Markets at fresh historic highs; Sensex hits 52,836, Nifty 50 near 15,890; Bank, IT lead rallies; Tech Mahindra, Asian Paint, IndusInd top bulls

The 50-scrip index places itself to embark towards 15,900-level. A broad-based buying was seen across sectoral indices with exception of pharma stocks.

Jun 15, 2021 09:06 IST India Infoline News Service

Indian markets have earmarked another fresh historic high this month. On Tuesday, Sensex clocked a lifetime high of 52836.31, while Nifty 50 touched a new record high of 15,889.60 despite the country's inflation reaching a six-month high led by a rise in food and fuel prices. The 50-scrip index places itself to embark towards 15,900-level. A broad-based buying was seen across sectoral indices with exception of pharma stocks. Banking and IT stocks were the major markets movers. The domestic equities tracked positive global cues as investors hold on to a much-anticipated Federal Reserve policy meeting scheduled for tomorrow.

At around 09.45 am, Sensex was trading at 52,818.63  higher by 267.1 points or 0.51%, while Nifty 50 was performing at 15,883.45 up by 71.60 points or 0.45%.

In terms of broader markets, India's volatility index plunged by 1.5%, while all other indexes recorded marginal to near 1% upside.

On a sectoral basis, Nifty Pharma was in red with substantial correction. Nifty IT, Nifty Bank and Nifty Financial Services climbed between 0.6-1%.

Top bulls on NSE were - Asian Paint surging 2.2%, while IndusInd Bank followed by soaring 1.8%. Tech Mahindra and Tata Steel jumped by 1.5% each. Tata Consumer rallied more than 1%.

Top bears on NSE were - Adani Ports plunging 0.8%, while Divis Lab and Coal India diving 0.7% each. Dr Reddy's Lab dipped 0.6% and Cipla shed marginally.

Adani Group stocks are in focus after the listed companies clarified over reports that claimed that NSDL had frozen three foreign funds account having a cumulative investment of Rs43,500cr in the Group's companies. Adani Group has clarified that "that the Demat Account in which the aforesaid funds hold the shares of the Company are not frozen."

Companies that are set to announce their Q4 result will also be in focus today. These are - Jubilant FoodWorks, Power Finance Corporation, LIC Housing Finance, Easy Trip Planners, Entertainment Network (India), Flexituff Ventures International, India Home Loan, JMD Ventures, BLS International Services, Centum Electronics, Lemon Tree Hotels, Manaksia, Salzer Electronics, Spencers Retail, and Whirlpool of India.

India's Consumer Price Index (CPI) inflation climbed to 6.3% in May 2021 due to higher food and energy prices. Meanwhile, food inflation increased to 5.01% in the same month.

Also, India’s WPI inflation skyrocketed further to a fresh-series high of 12.9% in May 2021, led by the double whammy of high global commodity prices and a very low base.

Except for Hong Kong and Chinese shares, all other indices at the Asian markets were in the green. Japan's Nikkei and BSE Sensex outperformed. Metals & technology stocks led the gainers while banks saw profit booking in most Asian markets. Chinese data on manufacturing beat estimates, however, stocks have been range-bound with consolidation in most markets awaiting the Federal Reserve action on Wednesday.

Overnight, at the Wall Street, US indices settled mixed with Dow Jones recovering from intraday fall of over 260 points to close lower by 80 points while Nasdaq closes in the green 3rd day running as lower yields witness buying in technology/digital stocks. US10 year trades at 1.49% even as crude oil prices hit 16-month highs.

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