Market remains in the positive territory; Bajaj Auto, Bharti Infratel lead the rally

NEW DELHI: The overall market sentiment remained upbeat on a firming trend at other Asian markets following another record finish on Wall Street on receding geopolitical tensions.

Continued buying by domestic institutional investors (DIIs) and fresh fund inflows by foreign investors, which had been on a selling spree, bolstered the trading sentiment.

Over 90 stocks, including Ashok Leyland, Bajaj Auto, Bata India, Britannia Industries, DHFL, Gruh Finance, HDFC Bank, Larsen & Toubro, Page Industries, Tata Elxsi and TVS Motor hit fresh 52-week highs on NSE in Monday’s trade.

At the sectoral front, Nifty Auto index advanced over 1 per cent, with shares of Bajaj Auto and Exide Industries gaining up to 3 per cent.

Nifty Pharma index declined over 1 per cent, while all other sectoral indices were gaining.

In the Nifty Pharma index, Divi’s Lab cracked up to 6 per cent. Sun Pharma, Dr Reddy’s and Aurobindo Pharma were the other losers.

Nifty50 index was led by Bajaj Auto, Bharti Infratel, Larsen & Toubro, IndusInd Bank and Power Grid.

In the Nifty50 pack, 43 stocks were trading in the green, while 8 stocks were in red.

Benchmark Nifty50 index was 74 points up at 10,159, while the 30-share Sensex was 196 points up at 32,468 around 10.55 am (IST).

09.16 am: Nifty hits fresh record high, Sensex rises nearly 200 points; Tata Motors top gainer

Benchmark indices opened on a high on Monday amid firm cues from Asian markets on ease in geopolitical tensions.

At 9.16 am, the Nifty50 was trading 58 points, or 0.58 per cent, higher at 10,143.60 level, which was a fresh record. The index breached its previous all-time high of 10,137.85 level hit on August 2. Nifty50 Midcap index too hit a record high and was 0.9 per cent higher.

Meanwhile, the BSE Sensex was trading 185.98 points, or 0.56 per cent higher at 32,451.98. It was though still 230-odd points away from its all-time high 32,686.48.

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“The downside potential remains intact unless the bulls manage to surpass the 10,137 level on a closing basis. On the flip side, 10,040-10,000 is a key support zone for the benchmark index,” said Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan.

27 of 30 Sensex stocks were trading higher. Tata Motors climbed 2.17 per cent to Rs 409.95. Larsen & Toubro, Bajaj Auto, Bharti Airtel and NTPC gained 2.13 per cent, 1.79 per cent, 1.06 per cent and 1.02 per cent, respectively.

Three index stocks that fell included Dr Reddy’s Labs (down 0.46 per cent), Sun Pharma (0.40 per cent) and Tata Steel (down 0.38 per cent).

India VIX a measure of volatility has eased in seven of last eight sessions. On Monday, the index was down 11.5.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.16 per cent having already reached heights not visited since late 2007, Reuters reported. Australia’s main index added 0.4 per cent but Japan’s Nikkei was closed for a holiday.

Meanwhile, Dixon Technologies and Bharat Road Network, which concluded their initial public offers (IPOs) recently, will make stock market debut on Monday. Consumer electronics manufacturer Dixon Technologies’ IPO was subscribed 117.83 times between September 6-8. The IPO of Bharat Road Network was subscribed 1.81 times during September 6-8.

While the US on Sunday said that the time is running out for a peaceful solution on North Korean nuclear programme, investors took a heart from the fact tha North Korea did not test fire another missile this weekend.

North Korean diplomats will have a front-row seat in the UN General Assembly for Trump’s speech on Tuesday morning, which will touch on the escalating crisis that has seen Trump and Pyongyang trade threats of military action, Reuters reported.

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