oppn parties Stock markets: Huge Rally, Fresh Peaks

News Snippets

  • India's sovereign green bonds were oversubscribed four times as the RBI received 266 bids worth Rs 32892cr agaisnt the target of Rs 8000cr
  • Google tweaks its Android and India app store policy to allow manufacturers and users to choose certain things instead of compulsorily using Google apps after the CCI order and fine for unfairly dominating the market
  • Former US secretary of state calls former Indian external affairs minister Sushma Swaraj a "goofback" and a "hinterland political hack". MEA S Jaishankar slams him
  • Jamia screening of BBC documentary on Gujarat riots cancelled after the university was turned into a fortress and later 13 students were detained by the police
  • Supreme Court grants conditional interim bail for eight weeks to Lakhimpur Kheri accused Ashish Mishra. The bail can be further extended based on his conduct. He was asked to stay outside Delhi-NCR and UP and surrender his passport
  • After the JNU administration tried to thwart the students from screening the BBC documentary on the Gujarat riots and PM Modi, now students of Presidency and Jadavpur universities in Kolkata have decided to screen it 5 times next week
  • While a US research frim Hindenburg says its analysis found the Adani group overleveraged and claimed that its bubble will burst very soon and that sent the price of group companies crashing (Adani companies lost a combined Rs 55000cr), Adani group said the report was 'baseless' and 'malicious'
  • This time Enforcement Directorate arrests TMC spokesperson Saket Gokhale under PMLA for money laundering
  • Padma awards announced on Republic Day: Mulayam Singh Yadav, architect Balkrishna Doshi and ORS pioneer Dilip Mahalanobis get Padma Bibhushan posthumously, Padma Bhushan ius awarded to Kumar Mangalam Birla and 8 others and 91 get Padma Shri
  • Stocks fall big time on Wednesday on F&O expiry, finalncial and banks take big hit: Sensex tumbles 773 points to 60205 and Nifty 226 points to 17892 even as the market volatility meter shoots up by 8.51%
  • World Cup hockey: Germany stun England 4-3 to reach semifinals; Netherlands beat Korea 5-1 to enter last four
  • Australian Open: Sania Mirza and Rohan Bopanna reach the finals
  • Suryakumar Yadav is named ICC Cricketer of the Year 2022 and Renuka Singh gets the ICC Emerging Cricketer of the Year 2022 award
  • BCCI gets a whopping Rs 4670cr in the auctions for the 5 teams in WIPL or as it will be known now, WPL. Adani Sportline gets Ahmedabad for Rs 1289cr while Mumbai Indians get Mumbai for 913cr
  • Calcutta HC overturns the hookah bar ban in Kolkata by saying that it is not an illegal trade
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oppn parties
Stock markets: Huge Rally, Fresh Peaks

By Ashwini Agarwal
First publised on 2021-09-23 12:04:44

Stock markets rallied impressively on Thursday on global cues and reports of a renewed interest in property buying in India, benefiting realty companies and banks that are exposed to property mortgage. The Sensex touched a record intraday high of 59957 points before profit taking at higher levels pruned the gains. It closed 958 points or 1.63 percent higher to settle at a record closing level of 58885. Nifty rose by 276 points or 1.57 percent to close at a fresh peak of 17823. The rally was led by metals, banks, fintech and realty. Baja Finserv, SBI, RIL, Axis bank, L&T and HDFC were the major gainers, rising by up to 4.51 percent.

The US markets had rallied yesterday after the US Fed announced its decision to continue the $120billion monthly asset purchase programme to support the economy. Fed said that any decision on pull back will be taken in the November meeting. The Asian markets that were spooked after Chinese realtor Evergrande's debt repayment problems became known, have discounted the factor. The Hong Kong markets reopened today with a positive bias as Evergrande announced that it would pay interest to domestic bond holders. Other Asian markets also rallied and so did the European markets.

The Indian markets too reacted positively to global cues. The rally was also spurred by realty shares as the markets reacted positively to signs of increase in property sales. This had a cascading effect and shares connected to realty, like steel, cement and banks doing property mortgage also jumped. Some realty shares are now trading at 11-year high levels. Godrej Realty shares rose by as much as 12.61 percent.

The markets were showing signs of a tussle between the bulls and the bears for the last few sessions. Each session saw a rollercoaster ride with deep lows and highs. But today's smart and broad-based rally shows that the psychological peak of 60000 (there was resistance to it today with the intraday rally stopping short at 59957) is likely to be achieved in the next few sessions, maybe as early as Monday. But small investors need to be careful as all shares are not rising. Even during the rally on Thursday, Sensex stocks like Dr Reddy's, ITC, Bharti Airtel and Nestle India fell by up to 1.09 percent.