FMCG, consumer durables and telecom stocks saw a significant rise
Mumbai, August 3 (IANS)| Expectations of a faster economic recovery as well as projections of a less severe third Covid wave propelled India’s equity indices to fresh intraday record highs during Tuesday’s afternoon session. Notably, Nifty has broken the all-time high of 16,000. Besides, better-than-expected quarterly results along with healthy macro-economic data boosted investor sentiment.Segment-wise, FMCG, consumer durables and telecom stocks saw good demand. As a result, the S&P BSE Sensex touched a record high of 53,478.57 points and the Nifty 50 touched a new high of 16,025. At around 12.45 pm, the Sensex was trading 509.38 points or 0.96 per cent higher at 53,460.01 from its previous close. On the National Stock Exchange, Nifty 50 was trading at 16,020.10, up 134.95 points or 0.85 per cent from its previous close.
Good buying was seen in finance, telecom and consumer durables stocks. However, metal stocks declined. Deepak Jasani, Head of Retail Research, HDFC Securities said, “Nifty opened a gap again on Tuesday and continued to move higher. Asian markets recovered from lower levels, but are still mixed.” is made.”
According to Gaurav Garg, Head of Research, Capital Via Global Research, “Indian benchmark indices started flat with global sentiments on positivity. Growth in the month of July amid rising GST collections and boost to manufacturing sector and easing of COVID restrictions. The sentiment in the Indian market remained positive with the strongest posting.”
“Technical indicators also support the positivity in the market. Higher earnings posting by companies in the global market is another factor adding to the positive sentiments in the market.” Further, Rahul Sharma, Co-Founder, Equity99, said, “This market buoyancy is backed by strong performances from banking to HDFC, IT pack to TCS and industry leaders like Infosys with big support coming from FMCG giants like UBL, Britannia, Marico.”
(Disclaimer: This news has been published directly from news agency’s Syndicate feed. It has not been edited by AnyTV News team.)