Equity benchmark Sensex surged over 350 points to cross the 61,000 mark for the first time in early trade on Thursday led by gains in index heavyweights Infosys, HDFC Bank and Reliance Industries amid a positive trend in global markets. After touching a record of 61,159.48 in the opening session, the 30-share Sensex was trading at 61,093.78, up 356.73 points or 0.59 per cent.
Similarly, Nifty rose 119.75 points or 0.66 per cent to hit a new intra-day record of 18,281.50.
L&T was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Infosys, SBI, NTPC, HDFC Bank, Maruti, ITC and Titan. On the other hand, HCL Tech, TCS, M&M, IndusInd Bank and Bajaj Finance were among the laggards.
In the previous session, the 30-share index ended 452.74 points or 0.75 per cent higher at 60,737.05, marking its fifth consecutive day and the Nifty rose 169.80 points or 0.94 per cent to 18,161.75. Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 937.31 crore on Wednesday, according to exchange data.
VK Vijayakumar, Chief, VK Vijayakumar said, “Strong results from Infosys, Wipro and Mindtree suggest that the disappointing market results from TCS were one-sided. Although high jobs are a challenge for the sector, strong deal wins and strong demand are clear positives. ” Investment Strategist at Geojit Financial Services.
IT’s leadership position is likely to resume as the prospects of the sector look bright for the next several years due to accelerating digitization by businesses globally, he added, adding that HDFC Bank’s strong performance in good Q2 Indicates the results and the banking head. Bulls are joining the rally.
Globally, US FOMC minutes indicate that tapering is definitively beginning in November and ending by mid-2022. This is a known phenomenon, therefore, the market is likely to discount it before the actual announcement, he said.
“As there are no known triggers for a sharp correction in the near term and the market momentum remains strong, bullish retail investors may push the market further, although seasoned investors remain concerned about overvalued,” he added. said. .
Elsewhere in Asia, shares in Shanghai, Seoul and Tokyo were trading with strong gains in mid-session deals. Stock exchanges on Wall Street also ended the overnight session on a positive note. Meanwhile, international oil benchmark Brent crude rose 0.61 per cent to $83.69 per barrel.