Nifty Consumer Durables spikes over 400 pts to cross 30k first time; Titan continues to scale new highs

Rajesh Exports and TTK Prestige were also in the fast lane. Kajaria Ceramics, Whirlpool India, and Havells were under pressure.

Oct 13, 2021 12:10 IST India Infoline News Service

Bull market presents uptrend stock market
The Nifty Consumer Durables stretched the winning streak to go with bullish markets on Wednesday. The Index surpassed the magical figure of 30k to scale new high of 30,187.90.
 
Titan continued to scale new heights by hitting fresh 52-week high of Rs2587.65 per piece on Wednesday. Titan has hit new high on Tuesday as well as the index has touched a new 52-week high of 29,718.30.

Rajesh Exports and TTK Prestige were also in the fast lane. The sector continued to witness broad based buying. The corporate earnings season for September 2021 (Q2FY22) quarter remain in focus.

Kajaria Ceramics, Whirlpool India and Havells were under pressure on Wednesday.
 
Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading at fresh record highs on Wednesday, a day before weekly F&O expiry. Nifty hits 18,100, Sensex at fresh record high, jumps 300 pts.
 
At around 12.58 pm, BSE Sensex was trading at 60,741.29 up 456.98 points or 0.76% and Nifty50 at 18,160.85 up 168.90 points or 0.94%. Nifty Consumer Durables Index was trading at 30,118.45 up 400.15 points or 1.35%, touching a high of 30,187.90 and low of 29,765.70 during intraday trade on Wednesday.
 
Titan led the charts by surging 4% at Rs2,593.00 per piece. Last week, during its Q2 operational business update, Titan said that the company “witnessed a strong recovery in demand after the second wave across its consumer businesses with sales moving swiftly above or close to pre-pandemic levels in most of the divisions.”

TTK Prestige rose nearly 1.9% at Rs8,970.50 per piece to outperform. Rajesh Exports also gained over 1.8% at Rs617.40 per piece. Volatas also was nearly 1% higher. Amber, Relaxo and Blue Star were also trading in the green.

Kajaria Ceramics shed 1.9% at Rs1,245.00 per piece to drag. Whirpool was 1.3% lower at Rs2,465.30 per piece. Havells also was nearly 1% on the downside at Rs1,407.00 per piece. Bata India was also 0.65% lower. Oreint Electric, Crompton, Dixon and V-Guard were also marginally lower.
 
Investors remain optimistic in the sector for better quarterly earnings with sales and demand witnessing significant improvement due to festive season, better-than-expected monsoon and pickup in the rural economy.


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