Sensex, Nifty hit fresh record high
Indian equity indices jump-started today’s session and were close to their lifetime highs, with shares of state-owned banks and metal companies leading the gains seen across most sectors, supported by an upbeat trend in most global markets.
At 10:09 AM, the BSE Sensex was trading at 34,153, up 183 points, while the broader Nifty50 was ruling at 10,555, up 49 points.
The Nifty PSU Bank Index extended gains and rose over 1% in early trade as the Lok Sabha, late Thursday, passed the third batch of Supplementary Demands for Grants, which will enable the government to issue bonds worth Rs800bn to recapitalize the lenders in the current financial year.
IOB stock gained 7% as the bank decided to utilize share premium balance to write off the accumulated losses.
Bharat Forge shares gained 2% after strong Class 8 truck orders in the US. North America Class 8 truck orders shot up 77% yoy to 37,200 units in December against 21,061 units.
The Nifty Metal Index inched higher, led by over 1% gain in shares of Hindalco Industries and Vedanta, tracking the overnight rise in global base metal prices.
Shares of Varun Beverages gained 9% today after the company entered into a partnership with PepsiCo India to sell the latter’s Tropicana juices, Gatorade and Quaker dairy products in north and east India.
Barring the Nifty IT Index, which was down 0.3%, all other sectoral and thematic indices were in the green early today. Technology stocks were subdued due to persistent strength in the rupee against the dollar.
The BSE Mid-cap and BSE Small-cap indices were up 0.63% and 0.87%, respectively.
Volatility index India VIX slipped 2.29%.
HPCL (-0.78%), HCL Tech (+0.57%), IOC (-0.43%), ONGC (-0.35%) and GAIL (-0.35%) were the top losers in today’s trade.
Out of 1,993 stocks traded on the NSE, 1,162 advanced, 432 declined and 399 remained unchanged today.
A total of 113 stocks registered a fresh 52-week high in trade today, while one stocks touched a new 52-week low on the NSE.