Nifty scales 16,000 on hopes of faster economic recovery

Titan, HDFC lead gains as GST, export data buoy sentiment

August 03, 2021 11:01 pm | Updated August 04, 2021 05:15 am IST - MUMBAI

Representational image.

Representational image.

The Sensex and Nifty rose to record closing highs on Tuesday, with the NSE’s 50-company benchmark closing above the 16,000 level amid renewed investor interest in stocks on bets that the economy may recover faster than anticipated earlier.

The S&P BSE Sensex gained 872.73 points, or 1.65%, to 53,823.36 while the NSE Nifty 50 added 245.60, or 1.55%, to end at 16,130.75.

On the BSE, the top gainers included Titan, which rose 3.89%, HDFC, up 3,72%, Nestle, IndusInd Bank and UltraTech Cement. Majority of the sectoral indices reported gains except for media and metals.

“Volumes on Nifty were higher than average which indicates strength,” said Gaurav Udani, CEO & Founder, ThincRedBlu Securities. “We can expect Nifty to touch 16,250 and 16,400 in the coming days. On the lower side 15,950 and 15,880 will act as strong support,” he added.

S. Ranganathan, Head of Research, LKP Securities said the bulls had pulled off the 16,000 mark on the Nifty ‘effortlessly’, buoyed by positive news flow on GST and export data.

“The journey past 16,000... quite clearly has been led by the retail investors who have allocated more into equities,” said Mr. Ranganathan.

“The present rally is all the more significant since it provides enough opportunities to the new investor coming in now as several pockets of the economy still offer value going forward,” he added.

Domestic funds had invested ₹28,000 crore into stocks in the first four months of the current fiscal, Mr. Ranganathan noted.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.