Sensex Trades At A Record High, Global Cues Strong

Benchmark indices opened the day stronger in trade again, with the Sensex hitting a new record high OF 52,526 points surpassing its earlier record of 52,516 points.

The Nifty and the Sensex were up 0.42% in early trade.

Shares in Yes Bank gained ground after the bank's board considered as well as approved seeking shareholder's nod for raising funds in Indian or foreign currency up to Rs. 10,000 crore by way of issuance of debt securities, including but not limited to non-convertible debentures, bonds, Medium Term Note (MTN) etc. The stock was up 1.51% in trade.

Mazgaon Dock was another stock in the limelight after the company announced its Q4FY21 results. Consolidated net profit at the firm came in at Rs. 230 crore for the review period, a 450% increase in comparison to the Q4FY20 profit figure of Rs. 41.55 crore. The stock was up 2.67% in trade.

Among the Nifty losers were Tech Mahindra, Wipro and ONGC. Stocks that gained from the Nifty were Power Grid and Coal India.

"Technically, the Nifty remains in a positive set up and can see a move towards highs of 16,000 zones. Also with many states starting to ease restrictions gradually, we expect the demand environment to improve and the unlock trade to play out well in Jun'21," says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.