Sensex Zooms 600 Points, Nifty Tops 14,800

The Indian markets extended their Budget day gains into the third straight session today and were trading over one per cent up at fresh lifetime high levels in noon deals. Among the headline indices, the S&P BSE Sensex was trading 600 points up at 50,400 levels.

The broader Nifty50 index also conquered the 14,800-mark. IndusInd Bank surged 8 per cent and was the top Sensex gainer, followed by PowerGrid, Mahindra & Mahindra, and Sun Pharma (all up 4%). The trend among Nifty sectoral indices was positive, with the Nifty Pharma index, up 4 per cent, leading the gainers.

The broader markets, meanwhile, outran their benchmark peers, with the S&P BSE MidCap and SmallCap indexes up 1.4 per cent and 1.3 per cent, respectively. Meanwhile, shares of Home First Finance listed at the bourses today at 19.45 premium to their issue price of Rs 518. A total of 88 companies, including Bharti Airtel, Adani Enterprises, Jubilant FoodWorks, and VIP Industries are slated to announce their quarterly earnings today.

Analysts expect Bharti Airtel to return to profit while revenues may grow in mid-teens on a year-on-year (YoY) basis, mainly on account of strong subscriber addition momentum. Besides, the company’s board will also consider financing strategies and fundraising plans via instruments like debentures, bonds, and loans.

Foreign portfolio investors (FPIs) continue to bet big on ‘India story’ with their net investment in Indian equities already hitting $31.7 billion mark thus far in financial year 2020-21 (FY21) – the highest investment in a financial year since fiscal 2012-13 (FY13) when they had invested a net $25.8 billion (Rs 1.40 trillion) in Indian equities, data show.

Shares of Tata Motors continued their northward movement in Wednesday’s session with the stock regaining a market capitalisation of Rs 1 trillion following a sharp rally in the prices. Tata Motors stock rallied 6 per cent to Rs 341, up 102 per cent in past six weeks, on healthy operational performance and expectation of improvement in the company’s outlook. The stock touched its highest level since May 2018 on the BSE in intra-day trade today.

Sensex Zooms 600 Points, Nifty Tops 14,800 via @MasterMindUpdate
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