Nifty, Sensex at record highs; Tata motors up 20% - Analyst says improved economic activities, decline in Covid 19 cases aiding market
Indian domestic equity benchmarks opened in the green on Wednesday ahead of weekly expiry data. Nifty50 reclaimed 18,000-mark, while S&P Sensex added over 200 points in the market open.
12.20 pm: Nifty50 and S&P BSE Sensex at record highs. Nifty hit record high of 18,177.95, while Sensex clocked 60,789.65, up over 450 points. Meanwhile, Tata Motors zoomed to new 52-week high of Rs 519.95.
Talking about action in the stock markets, Jyoti Roy - DVP- Equity Strategist, Angel One Ltd, the Nifty has touched new all time highs today on the back of optimism due to continued improvement in economic activities. There has been a significant improvement in economic activities led by services in September given further relaxation in restrictions due to significant decline in new Covid cases. Expectation of further improvement in demand during the ongoing festive season along with strong FII and DII flows are also supporting the rally. However any further deterioration in the global energy crisis will lead to higher energy prices and coal shortages for a longer period of time which can have an adverse impact on growth and is one of the key risks to the current market rally,"
11: 15 am Nifty 50 and S&P BSE Sensex clocked their fresh time highs as the equity benchmark indices went on to hit 18,132.60 and 60,660.75 respectively. Meanwhile, Tata Motors too hit new 52-week high of Rs 50 and gained nearly 20%. Tata Motors was trading at Rs 499.25, up Rs 78.45 or 18.64%. around 11.55 am.
Earlier, Stock Market Open on Wednesday...
Indian domestic equity benchmarks opened in the green on Wednesday ahead of weekly expiry data. Nifty50 reclaimed 18,000-mark, while S&P Sensex added over 300 points in the market open. While the former opened at 18,097.85, later started the Wednesday at 60,619.91, a fresh record high for the 30-share index. Meanwhile, on sectoral indices Nifty Bank opened at record high at 38,735.30.
See Zee Business Live TV Streaming Below:
On Nifty50 index, Tata Motors was up 10%, while ONGC, Tata Steel were top losers.The rally in this index was led by auto stocks as next in the line in the gainers list was Mahindra and Mahindra. Powergrid, Tata Consumers and Adani ports were other shares that pushed the Nifty50 to a new open above 18,000 level. Besides all, major Nifty indices, including Nifty Next 50, Nifty Mid Cap 50 and Nifty Financial Services opened in the green on Wednesday.
In the 30-share Sensex, 25 advanced and 5 declined. M&M was the index topper on Sensex with over 3% gain.
Earlier, Sensex gained over 300 points or 0.57% in preopen to 60,619.91 from previous close.
Earlier, major US markets closed Tuesday negative and the Asian markets started early hours trading on Wednesday on weak note. The wall street indices—the S&P 500 lost 10.79 points, or 0.25%, to end at 4,350.40 points; Nasdaq Composite lost 20.27 points or 0.14% to 14,465.93, while the Dow Jones Industrial Average fell 121.37 points or 0.35% to 34,374.69 to close Tuesday on negative note. Around 8.20 on Wednesday, Japanese Nikkei 225 was trading 0.22% down at 28,169, losing 62 points, while Sanghai Composite Index was also trading down 0.64% at 3524.63.
On Tuesday, Nifty50 added 46 points from its previous close, while Sensex gained 149 points to close at 17991.5 and 60,284.31 respectively on Tuesday.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.