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Positive macros, results push equities higher; Sensex closes above 61k
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SME Times News Bureau | 14 Oct, 2021
Positive macro-economic wholesale inflation data as well as healthy Q2 results pushed equities higher on Thursday.
In the process, S&P BSE Sensex made an intraday high of 61,353.25 points and the NSE Nifty50 touched 18,350.75 points.
The two indices had a gap-up opening and held on to the initial gains encouraged by positive global cues.
Globally, stock markets rose on companies' earnings reports that indicated strong consumer demand.
On
the domestic front, a key macro-economic data point showed that
wholesale inflation had eased to 10.6 per cent in September from 11.4
per cent in August.
Sector-wise, realty, power, metals, capital goods and bankex gained the most, whereas, auto was the sole loser.
Consequently, the 30-scrip sensitive index traded at 61,305.95 points, up 568.90 points or 0.94 per cent.
The Sensex opened at 61,088.82 points from its previous close of 60,737.05 points.
Besides, the NSE Nifty50 traded at 18,338.55 points, up by 176.80 points or 0.97 per cent.
It opened at 18,272.85 points from its previous close of 18,161.75 points.
"Nifty
rose on Wednesday and Thursday with runaway gaps which indicated strong
upward momentum," said Deepak Jasani, Head of Retail Research, HDFC
Securities.
"Though the daily technical indicators are close to
overbought levels, Nifty could rise post the long weekend on Monday and
cool down later."
According to Geojit Financial Services' Head of
Research Vinod Nair: "The Indian market sustained its upbeat mood
supported by positive global market, favourable inflation data and up
move in IT stocks following strong earning scorecards by sector majors."
"Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season."
In
addition, Siddhartha Khemka, Head - Retail Research, Motilal Oswal
Financial Services said: "Domestic equity continued its northward
journey amid positive global cues, strong economic data and expectation
of upbeat Q2 earnings."
"The broader markets too ended in green
with gains of around 0.6 per cent. Buying was spread across most
sectors, except for auto which witnessed some profit booking after the
sharp rise in the last couple of days."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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