Indian Share Market Reached an all-time high for the third consecutive session on Wednesday. On August 25, the S&P BSE Sensex jumped 143.64 points, or 0.26 per cent, to 56,102. Similarly, Nifty 50 also started in positive territory on Wednesday, up 142.15 points or 0.40 per cent at 16,676. On August 25, the broad market, midcap and smallcap indices opened with a gain of half a percentage point.
Metals, PSU banks, energy and auto stocks saw the biggest gains on August 25. At 1011 am IST, Kotak Bank, Bajaj Finserv, Tata Steel, Bajaj Finance, TCS, Reliance were the top gainers for the 30-share BSE index. Bajaj Electrical was the biggest gainer and its stock rose 7.71 per cent when the market opened. On the other hand, ICICI, Hindustan Unilever, Bharti Airtel and Larsen Turbo were among the top losers in the BSE Sensex on August 25.
Tata Motors was the biggest gainer on the Nifty 50, whose stock rose 3.2 per cent to Rs 288.80. Hindalco, HDFC Life, Adani Ports, Bharat Petroleum, Coal India, JSW Steel, ONGC, Tata Steel and Indian Oil also gained 1-2.6 per cent. On the flipside, Titan, Asian Paints, HCL Technologies, Tech Mahindra, Bharti Airtel, Dr Reddy’s Labs were among the top losers.
The market is trading above Rs 16,600 which is a positive sign. We should move closer to Rs 16,800-16,850. Dips or intraday correction can be considered as a buying opportunity. Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments says Rs 16,400 is good support for the index and as long as it remains intact, there is no threat to the current trend.
“The market momentum and sectoral rotation in India are driving the indices higher. When market leader IT index gets relief, Bank Nifty takes Nifty ahead. A significant development in the banking sector is HDFC Bank deftly bouncing back. Dr VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, HDFC Bank has the potential to achieve its leadership position.
Positive signals lift the market
The Indian domestic market opened on a positive note driven by positive cues from the global market and the rapidly evolving COVID-19 vaccination journey. Vaccination and falling COVID-19 cases in India are the main factors driving the market this week. India may enter the endemic phase of COVID-19, WHO Chief Scientist Soumya Swaminathan said on Thursday. This statement sent positive waves across the market.
On Wednesday, the Heng Seng index started with a gain of 202.13 points or 0.79 per cent at 25,930.05. Similarly, the market remained flat in Japan on Wednesday. Wall Street also posted fresh record highs on Tuesday after the US government gave full approval to the Pfizer-BioNtech COVID-19 vaccine.
“US stocks hit new highs with the S&P 500 and Nasdaq. Notably, the formal full approval by the USFDA for a COVID-19 vaccine manufactured by Pfizer-BioNtech boosted investor confidence. Full approval prompts rapid vaccination in the country, which is crucial to stem the recent surge in delta variant coronavirus cases. New home sales grew 1 per cent year-on-year to 7.08 lakh, slightly higher than the consensus estimate of 7 lakh. Besides, the 10-year Treasury yield rose 4 bps to 1.29 per cent, while the dollar index is currently hovering around 93.
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