NEW DELHI: Sensex has now breached 61,000-mark as bulls are showing no signs of slowing down. The two benchmark indexes- BSE Sensex and NSE Nifty50- rose for the sixth consecutive session on Thursday after a strong Q2 show by heavyweight Infosys and Wipro. Positive global cues also added to Thursday’s run.
“The Indian market sustained its upbeat mood supported by positive global market, favourable inflation data and up move in IT stocks following strong earning scorecards by sector majors... Banking stocks also contributed to the rally and remained in focus as the sector is set to kickstart its earnings season,” said Vinod Nair, Head of Research at Geojit Financial Services.
Sensex, the 30-share pack, surged 569 points to close at 61,306 levels. It had touched 60,000-mark on September 24. In 2021 so far, the index has surged over 28% to add 13,436.97 points. The Nifty50, on the other hand, shut shop at 18,336 on Thursday, up 174 points.
On stock-specific front, ITC, HDFC Bank, Powergrid and ICICI Bank ended 2-3% higher to top the gainers list on the BSE while TCS, HCL Tech and Bajaj Finance were the laggards. Infosys gave up most of its early gains to end with marginal gains of 0.40% at Rs 1,715.
Wipro, on the other hand, surged over 5% to close at Rs 707.55. It also became the third IT company to touch Rs 4 trillion m-cap after its share rallied around 10% intraday. The other IT stock- Mindtree -ended 7.5% higher at Rs 4,693 after it had reported a 57.2 % jump in net profit at Rs 398.9 crore in the quarter ended September 2021.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said: “Market continued its bull run as worries about the likely interest rate hike in the US at a later stage and rising bond yields tempered, while a good start to earnings season boosted sentiment.”
Nykaa gets Sebi nod to its IPO plan
Beauty and consumer care retailer Nykaa has received clearance from the market regulator Sebi for an initial public offering. According to reports, the company will file an updated draft red herring prospectus (DRHP) with Sebi to increase the primary issue size from Rs 525 crore to Rs 630 crore. Nykaa had filed its DRHP with Sebi on August 2. The initial IPO size was estimated to be Rs 4,000 crore, of which Rs 525 crore was fresh fund raise. The new IPO size is now estimated to be upward of Rs 5,000 crore. The company plans to use the IPO proceeds for enhancing brand visibility, debt repayment and for setting up of new stores.