Markets Open Higher, Nifty Hits Record Highs Again

Benchmark indices opened the day higher again, as lockdown restrictions were eased in many places and hopes of a further easing boosted sentiments. Apart from this, better than expected GDP data also helped in lifting sentiments. For the Q4FY21 GDP growth came in at 1.6%, while for FY 2020-21 GDP contracted -7.3%.

The Sensex was trading with gains of 80 points, while the Nifty gained 23 points in trade. The Nifty was trading at 15,606 points, surpassing a historic high hit 15,582.80 points hit on Monday.

Shares in J&K Bank were trading higher, ahead of capital infusion plans by the government of Jammu & Kashmir. The stock was up nearly 3% in trade.

Honeywell Automation saw its share price drop, after profits at the company were lower than estimates. The stock was down more than 3% in trade. Auto stocks were marginally up ahead of numbers to be declared later toady. Investors are factoring the impact of the lockdown in some states to have an impact.

Stocks that remained laggards from the Nifty space were Eicher Motors, Asian Paints, Larsen and Dr Reddy's.

The markets this week would factor in the PMI data (Tuesday) and RBI's MPC (Friday) would be key moniterable this week. The overall strength of the market may continue.