Stocks at record high: The Indian stock market saw significant gains on Tuesday, with 278 stocks, including Hindustan Unilever, Dabur, and Britannia Industries, reaching new 52-week highs during intraday trading on the BSE.
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Stocks at record high: The Indian stock market witnessed healthy gains on Tuesday, September 10, as some 278 stocks, including Hindustan Unilever (HUL), Dabur and Britannia Industries, hit their fresh 52-week highs in intraday trade on the BSE.
Divi’s Laboratories, Avenue Supermarts (DMart), Indian Hotels Company, PI Industries, Shriram Finance and United Spirits were also among the stocks that hit their one-year highs on the BSE.
Market benchmarks, the Sensex and the Nifty 50, closed with decent gains led by select heavyweights across segments, such as Bharti Airtel, Infosys, TCS, Axis Bank and NTPC.
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The Sensex closed with a gain of 362 points, or 0.44 per cent, at 81,921.29, with shares of HCL Tech, Bharti Airtel and Tech Mahindra as the top gainers. On the other hand, shares of Bajaj Finserv, Bajaj Finance and Hindustan Unilever ended as the top losers in the index.
The Nifty 50 closed 105 points, or 0.42 per cent, higher at 25,041.10, with 34 stocks in the green.
The market saw broad-based gains as the midcap and small-cap segments also ended with healthy gains. The BSE Midcap index rose 0.53 per cent and the Smallcap index jumped 1.53 per cent.
The overall market capitalisation of BSE-listed forms rose to nearly ₹463.6 lakh crore from nearly ₹460.2 lakh crore in the previous session, making investors richer by over ₹3 lakh crore in a single session.
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The big event for the market is the US FOMC (Federal Open Market Committee) meeting next week (September 17-18), in which the US central bank is expected to cut the interest rates by 25 bps.
At the current juncture, investors’ focus is on the US Consumer Price Index (CPI) data on Wednesday and the Producer Price Index (PPI) prints on Thursday. Both these numbers are crucial and can influence the Fed’s interest rate decisions.
“The domestic market showcased a gradual rebound driven by the shift in focus towards upcoming US inflation and potential Fed policy stance. The US political risk and recession fears may set near-term cautious sentiments in the global market. On the domestic front, a strong monsoon and an expectation of an uptick in demand during the festival season will drive investor sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.
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