Sensex, Nifty end at record high as IT & financial stocks lead rally

NEW DELHI: Barring select FMCG stocks, most names from all other sectors were in demand on Tuesday as investors cheered the better than expected Q2 GDP print even as global cues remained subdued.

The market has been in a one-way rally since about a month now, thanks to huge FII inflows but analysts are expecting the flow to slow down in December due to festivals. Moreover, they also expect some profit booking in the coming days.

Both the benchmark indices ended at a record closing high. The 30-share pack Sensex advanced 505.72 points or 1.15 per cent to end the day at 44,655.44. Its broader peer NSE Nifty climbed 140.10 points or 1.08 per cent to 13.109.05.


Market at a glance:

• Key auto names gain post November sales data
• Infibeam Avenues rises 8% as NCLT approves demerger proposal
• Route Mobile advances 5% as company eyes two acquisitions
• DLF gains over 4% on eyeing sales of Rs 750 crore each in Q3, Q4
• HCC climbs nearly 5% on bagging orders worth Rs 236 crore
• Tech Mahindra gains 4%, hits fresh all-time high

“The markets started December trading on a strong footing, raising the benchmark to a fresh high due to a good GDP data. Markets across the globe made a positive start to the month expecting an extension of November’s record-breaking gains along with strong hopes of coronavirus vaccine. We believe that this optimism can sustain in the near term with a shift towards mid and small caps, led by lag effect," said Vinod Nair, Head of Research at Geojit Financial Services.

Among the blue chip names, GAIL was the biggest gainer of the day, up 8.09 per cent to Rs 110.95. Sun Pharma, IndusInd Bank, Tech Mahindra, UPL, ONGC, Bharti Airtel and Infosys were other top gainers.

The biggest loser on the Nifty index was Nestle India that slipped 2.56 per cent to Rs 17,430.55. Kotak Mahindra Bank, Titan, Bajaj Finance, HDFC Bank and NTPC were few other losers in the pack.

Broader market indices also gained in line with their headline peers. Nifty Smallcap added 0.91 per cent, while Nifty Midcap advanced 0.96 per cent. Nifty 500, the broadest index on NSE, rose 1.08 per cent.

Prestige Estate Projects, Apollo Hospitals, Tata Power, NBCC, Lemon Tree Hospitals and Indiabulls Real Estate were the biggest gainer from mid and smallcap indices rising in the range of 6-9 per cent.

P&G Health, IDFC, Blue Star, Future Retail, Varun Beverages and Shriram Transport Finance were top losers from broader market space by declining in the range of 3-5 per cent at the end of the day.

Market breadth was in favour of the gainers as 1,922 stocks ended in the green, while 976 names settled with cuts. As many as 237 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 42 names hit 52-week lows, mostly from the microcap space. About 430 stocks hit upper circuit limits and 204 lower circuit limits.

European shares also rallied in tandem. FTSE was up 1.87 per cent while France’s CAC and Germany’s DAX added 0.96 per cent and 0.88 per cent, respectively. All Asian markets closed with gains. Jakarta was the biggest gainer among them, rising 2 per cent.

Let’s prepare for tomorrow:
Auto sales: A few more companies will publish their November sales data that will be tracked keenly by marketmen.