oppn parties Stock markets: Huge Rally, Fresh Peaks

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  • Supreme Court stays Karnataka HC order blocking operations of Kannada news channel Power TV. Says right to free speech must be "zealously protected" by courts
  • Opposition slams Centre for Samvidhan Hatya Diwas, says the Constitution is being murdered on daily basis under the present BJP government
  • Centre notifies June 25 as 'Samvidhan Hatya Diwas'. This was the date on which Indira Gandhi imposed the Emergency in 1975
  • Bengal moves SC against state governor for keeping 8 bills pending
  • Mamata Banerjee meets Uddhav Thackeray in Mumbai, says 'khela on' and promises to campaign for his party in the Maharashtra assembly elections
  • Stars and eminent persons from across the globe attend the wedding of Anant Ambani with Radhika Merchant at the Jio World Convention Centre in Mumbai
  • Controversial IAS trainee Puja Khedkar faces dismissal from service if her quato and disability claims are found false
  • SC says stay on bail should be in rare cases like terrorism or where order is perverse otherwise personal liberty and Article 21 will go for a toss
  • Supreme Court says judicial review of arrests by ED is necessary to check improper exrecise of power to arrest
  • Supreme Court grants interim bail to Arvind Kejriwal in the money laundering case in Delhi liquor policy case but he will remain in jail as he is under CBI detention in the corruption case in the same scam
  • Retail inflation rises to 5.1% in June, the highest in 4 months
  • Government to avoid merger of BSNL-MTNL. Instead, MTNL's operations will be shifted to BSNL to give the latter an all-India presence
  • Women's U-19 Asia Cup: India to clash with Pakistan on July 19
  • Paris Olympics badminton draws: P V Sindhu in easy group but gets a tough draw later while H S Prannoy and Lakshya Sen might clash in pre-quarter finals
  • After two consecutive wins, India look to seal series when they meet Zimbabwe in the 4th T20 today
BJP and allies win all 9 seats they contested in the Maharashtra Legislative Council poll
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.