New Delhi: The equity index claims the top record for the second consecutive day on Wednesday with BSE Sensex benchmark violated 54,000 marks for the first time led by banking and financial shares.
Up for the third consecutive session, the BSE index jumped 546 points or 1.02 percent to complete at a fresh peak of 54,370; While the wider NSE settled 128 points or 0.79 percent higher at a record 16.258.
The top crosses in the sensex package including HDFC, Bank Box, ICICI Bank, SBI, HDFC Bank and Axis Bank rose by 4.77 percent.
While Titan, Nestle India, Ultra Cemo, Sun Pharma, Maruti and Bharti Airtel are the main losers down to 2.14 percent.
Here are the main reasons for the surge today: * Banking, financial shares of banking rallythe and financial segments lead market rallies.
The Nifty Bank index, which lost more than 3 percent in the past two weeks, rebounded to get as much percent today.
While Bank Nifty jumped 2.33 percent while good financial services rose 2.59 percent.
“The momentum that has come after a 16,000-mark clean break seems to have brought or at least attract fresh buyers.
We have broken the range of 400 points that are very frightening a month,” Anand James, Head of Market Strategy in Geojit Financial Service told the Reuters news agency.
Breakout also encourages several short coverings and triggers purchases in banking stocks, which is a big laamban in the past few weeks, James said, adding that the rally seems to be largely driven by Nifty 50 components.
* Strong quarterly quarterly results, sentiment has been optimistic after quarterly results which is strong from the corporation.
Telecom Bharti Airtel Ltd.
operator rose 0.3 percent after reporting a 15 percent increase in first-quarter revenue, assisted by higher data usage and customer addition.
Port Adani and Special Economic Zone Ltd.
rose as much as 2 percent after reporting a double increase in the June quarter profit.
The largest SBI bank in the country posted a 55 percent increase in Standalone’s net profit at Rs 6,504 Crore for the first quarter of the current financial year, assisted by a bad loan decline.
Non-performance assets of gross bank (NPA) of total progress fell to 5.32 percent at the end of June from 5.44 percent at the end of June last year.
* Further positive global correctional shares to one week high causes a good company income, although the mood remains cautious because the Delta variant spreads rapidly from global economic clouds.
The Asia Pacific stock index abroad MSCI outside Japan rose 0.1 percent to the highest since July 26.
Japanese Nikkei is in red like a Chinese stock with a 0.2 percent Blue-Chip index.
Hang Seng Index Hong Kong dipped 0.13 percent in the remaining concerns about China’s hard action and tracing Coronavirus infection in the mainland.
* Macro-optimistic datadomestic equity continues to look good until now, Bines-strategy strategy in Reliance Securities to the Reuters news agency.
“The main economic indicators such as GST collections, automatic sales volumes and other high frequency indicators such as e-way bills show a strong rebound in July, which are well-bodied and show sustainable healthy corporate income in the next quarter,” he said.
Furthermore, he added that India was established to benefit from the hard action of China’s regulation on technology and technology technology in recent weeks in the form of FIIS investment.
Foreign Institutional Investors (FIIS) change clean buyers in the capital market when they buy shares worth Rs 2,116.60 Crore on Tuesday, according to temporary exchange data.
* RBI’s policy to meet with the Bank of India (RBI) reserves start a three-day policy meeting today.
It is expected to leave interest rates at the lowest record for seventh consecutive time when announcing policy decisions on August 6, investors are optimistic about the hope that the RBI can produce several steps of fresh liquidity to help economic recovery.
(With input from agency)