Indices End At Fresh Record High; Broader Markets Underperform

After a record close in the previous session, Indian benchmark indices extended their gains on Monday (August 16, 2021) with the indices clocking fresh highs for yet another day. Bank Nifty and the broader markets however underperformed, with the former down by as much as 0.17% weighed down by banking names including SBI, Kotak Mahindra, ICICI Bank, IDFC First Bank and IndusInd Bank.

Indices End At Fresh Record High; Broader Markets Underperform

At the close, indices ended at a fresh high of 55,582, up 145 pts. or 0.26% on the Sensex, while Nifty logged a new closing high of 16,563, up 34 points or 0.21% during the session.

Among Nifty sectoral indices, strength was seen only in metals, financial services and FMCG pack, while all other sectors traded in the red, with the most drag in the Nifty PSU Bank and Nifty Auto.

Tata Steel, Bajaj Finance, M&M, IOC and BPCL were the set of top Nifty gainers, while the laggards in the otherwise strong market were stocks including Maruti Suzuki, Shree Cements, Power Grid, Bajaj Auto and Eicher Motors.

RIL shares gained more than 2.5% to Rs. 2203 to later pare some of the gains on reports of Saudi Aramco being in advanced talks for its deal with the conglomerate's oil and refining business.

Further the primary activity continued to be robust with 4 IPOs making their debut today, among which Devyani International saw a robust listing, while all others including Krsnaa Diagnostics, Windlas Biotech , Exxaro Tiles saw a lukewarm debut with gains of 5-7%.

Meanwhile, European markets traded in the red, with weakness of close to 1% on FTSE.

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