Closing Bell

Markets Resume Upward March; Sensex Ends at 57,852.54

IT, FMCG stocks shine; Indian rupee settles with a marginal gain of 2 paise at 73.06 against the US dollar

Markets Resume Upward March; Sensex Ends at 57,852.54
Markets Resume Upward March; Sensex Ends at 57,852.54
PTI - 02 September 2021

Markets reach new picks as bulls return following a hectic buying in IT, FMCG, and bank stocks.

The 30-share BSE Sensex rallied 514.33 points or 0.90 per cent to finish at its fresh all-time high of 57,852.54. Similarly, the NSE Nifty surged 157.90 points or 0.92 per cent to record 17,234.15.

TCS topped the Sensex gainers chart with a jump of 3.34 per cent, followed by HUL, UltraTech Cement, Dr Reddy’s, Nestle India, Kotak Bank and Titan.

TCS, Reliance Industries, HUL and HDFC accounted for around half of the benchmark's gains.

In contrast, M&M was the top loser, tumbling 2.29 per cent after the automaker said it will slash output by up to 25 per cent owing to the global semiconductor shortage.

Bajaj Auto, Bajaj Finserv, Bajaj Finance, Asian Paints and L&T were among the other laggards, dropping up to 0.79 per cent.

The market breadth was positive, with 22 Sensex components ending in the green, while the remaining eight nursed losses.

"Indian markets started on a positive note despite mixed Asian market cues which traded lacklustre as investors eye US jobs data. During the afternoon session, markets added to the gains on the back of sustained buying activities by traders," said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

Vinod Nair, Head of Research at Geojit Financial Services, said domestic indices climbed amid positive economic data, FII buying and mixed global markets ahead of the release of US job data.

"Economic data is nudging the performance of core sectors like capital goods and industrials while the recent high performance of the market is also tempting investors to shift to safer defensive sectors. All major sectors followed the market trend while the auto sector lost ground due to weak sales," he added.

Sectorally, BSE FMCG, IT, consumer durables, teck, basic materials and realty indices advanced as much as 1.56 per cent, while auto and oil and gas indices ended in the red.

Broader BSE midcap and smallcap indices spurted up to 0.93 per cent.

World stocks ticked higher as investors digested a raft of macroeconomic data.

In Asia, bourses in Shanghai, Hong Kong and Tokyo ended on a positive note, while Seoul was in the red.

Equities in Europe were largely in the positive zone in afternoon trade.

Meanwhile, international oil benchmark Brent crude rose 0.43 per cent to $71.90 per barrel.

The Indian rupee settled with a marginal gain of 2 paise at 73.06 against the US dollar.

Foreign institutional investors were net buyers in the capital market on Wednesday as they purchased shares worth Rs 666.66 crore, as per exchange data.


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