Nifty ends above 10k for first time ever, Sensex closes at record high too
Catch all that happened in the market today here
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A salesperson attends to a customer (not pictured) inside a jewellery showroom, during Akshaya Tritiya, a major gold-buying festival, in Mumbai
Benchmark indices ended the day higher with Nifty50 settling above the 10,000-mark for the first time. Sensex, too, ended at fresh closing high for the day led mainly by gains in metal, pharma stocks.
Expectations of a better earnings season with improving economic indicators have increased investor confidence, extending a record-setting rally this year, although high valuations are seen capping gains in the near term.
The Nifty has hit a string of record highs this year and is Asia's third best-performing index this year with a 22% gain.
Street also awaited the outcome from the Federal Reserve meet, which ends later on Wednesday, and is widely expected to keep interest rates unchanged.
With a rate hike not in the picture this time, the focus will be on the Fed's statement, with markets looking for signs of when the US central bank will begin paring its massive bond holdings and next raise rates.
3:59 PM
Analyst view
Vinod Nair of Geojit Financial Services says: Better Q1 results and short covering ahead of F&O expiry took the market to new heights by gaining investors confidence. Rising commodity prices & expectations of revival in demand for metals kept the counter busy. On the global front, rising consensus expectation for status quo on US key interest rate is providing support to the market but investors are keen on FEDs statement to get cues on timing of balance sheet trimming.
3:54 PM
Market breadth remained neutral with 1360 advances as against 1326 declines
3:47 PM
Nifty Metal index was the top sectoral gainer, up 1.7% led by gains in Jindal Steel and Power (up 8%), Tata Steel (up 2.3%), Vedanta (up 2.2%), NMDC (up 2.1%) and JSW Steel (up 1.8%)
3:46 PM
COMMENT: Kunj Bansal - Executive Director & CIO – Equity , Centrum Wealth Management
Now that the psychological number is achieved, the markets sustaining at these levels would create a solid base the next leg higher. There are many moving parts specially in the near term as it is an action packed week, with all eyes on the global Central bank commentary and the expiry coming up which would be the first test.
If one looks at the bigger picture, results season has not given too many positive surprises, so the markets should consolidate around this number. The risks are ever present but manifest in different ways, one will only know the reason for things turning with the benefit of hindsight. Hence, while it’s the index at five figure number, it is a virtuous cycle which follows in terms of new investors getting carried away and getting exuberant, this is the only thing one should watch for
3:44 PM
Yes Bank ended the day over 6% higher after the private lender announced Q1 PAT at Rs 960 cr, in line with Street expectations. The company board also approved stock split in ratio of 5-for-1.
3:40 PM
Emkay Global maintains a HOLD rating on HDFC post Q1 numbers with a target price of Rs 1,528
3:40 PM
In broader markets, BSE Midcap and BSE Smallcap indices ended 0.2% and 0.3% higher respectively
3:39 PM
The S&P BSE Sensex ended at fresh closing high of 32,382, up 154 points. The broader Nifty50 index, too settled at new closing high of 10,020, up 56 points.
3:37 PM
Top gainers and losers on BSE Sensex
Source: BSE
3:36 PM
FPIs invest over $25 billion in Indian markets in CY17 READ ABOUT IT HERE
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First Published: Jul 26 2017 | 3:34 PM IST