trade today has hit a fresh high of Rs. 1647 and on the price surge has surpassed the market capitalization of Rs. 7 trillion.

 

Some of the positive triggers for the stock market rally today are higher GST collection for the July month which came in at Rs. 1.16 lakh crore, implying a rebound in economic data. Also, the total output of 8 core sector industries surged by 8.9 percent in the June month. Furthermore, there has been a substantial increase in merchandise exports that jumped by 47.9 percent in comparison to the previous year.

"Now, the macros are turning very positive with the declining fiscal deficit, rising tax collections, and now the excellent performance in exports, which have shot by 48 percent in July. The PMI at 55.3 indicates a potential sharp turnaround in economic activity. This can embolden the bulls to take Nifty beyond 15,950 early in August unless FIIs turn massive sellers at those levels," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services is cited as saying in a leading dailies report.

Also June quarter results for India Inc. are coming in better with results panning out to be positive for as many as 485 companies thus far.

Meanwhile, Asian markets traded mostly in the red with Hong Kong's Hang Seng and Japan's Nikkei down by up to 0.5%.

GoodReturns.in

Read more about: stock markets nifty
Company Search
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X