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Sensex crosses 60k-mark; realty stocks rally
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SME Times News Bureau | 24 Sep, 2021
India's benchmark equity index S&P BSE Sensex crossed the
60,000-mark milestone on Friday. It took 246 days to accumulate the last
10,000 points.
The 30-scrip sensitive index crossed the
milestone just after the pre-open session on the back of a rally driven
by large caps with many index heavyweights touching their respective
highs.
The Sensex opened at 60,158.76 points from its previous
close of 59,885.36 points. It took only 42 days to gain the last 5,000
points.
At 12.10 p.m. the Sensex traded at 60,127.50 points, higher by 242.14 points or 0.40 per cent from its previous close.
The
NSE Nifty50 traded above the 17,900 points-mark during the pre-noon
session. It opened at 17,897.45 points from its previous close of
17,822.95. The Nifty touched a record intraday high of 17,927.20 points.
Sector-wise, Realty, IT, Media and Telecom indices were the best performers since May 18, 2021.
Auto, pharma and metal indices have risen the least.
Amongst BSE 200 stocks, JSW Energy, Mindtree, IRCTC and Mphasis have risen more than 100 per cent over this period.
Furthermore, LTI, LTTS, Godrej Properties and Zee Ent are other large gainers.
The market cap of all listed companies clubbed together crossed Rs 250 lakh crore.
By noon, NSE Nifty50 edged higher. It rose to 17,883.70 points, higher by 60.75 points or 0.34 per cent from its previous close.
"The
rally in domestic market is driven by positive global cues, strong
inflows by FIIs or DIIs, good corporate earnings, falling Covid-19
cases, upbeat corporate commentaries and low cost of capital. Amid the
buoyant sentiment and increased activity, Nifty valuations has reached
elevated levels and demand consistent delivery on earnings
expectations,"said Siddhartha Khemka, Head - Retail Research, Motilal
Oswal Financial Services.
"Given rich valuations, one cannot
ignore intermittent volatility -- however, we expect the positive
momentum to continue on the back of improving economic activity and
recovery in corporate earnings."
According to Ashish Biswas,
Head of Technical Research, CapitalVia Global Research: "The market is
growing due to excess liquidity and a low-interest rate regime.
Investors also felt relieved by the Federal Reserve's stance on
withdrawing stimulus and raising interest rates."
"FIIs and DIIs
continue to pour in more investment in the market which has led to
further highs. The fear of the third wave has also decreased and
investors are not worried about the adverse impacts on the economy as
more and more people get vaccinated."
In addition, Dhiraj Relli,
MD & CEO, HDFC Securities said: "This shows the impact of return of
FPIs and local investors continuing to invest despite headwinds that
cropped up time and again."
"The absence of a 10 per cent
correction in the indices over the last 18 months shows the maturity of
the local investors, but also throws up the possibility of that
happening over the next few weeks or months."
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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
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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