Markets super rally continues; Sensex tops 62,200, Nifty 50 crosses over 18,600 first time; IT outperforms; HUL, Tech Mahindra, L&T in lead

In the opening bell, Sensex has hit a new 52-week high of 62,201.72 and Nifty 50 has clocked an all-time high of 18,604.45.

Oct 19, 2021 10:10 IST India Infoline News Service

The bull ride continued on Tuesday taking benchmarks Sensex and Nifty 50 to new historic highs. Sensex has topped over  62,200 and Nifty 50 soared over 18,600 for the first time driven by broad-based buying and positive global cues. IT stocks outperformed, while banking and capital goods stocks contributed significantly to the winnings. Consumer Durable stocks were top laggards. Investors continue to factor in the corporate earnings season for September 2021 (Q2FY22) period. However, volatility is expected today.

At around 10.00 am, Sensex is trading at  62,093.98 up 328.39 points or 0.5%. Nifty 50 performed at 18,551.65 higher by 74.60 points or 0.4%.

In the opening bell, Sensex has hit a new 52-week high of 62,201.72 and Nifty 50 has clocked an all-time high of 18,604.45.

In terms of sectoral indices, on BSE, the IT index has soared nearly 550 points, while the Consumer Durables and Bankex index jumped 450 points and 150 points respectively. The Consumer Durables index, on the other hand, nosedived nearly 490 points.

Top bulls on Sensex were - L&T surging nearly 3% followed by Tech Mahindra and HUL advancing more than 2% each. HCL Tech, HDFC Bank, and Infosys gained around 1% each.

Top bears on Sensex were - ITC diving by nearly 4% followed by Ultratech Cement and Titan slipping 1.6% and 1.5%. Power Grid and Tata Steel shed over 1% each.

Major companies like Hindustan Unilever, Nestle India, ICICI Prudential Life Insurance Company, ACC, ICICI Securities, and L&T Technology Services will be in focus ahead of their Q2 results.

Other companies that are set to announce their Q2 today are - Consolidated Construction Consortium, DCM Shriram, Heidelbergcement India, JSW Ispat Special Products, Jubilant Ingrevia, Mastek, Navin Fluorine International, Nelco, Network18 Media & Investments, Oriental Hotels, Rallis India, Rane Brake Lining, Shakti Pumps, Standard Industries, Sonata Software, Tata Steel BSL, TV18 Broadcast.

On the global front, Asian markets opened in the green after seeing profit booking across the board yesterday as the Japanese 'Nikkei' was higher by 120 points in early trade. This as commodities see fresh new 10 year highs with aluminum, copper & zinc seeing demand outstrip supply. Chinese GDP growth at 4.9% was lower than most estimates which shows the slowdown in industrial activity.

Overnight, on Wall Street, US markets close mixed as rising yields which hit 1.62% in intraday trade see profit booking in stocks. However, in the last hour, recovery sees yields close unchanged near 1.59% with Nasdaq seeing short covering to close higher by 120 points while Dow Jones closes lower by 36 points. Oil prices see new 5 year highs as Brent crude hits US$ index 86.

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