Market Wrap Podcast, August 3: All that happened in the markets today

The market bulls fired on all cylinders to help the benchmark inidces snap out of their range-bound mode and log record highs. Signs of economic recovery, firm global markets and a robust performance by India Inc in the June quarter were the major catalysts that helped flagship Sensex and Nifty log their biggest gain in over 2 months.

The 30-pack index closed at a record peak of 53,823.36, up 873 points or 1.65 per cent after scaling a new high of 53887.98 in intra-day session. At the same time, Nifty crossed Mt 16,000 to a fresh high of 16,146.90 in intra-day only to close at  16,130.75, up 246 points or 1.55 per cent. IT, financials and FMCG players were the lead index contributors.

Among Sensex stocks, Titan, HDFC, Nestle India and IndusInd Bank were the best performers. Bajaj Auto, Tata Steel and NTPC were the worst.

The broader markets underperformed with BSE Smallcap and Midcap indices closing 0.23 per cent and 0.19 per cent higher, respectively. They had scaled fresh highs in opening trade.

Sectorally, all indices barring Nifty Metal and Nifty Media logged solid gains. FMCG index was the top gainer, up 1.73 per cent.

Overall, the volatility rose 7.3 per cent to 13.74 while investors added Rs 2.37 trillion to their kitty. The BSE's overall market capitalisation also hit a record as it zoomed past Rs 240 trillion.

There was no dearth of stock-specific activity on Street. Despite such solid gains, shares of Vodafone Idea hit 52-week low of Rs 7.17 on the BSE. The stock recouped minute losses to end 10 per cent lower at Rs 7.40 after reports suggested Kumar Mangalam Birla has told the government that he is willing to give up promoter stake in the company.

The rally in Infosys continued, with the stock scaling new highs in intra-day session at Rs 1658.70. The company's market cap soared past Rs 7 trillion. The scrip ended the day at Rs 1654.10, up 1.4 per cent.

Shares of Bharti Airtel and Tata Consumer Products gained up to 3 per cent ahead of their quarterly numbers later in the day.

Going into trade on Wednesday, a host of factors would be at play. First and foremost, the RBI money policy committee will enter into a rate setting huddle with the outcome due on Friday. All eyes will be on Markit Services and Composite PMI numbers for July that are scheduled for tomorrow. That said, nearly 70 companies will post their June quarter numbers, resulting in stock-specific action. Some of the prominent names that are slated to post their earnings are Titan, SBI, Adani Green, PNB Housing, Godrej Consumer Products and Blue Star.

Furthermore, four IPOs will hit Street to raise a little over Rs 3,600 crore. At Rs 1,838 crore, KFC and Pizza Hut operator Devyani International is the largest IPO amongst them. Despite its loss-making nature, analysts have largely assigned Subscribe rating to the issue, banking on its discounted valuations and growth potential ahead. Krsnaa Diagnostics, Windlas Biotech and Exxaro Tiles are other IPOs that will open for subscription on Wedneday.

Lastly, on the global market front, US stocks eyed a firm start as S&P500 futures traded 0.3 per cent higher while European shares also traded on a firm note. Stoxx Europe was up 0.2 per cent.