Sensex, Nifty capture new heights; auto, power, banking shares shine

@the_news_21

Equity benchmarks Sensex and Nifty on Monday scaled new peaks by continuing their winning run to the third session in a row, propelled by gains in mainly auto, power and banking shares.

After scaling a new intraday high of 60,476.13 during the session, the 30-share Sensex closed 76.72 points or 0.13 per cent higher at 60,135.78 marking its new closing high as well.

Similarly, the Nifty rose 50.75 points or 0.28 per cent to its all-time closing high of 17,945.95. Intraday, the NSE gauge touched a new peak of 18,041.95.

Maruti was the top gainer in the Sensex pack, rallying nearly 4 per cent, followed by PowerGrid, ITC, NTPC, SBI, M&M, Kotak Bank and HDFC Bank.

On the other hand, TCS was the top loser on the Sensex, shedding over 6 per cent, after the company’s Q2 earnings missed street expectations.

According to an Emkay Global note, TCS Q2 operating performance missed expectations, reporting lower-than-expected revenue and earnings before interest, taxes and corporate overhead or management (EBITM).

The company on Friday reported a 14.1 per cent rise in consolidated net profit at Rs 9,624 crore in the September 2021 quarter.

Following suit, Tech Mahindra, Infosys, HCL Tech and Reliance Industries fell up to 2.76 per cent.

Sectorally, BSE utilities, power, auto, metal, realty and bankex rose up to 2.80 per cent, while IT, teck, telecom and energy fell up to 2.87 per cent.

Broader midcap and smallcap indices rose up to 0.60 per cent.

Indian markets started on a positive note following positive Asian market cues as investors took comfort on news of opening up more vaccinated travel lanes in 8 countries as COVID cases declines, said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

“During the afternoon session, markets continue to trade handsomely as broad gains in rate sensitive counters, viz, auto, realty and utility. Traders also took support as data showed country’s exports growing at a healthy rate. Exports have touched USD 197 billion during April-September this fiscal.

“Additional optimism came in as foreign portfolio investors (FPIs) remained net buyers to the tune of Rs 1,997 crore so far in October, he added.

Elsewhere in Asia, bourses in Hong Kong and Tokyo ended with gains, while Shanghai was in the red.

Stock exchanges in Europe were largely trading with losses in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 2.12 per cent to USD 84.14 per barrel.

The Indian rupee ended 37 paise lower at 75.36 against the US dollar on Monday.