Markets trade bullish; Sensex over 61,325, Nifty 50 above 18,240; SmallCaps outperform; Tech Mahindra soars 6% after Q2; Bajaj twins, RIL, ITC add to gains

SmallCaps stocks outshined, while significant upside was added by large-caps and mid-caps as well. Except for banking stocks, all other sectoral indices rose sharply.

Oct 26, 2021 10:10 IST India Infoline News Service

Bull Market
Indian markets gained momentum on Tuesday as benchmark Sensex topped 61,400-mark and Nifty 50 raced near 18,300-level. Heavyweight stocks like Reliance Industries, Bajaj twins, HDFC Bank, ITC and Bharti Airtel powered a super rally in broader markets. SmallCaps stocks outshined, while significant upside was added by large-caps and mid-caps as well. Except for banking stocks, all other sectoral indices rose sharply.

At around 10.03 am, Sensex was trading at 61,325.02 up 357.97  points or 0.59%. The index has touched an intraday high of 61,404.87.

Nifty 50 traded at 18,243.75 higher by 118.35 points or 0.65%. The index has clocked the day's high of 18,265.20.

On BSE, the SmallCap index jumped nearly 520 points, while the MidCap was up 350 points.

Further, on BSE, in terms of sectoral indices, the Consumer Durables soared nearly 730 points, while the Auto and IT index jumped nearly 310 points and 360 points respectively.

Top bulls on Sensex were - Tech Mahindra surging nearly 6% after Q2 results. Bajaj Finance followed with over 2.3% upside. Tata Steel and Titan soared nearly 1.8% and 1.7%. SBI advanced 1.6%.

ITC, Ultratech Cement, Bharti Airtel, Reliance Industries, L&T and Bajaj Finserv zoomed over 1% each. HDFC, HDFC Bank, IndusInd Bank and NTPC also contributed significantly to the winning streak.

Top bears on Sensex were - ICICI Bank, Axis Bank, Power Grid and HUL tumbling between 0.6-15. Kotak Bank was marginally down.

Axis Bank, Kotak Mahindra Bank, Bajaj Finance, ABB India, Cipla, Ambuja Cements, Birlasoft, Canara Bank, Central Bank of India, Torrent Pharmaceuticals, Dr Lal PathLabs, Mahindra Lifespace Developers and Persistent Systems - are among key earnings to watch today.

Asian markets opened in the green led by a superb 2% rally by the Japanese Nikkei' which traded higher by over 500 points in early trade. This as global markets prepare for another bout of equity outperform as Dow Jones prepares for another 5% break out hitting new all-time highs. Taiwan and South Korean markets also join the rally in Asian equities with expectations of Chinese internet stocks participating.

Overnight, on Wall Street, US markets closed at fresh new all-time highs as Dow Jones ended higher by 65 points over 35,700. Nasdaq joins the rally with gains of over 130 points as technology earnings beat estimates. Bond yields remain unchanged near 1.62% while the US$ index closed higher at 92.86. Oil hits fresh new 4-year high at US$85 before seeing profit booking.

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