Historic day: Nifty finishes above 16,000 for the first time

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oi-Sneha Kulkarni

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On Tuesday, strong buys in pharmaceutical, IT, FMCG and financial companies pushed benchmarks to new highs. The S&P BSE Sensex hit a new high and ended the day at 53,823 points, up 872 points, while the Nifty Index broke the 16,000 mark and finished at 245 points.

With the easing of COVID-related limitations, the mood in the Indian market remained optimistic, with GST perception improving and the manufacturing sector receiving a boost and recording the highest growth rate in July .

Nifty’s top winners included Titan, HDFC Ltd, IndusInd Bank and SBI, while laggards included JSW Steel, Grasim, Bajaj Auto and Shree Cement.

The Nifty50 topped 16K for the first time, implying a gain of over 14% so far in 2021. Up to 29 Nifty 500 shares have risen by over 100%. On February 5, 2021, the Nifty peaked at 15,000 points.

Throughout today’s trading, the markets have experienced a continuous buying frenzy, with the benchmark ending at historic highs. The Nifty and Bank Nifty indices both saw significant technical breakthroughs, with both ending the day with gains of 1.5%. Large cap financials outperformed the market, with SBI, ICICI Bank, Axis Bank and HDFC Ltd all adding significant long positions.

The market capitalization of companies listed on BSE reached a new high of Rs 240,000 billion. The MPC is meeting at a time when inflation is obviously sticky, growth is creeping, and the global pandemic situation is unstable. The central banker is most likely to keep rates unchanged, keeping growth in mind while waiting for new inflation data.

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