oppn parties Stock markets: Huge Rally, Fresh Peaks

News Snippets

  • Supreme Court sentences Congress leader Navjot Singh Sidhu to one year rigorous imprisonment in the 1988 road rage case
  • Home Minister Amit Shah says rights should not be demanded before fulfilling responsibilities and that universities are no place to wage ideological battles
  • NIA court convicts JKLF chief Yasin Malik in terror funding case after he pleads guilty of all charges
  • A study backed by PM-EAC has recommended universal basic income and urban job guarantee and greater spend on social sector schemes
  • Supreme Court rules that the decisions of the GST Council are not binding on the Centre and the states, leaving the door open for states to levy further taxes
  • After sustained campaign by BJP MP Arjun Singh, the Centre today withdrew the jute price cap order, industry welcomes move
  • Akasa Air might postpone its July launch due to late arrival of aircrafts
  • Metro Cash & Carry decides to sell Indian operations. All major players, including Reliance retail and Amazon, are likely to bid
  • Local and global cues spook the markets on Friday - Sensex crashes 1416 points to 52792 and Nifty by 430 points to 15809
  • IPL: RCB crushes GT by 8 wickets as Virat Kohli returns to form with a well-made half century
  • Nikhat Zareen is world champion in flyweight category. Wins gold at Women's World Championships at Instanbul
  • Supreme Court uses its special powers under Article 124 to release A G Perarivalan, a Rajiv Gandhi assassination convict
  • Indrani Mukherjea, prime accused in the Sheena Bora murder case, gets bail from Supreme Court after 6.5 years in jail
  • Hardik Patel quits Congress, says top leaders distracted by mobile phones and state leadership busy arranging 'chicken sandwiches' for them
  • Anil Baijal resigns as Lieutenant Governor of Delhi citing "personal reasons"
Nikhat Zareen is crowned world champion in the flyweight (52Kg) category at the Women's World Championships in Istanbul /////// Supreme Court sentences Navjot Singh Sidhu to rigorous imprisonment of one year in the road rage case /////// Sunil Jakhar, who quit the Congress a few days ago, joins the BJP
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.