Mumbai (Maharashtra) [India]: Equity benchmark indices scaled record new peaks on Tuesday with heavy buying in IT, FMCG and financial stocks.
Experts said fundamental support to the bulls has been coming from increasing GST collections, good corporate results and manufacturing sector gaining a boost amid easing of Covid-related restrictions.
The market capitalisation of BSE-listed companies jumped to a record high of Rs 240 lakh crore, according to reports.
At the closing bell, the BSE S&P Sensex was up by 873 points or 1.65 per cent at 53,823 while the Nifty 50 jumped by 246 points or 1.55 per cent to 16,131.
Except for Nifty metal which dipped marginally, all sectoral indices were in the positive terrain with Nifty financial service and FMCG gaining by 1.7 per cent each, auto by 1.5 per cent and IT by 1.2 per cent.
Among stocks, home loan lender HDFC advanced by 3.8 per cent to Rs 2,555 per share while Titan ticked up by 4 per cent to Rs 1,842.15.
IndusInd Bank surged by 3.5 per cent, Axis Bank by 2.3 per cent, State Bank of India by 2.5 per cent, Nestle India by 3.2 per cent, Bharti Airtel by 2.3 per cent and Tata Motors by 2.2 per cent.
However, metal stocks lost on profit booking with JSW Steel down by 0.8 per cent and Tata Steel 0.2 per cent. Bajaj Auto, UPL and NTPC too were in the red.
Meanwhile, Asian stocks slipped as the Delta coronavirus variant spread across key markets in the region and put Chinese authorities on high alert, rattling investor confidence.
Japan’s Nikkei was off 0.5 per cent as Covid-19 worries mounted. Hong Kong’s Hang Seng Index fell 0.16 per cent as Tencent slumped on fear of online gaming crackdown.
But South Korean stocks ended 0.44 per cent higher on chipmakers boost and foreign buying.