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Stock Market Today: Nifty Hits 17,000 for First Time, Fastest 1,000-point Gain Ever – News18

The benchmark NSE Nifty50  hits fresh record high at 17,018, up 81.40 points, 0.48 per cent. The benchmark Nifty50 added 1000 pts in just 19 days. This sharp rally is propelled by positive Asian cues. The 30-share BSE Sensex too surged to a new high of 57,124.78, surging 235 points. The Nifty has risen nearly 2 per cent in the last five days. On NSE, Adani Port, Bharti Airtel, Bajaj Finserv were the top gainers. On the flip side, Tata Motors, Nestle India were among losers. India VIX, the volatility index, was up 4 per cent at 13.8 levels on Tuesday. On the sectoral front, the Bank Nifty index added half a per cent to trade at 36,505.15. The top Nifty sectoral gainers were Nifty Metal, Nifty PSU Bank, and Nifty Healthcare index, rising up to 1.24 per cent. India VIX, the volatility index, surged nearly 4 per cent to 13.84 levels. For the Nifty to reach an all time high of 17,000, it took just 20 trading session.

“US equities extended gains mostly with S&P 500 and Nasdaq recording fresh highs. Notably, strong momentum in technology and consumer discretionary stocks aided market. 10-Year USA treasury yield softened further by 3bps to 1.28%, which aided rate sensitive sectors like technology. In term of key economic data, pending home sales data for July was published, which fell 1.8% MoM as against consensus estimate of 0.5 per cent growth. In our view, August month nonfarm payroll data would be the most crucial data point in coming days as Mr. Powell stressed about sustainability of job recovery before finalizing timeframe for scaling back monthly asset purchase programme. Consensus estimate is 7.5 lakh jobs addition in Aug’21 with unemployment rate at 5.2 per cent. Additionally, consumer confidence data, manufacturing and services PMI will also be in focus,” Binod Modi,  head strategy at Reliance Securities said.

At 1252 hours IST, the BSE Sensex was up 306.57 points, or 0.54 per cent to 57,196.33. Nath Bio Genes, 3 M India are top gainers on BSE and on the other hand, IFCI, Sundaram Fasteners, Sudarshan Chemical were among the laggards.

The 30-share BSE benchmark Sensex has surged over 4,000 points so far this month to scale the 57,000 mark for the first time on Tuesday as the bull run continues in the equity market.  The sharp rally in both BSE and NSE reflects the strong sentiment in the market despite the ongoing global and domestic worries.

Indian and other markets, last week, were acting cautiously as they were seeking clarity about the US tapering of $120 billion asset purchase every month. The markets were looking upto Jeremy Powell’s speech at most awaited Jackson Hole Symposium.

Powell speaking on last Friday did not give any definite timeline for the tapering but said this will happen this year only. So the clarity about the tapering and Powell’s dovish stance boosted the spirit of the markets today.

Riding on the back of Powell’s speech, at 1324 hours,  the Japanese shares also hit a 3-week-high. The Nikkei share average climbed 1.08 per cent to 28,089.54, closing above the 28,000 level for the first time since Aug. 12. The broader Topix gained 0.54 per cent to 1,960.70. In early trade, the BSE Sensex  and Nifty50 both opened in green, the BSE Sensex was up 194.75 points, or 0.34 per cent at 57,000 while the Nifty50 was up 28.59 points, or 0.17 per cent at 16,959.

Now, the GDP number scheduled to come today will set the course of the Indian market from tomorrow onwards. As the GDP growth of the country in the first quarter of FY22 is expected to be in double digit.

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