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07 December, 2021 14:11 IST
Markets in festive mood, Sensex skyrockets 569 points to close above 61K
Source: IRIS | 14 Oct, 2021, 08.29PM
Rating: NAN / 5 stars.
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Indian markets continued to rally  for the sixth day on Thursday buoyed by banks, financials and metals stocks. Positive global cues, strong economic data and expectation of upbeat Q2 earnings added fuel to the sentiment. Both Sensex and Nifty traded at a new life time high. All sectors settled in green except auto.

At the close, the benchmark 30-share index, BSE Sensex added 568.90 points or 0.94% at 61,305.95 with 24 components registering rise.  Meanwhile, the broad based NSE Nifty climbed by 176.80 points or 0.97% at 18,338.55 with 37 components registering rise. 

Major gainers in the 30-share index were ITC (2.89%), HDFC Bank (2.86%), Power Grid Corporation Of India  (2.51%), ICICI Bank (2.44%), IndusInd Bank (2.20%), Larsen & Toubro (2.12%) and NTPC (2.12%).

 On the other hand, TCS (1.22%), HCL Technologies (1.17%), Bajaj Finance (0.85%), Asian Paints (0.75%), Bharti Airtel (0.58%), Mahindra & Mahindra (0.42%) and Sun Pharma (0.17%) were the major losers in the Sensex.

Market breadth was positive with 1,658 advances against 1,696 declines.

Global markets extended their gains as the start of the earnings season reassured investors that the economic recovery is still on track despite inflationary pressures. Brent crude spiked 4-year high to above USD 84/bbl. 

"Bulls continued to remain in charge of Dalal street amid volatility, setting the stage for festive season. While there are not much negative triggers, macroeconomic trends keep improving month-on-month. Markets are in clearly festive mood and we are witnessing fasters sector rotation at play. IT sector was in limelight today post strong numbers from Infosys, Wipro and Mindtree," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

"The earning season has started off on a strong note and needs to continue delivering strong numbers for the market to sustain the current momentum. HDFC Bank’s results on Saturday would give some direction to banking & financial stocks on Monday," he added.

Daniele Russolillo, COO & Deputy CEO, Planet Smart City - A global Prop-tech frim on the Dussera festive season said, "The real estate sector is steadily retrieving pace during the pandemic, with home buying witnessing an upward demand. Moreover, the pandemic has further bolstered the demand for residences backed with smart infrastructure solutions, with an observed uptick across cities like Pune, Bangalore & Mumbai. Organizations across industries are widely embracing a hybrid working model, which will only elevate this demand for the next two quarters."

"Furthermore, the festive season bundled with region-specific offers from developers, is expected to boost the momentum while encouraging home buyers to invest in residential real estate with smart infrastructure and proptech solutions for better ROI. At our project ‘Universe’ at Life Republic Township, Hinjewadi in Pune, our JV partner Kolte-Patil Developers has launched a special offer ��" The Great Home Coming Festival. As part of this offer, buyers at Universe will get a voucher worth Rs 1 Lakh and goodies like free modular kitchen, AC, Smart TV, fridge, washing machine and other such electronic appliances," he added.


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