Indian stock markets hit new high today, led by gains in financial stocks. The Sensex rose nearly 250 points to a new high of 53,129 while Nifty was firm above 15,900. The Indian rupee weakened to 74.51 against the US dollar. The market breadth also remained strong with BSE midcap and smallcap indices up 0.8% and 0.4% respectively.
Here are 10 things to know about today’s market performance:
Financial stocks led the gains today with Nifty Financial Services and Nifty Bank indices up 1.3% each.
UltraTech Cement, HDFC Bank, Bajaj Finance, Bajaj Finserv and IndusInd Bank are among the top gainers in the Sensex pack today.
Airline stocks jumped after the country’s aviation ministry allowed increasing capacity on domestic flights to 65% from 50% earlier, till July-end.
State-owned Oil & Natural Gas Corporation added 1.2% after an uptick in oil prices as OPEC+ nations called off talks on output levels on Monday.
If the market sustains above the zone of 15900-15950, we expect the market to gain momentum, leading to an upside projection till 16100-16200 level, said Gaurav Garg, Head of Research, CapitalVia Global Research Ltd.
“The bias is on the upside and any dip or intraday correction can be utilized to buy this market,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, says that rising crude oil prices is a concern. “The bull juggernaut may continue to roll on; but investors have to exercise caution. Markets are likely to respond positively to many Q1 FY22 numbers coming out from this week onwards. Brent crude at $77 is a serious macro concern,” he added.
Asian equity markets were volatile today after Australia’s central bank flagged some tapering in its quantitative easing programme.
U.S. markets were closed on Monday to mark the Independence Day holiday, leaving the Asian region without a strong lead to trading on Tuesday.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.1%.
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