Sensex, Nifty closed at record highs on gains in auto, banking stocks

Indian equity benchmarks rose for the third consecutive session and closed at record highs on Monday led by gains in Tata Motors, HDFC Bank, ICICI Bank, ITC, Kotak Mahindra Bank, HDFC, Maruti Suzuki and State Bank of India. The Sensex rose 417 points to hit a record high of 60,476.13 and the Nifty 50 index rose above its crucial psychological level of 18,000 to hit a record high of 18,041.95 for the first time.

The Sensex closed 77 points higher at a record high of 60,136 and the Nifty 50 index rose 51 points to an all-time high of 17,946.

“Nifty index crossing 18,000 level marks continuation of bullish phase in Indian markets. There are strong positive sentiments on the domestic front, even as global cues are pointing to rising risks. Central banks across the world have been keeping their balances at bay. Sheet expansion at the earliest to counter rising inflation. Also, this earnings season in India is going to be extremely crucial, given that Nifty’s equity price is above 27 times And earnings need to keep pace with that. Overall, we are cautious at the moment and await a definitive conclusion on the conflict between global cues and domestic growth, said Mohit Ralhan, Managing Partner and Chief Investment Officer, TIW PE. are doing.

Buying was visible across the board as all 15 sector gauges, except for the index of information technology stocks compiled by the National Stock Exchange. Nifty Auto index was the top gainer with a gain of nearly 3 per cent. Nifty Bank, Financial Services, Media, Metal and Realty sector gauges also rose between 1.3-2.6 per cent.

Mid- and small-cap stocks also witnessed interest as Nifty Midcap 100 index rose 0.6 per cent and Nifty Smallcap 100 index rose 1.13 per cent.

Tata Motors was the top Nifty leader, said the company, adding that underlying demand for Jaguar Land Rover products remains strong with order book at record levels, after the stock closed 9 per cent higher at a new 52-week high of Rs 417.80 . However, the company warned that Jaguar Land Rover’s retail sales for the three months ended September 2021 were hampered by the impact of global semiconductor shortages.

Coal India posted a growth of 4.35 per cent amid reports of coal shortage in the country. Maruti Suzuki, Power Grid, Grasim Industries, Hindalco, ONGC, NTPC, ITC, State Bank of India, Kotak Mahindra Bank and HDFC Bank also rose between 2-3.4%.

On the flipside, TCS closed 6 per cent lower at Rs 3,687 on fears that the big deals that had driven most of its growth in the past one year were drying up. Tech Mahindra, Infosys, HCL Technologies, Britannia Industries, Wipro, HDFC, Reliance Industries and Bharti Airtel were among the losers.

Overall market breadth was positive as 1,952 shares closed higher while 1,481 shares closed lower on the BSE.

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