Sensex vaults 767 points, Nifty ends above 18,100; IT, financial stocks shine
The markets snapped its 3-day losing streak with strong gains led in IT shares and select index heavyweights. The BSE benchmark index, the Sensex, opened 330-odd points higher at 60,248, and after consolidating in the morning session, the index began its upward journey. The BSE index scaled a high of 60,751, and finally ended with a solid gain of 767 points at 60,687.
The NSE Nifty surged to a high of 18,123, and eventually settled with a gain of 229 points at 18,103. For the week, the 50-share index was up a per cent (186 points).
Tech Mahindra was the major gainer among the Sensex 30 stocks, up 4 per cent at Rs 1,583. Index heavyweights, HDFC, Infosys, Bharti Airtel and Reliance Industries gained 2 to 3 per cent, each. Bajaj Finsev, Asian Paints, Bajaj Finance, Sun Pharma , Larsen & Toubro and Nestle India were the other major gainers.
On the other hand, Bajaj Auto skid 3 per cent to Rs 3,640. Tata Steel slipped a per cent to Rs 1,286 despite reporting 8-fold jump in Q2 net profit.
The broader markets under-performed the benchmark indices by a wide margin. The BSE Midcap index was up 0.6 per cent and the Smallcap index added 0.3 per cent, while the Sensex had rallied 1.3 per cent.
Among sectors, the BSE IT index surged 2 per cent. Telecom, Realty and Power indices were up around 1.5 per cent each, while Energy and Capital Goods indices too moved 1.3 per cent higher.
Among individual stocks, FSN E-Commerce Ventures (Nykaa) entered the list of top-50 most valued companies in terms of market captialisation in the country after the stock surged 8.8 per cent to a high of Rs 2,410. The stock eventually ended at Rs 2,330, and has zoomed 107 per cent from its issue price of Rs 1,125 per share.
Zomato and Devyani International scaled new highs after the Global Index provider MSCI added the former to its MSCI Global Standard India Index and the latter to its MSCI India Domestic Small Cap Index. Zomata ended 8.7 per cent higher at Rs 153, and Devyani International soared 9.3 per cent to Rs 160.
Debutant Fino Payments Bank had a disappointing start. The stock swung in a wide range of Rs 511 to Rs. 583, and finally ended at a 0.5 per cent discount to its issue price at Rs 548.
In the primary market, Latent View Analytics IPO witnessed frenzied demand, mainly from non-institutional investors, and the issue was subscribed over 305 times. Wealth investors (non-institutional investors) quota was subscribed 802 times, while retail and QIB quota was subscribed 115 times and 113 time, respectively, as of 03:30 PM.
Here are some picks from the week gone by.
