Stock market today: Domestic equity benchmarks moved within a narrow range after the Nifty50 touched a fresh all-time high on Wednesday (February 21), amid buying in metal, auto and FMCG shares though selling in IT counters played spoilsport. Globally, the mood remained sombre amid diminishing nascent hopes of early interest rate cuts from the Fed and investors awaited minutes of the US central bank's last policy review, due later in the day.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

The Nifty added as much as 52.5 points, or 0.2 per cent, to register a record high of 22,249.4 and the Sensex climbed to as high as 73,267.8, up 210.4 points, or 0.3 per cent, from its previous close to trade within 160 points of an all-time high scaled last week.

At the last count, the 30-scrip index was down 14.7 points at 73,037.4 while the Nifty was barely in the green at 22,203.

"With seven days of record intraday highs this year, Nifty is exhibiting great strength. The big emerging market worry of rising bond yields in the US is not impacting India since FIIs have been forced to reduce their selling since they are being completely neutralised by sustained DII buying assisted by retail exuberance," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Vijayakumar also said that this resilient domestic buying is providing the main support to the ongoing rally in the market, and the strong performance of the economy and improving corporate earnings are solid fundamental support to the market.

"The fact that the fairly valued large private banks are now contributing to the rally is a positive signal. This has the potential to sustain. But the irrational exuberance in pockets of the broader market is unlikely to be sustained. Retail investors should not be carried away by this exuberance," he added. 

Broader indices Nifty Midcap 100 and Nifty Smallcap 100 were last up 0.3 per cent each. 

BUZZING STOCKS

Campus Activewear shares were up over 10 per cent after 1.3 per cent equity changed hands via multiple block deals. 

Hindalco shares were up over 2 per cent after its US-based subsidiary Novelis filed for IPO with US SEC.

ABB India shares were up over 6 per cent after its board approved to raise up to Rs 3000 crore through QIP. 

Union Bank shares were up over 4 per cent after the company received many orders worth around Rs 369 crore.

Devyani International shares were up over 3 per cent after multiple block deals.

GLOBAL MARKETS

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.1 per cent at the last count, with Japan's Nikkei trading 0.2 per cent lower for the day after stuttering within sight of the all-time high set in 1989 over the last few days.

With inputs from agencies

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.