Closing Bell

Sensex Surges 152 Pts as HDFC, Bharti Airtel Advance

NSE Nifty advance 21.85 points or 0.13% to 16,280.10

Sensex Surges 152 Pts as HDFC, Bharti Airtel Advance
Sensex Surges 152 Pts as HDFC, Bharti Airtel Advance
PTI - 10 August 2021

Sensex rose by 152 points to close at its fresh lifetime high on Tuesday. The benchmark was buoyed by gains in index majors HDFC, Bharti Airtel and Infosys amid positive trends in the global markets.

The 30-share index closed 151.81 points or 0.28 per cent higher at its lifetime peak of 54,554.66, while the broader NSE Nifty advanced 21.85 points or 0.13 per cent to 16,280.10.

Bharti Airtel was the top gainer in the Sensex pack, rising around 4 per cent, followed by Tech Mahindra, HDFC, Kotak Bank, M&M and HCL Tech. On the other hand, Tata Steel, NTPC, ITC, and PowerGrid were among the laggards.

"Domestic equities witnessed high volatility today and benchmark Nifty after recording fresh all-time high fell sharply mainly led by heavy selling pressure in metals, PSU banks, and realty stocks," said Binod Modi, Head Strategy at Reliance Securities.

However, financials (ex- PSU banks) continued to support the market and arrested sharp fall, he said, adding that IT stocks remained in focus as high volatility in the market provided an edge to safer bets like IT companies.

In Asia, bourses in Shanghai, Hong Kong and Tokyo ended with gains, while Seoul was in the red. Equities in Europe were largely trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 1.03 per cent to $69.75 per barrel

Sectorally, BSE telecom, teck, IT, bankex and energy indices rose up to 2.07 per cent, while metal, basic materials, realty, utilities and power indices fell up to 2.27 per cent.

Broader midcap and smallcap indices fell up to 2.05 per cent.

A strong rebound in midcap and small cap stocks in recent months made investors book profit against the backdrop of rising Delta variant coronavirus cases in various parts of the world.

S Ranganathan, Head of Research at LKP securities said, "What started as a sell-off in metal stocks dramatically triggered a sell-off today in the Small-Cap Index after rallying for several months.

"The Midcap Index and the PSU banks too were also not spared as both Investors & Traders booked profits. The Index at close quite honestly was not reflective of the market mood as the breadth was very weak".

Vinod Nair, Head of Research at Geojit Financial Services, said that the domestic market remained highly volatile as the early gains were trimmed off following selling pressure in global markets.

"Concerns over an early withdrawal of asset purchase programmes by the Federal Reserve and US CPI inflation data to be released this week impacted the global market," Nair said.

After a steady rally during the previous months, the small and mid-cap stocks are witnessing consolidation for the past few trading sessions while buying interest has shifted to large caps, he added.

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