Mumbai : Metals, Pharma and Auto sectors took the benchmark indices to a new high on Wednesday, adding gains for the eighth consecutive day on Wednesday though Reliance Industries witnessed heavy selling even as recent reports of early Covid Vaccine kept the markets sentiments intact.
The markets though remained volatile during the day, plunging in the red and again rising thereby indicating nervousness among the investors.
The 30-share pack Sensex rose 316.02 points or 0.73 per cent to 43,593.67 while Nifty climbed 118.05 points or 0.93 per cent to 12,749.15, thereby both indices closing at a new high.
However, RIL declined over 4 per cent in a sudden sell-off and Gland Pharma IPO sailed through on Q1B demand.
Metals looked bright with Tata Steel rising 7 per cent.
Kotak Mahindra Bank, YES Bank gained on inclusion in MSCI index. IndusInd Bank and HDFC Bank witnessed profit booking registering gains in Sensex and Nifty.
Escorts, UltraTech Cements, Kotak Mahindra Bank and JSW Steel were among the 100 stocks which hit a 52-week high.
Government approving spending 2 trillion rupees to boost manufacturing gave a boost to the Market sentiments.
Mood remained upbeat in European Markets as talks over early Covid vaccine with hopes of economic recovery kept the investors on their toes, said experts.
Among the Nifty50 stocks, Hindalco, which came out with Q2 numbers on Tuesday, was the biggest gainer, up by 8.03 per cent at Rs 207.80. These were followed by Tata Steel, Dr Reddy’s Laboratories, Axis Bank, Eicher Motors and ITC as they rose between 3 and 8 per cent.
IndusInd Bank was the biggest loser in the Nifty pack, down 5.23 per cent to Rs 791.55. They were followed by Reliance Industries, Titan, Asian Paints, Britannia Industries and HDFC Bank which closed losing between 0 and 5 per cent.
According to experts, Investors would like forward to certain things on Thursday such as the government is expected to release manufacturing and production data for September. The Centre will also release an inflation number for October which would provide a glimpse into RBI’s measures in the next policy.
Also some industries are expected are expected to come out with their Q2 earnings. They include Alok Industries, Cochin Shipyard, Eicher Motors, Bombay Burmah, Grasim, Fortis, HUDCO, ITDC, IRCTC, Infibeam, Mahanagar Gas, Power Finance and Natco Pharma.
