JOIN USIndian markets soared to new 52-week highs following positive cues from global as well as European markets.
While Nifty 50 zoomed 136.90 points (1.59%) to end at 8,744.35, its highest levels since mid April, the S&P BSE Sensex ended 440.35 points (1.58%) higher at 28,343.01 after hitting its highest levels since July-end in intra-day trades.
“The benchmark Sensex traded above the psychologically important level of 28,000 during the day to hit a fresh 52-week high in intraday trade and finally closed the day with gains of over 1.5%. The benchmark Nifty on the other hand traded at over 16-month high in intraday trade and closed the day with gains of over 1.5%,” said BNP Paribas MF Fund Manager – Equities Shreyash Devalkar.
Domestic markets took positive cues from European and Asian markets, which edged higher tracking overnight gains in US markets, Devalkar added. Cement stocks led the list of gainers on Nifty 50 following reports that cement prices had risen in some parts of the country.
Ambuja Cements led the list of gainers, ending up 3.97% at Rs 274.70. Other cement gainers included Grasim (up 3.55% to Rs 4,684.40) and ACC (up 3.5% to Rs 1,692.20). Bosch, Eicher Motors, Hindalco, Tech Mahindra and Bajaj Auto were among the other gainers. A total of 94 securities hit new 52 week highs on NSE.
Losers were far and few on a day when the markets were on steroids with only four out of 50 stocks on the Nifty ending in the red. Telecom stocks led the list of losers after incumbent telecom players cut tariffs in anticipation of the launch of Reliance Jio Soon.
Bharti Airtel was the top loser on the Nifty, ending down 3.08% at Rs 332.05. Other major losers included Idea (down 0.64% to Rs 93.85), Zee (down 0.21% to Rs 529) and BHEL (down 0.18% to Rs 140.70). Advances led declines nearly 2:1 on NSE with 1,005 securities advancing and 568 declining out of a total of 1,679 securities.