Bulls tightened their grip on the
market with frontline indices ending at all time closing high backed by surge
in technology, telecom and realty stocks. the grs solution
S&P BSE Sensex ended over 31,700 for the
first time ever. The index settled at new closing high of at 31,715, up 355
points for the day.
Nifty50, on the other hand, also
achieved new milestone even after NSE remained shut trading in cash and F&O
segment for 3 hours in the morning trade due to a technical glitch. It later
resumed trading at 12:30 pm. The index settled at fresh closing milestone of
9,763, up 97 points.
In the broader market, the S&P
BSE Midcap and the S&P BSE Smallcap were trading marginally lower than
frontline indices, up 0.7% and 0.4% respectively.
In intra-day trade, Sensex rose as
much as 408 points to hit the record high of 31,768, surpassing its previous
milestone of
31,522 hit on June 22 while Nifty gained as much as 116 points to
hit 9772, surpassing the last high of 9,709 hit on June 6.
It's been an exceptional day for
the equity markets as the benchmarks gained nearly 1% despite technical glitch
at the NSE. Mostly sectoral indices participated in the move and posted decent
gains. Surprisingly, IT majors also witnessed sharp recovery and made
significant contribution. Such buoyancy ahead of the earnings season indicates
that markets are in the strong hand and participants are anticipating much
higher levels ahead," said Jayant
Manglik, President, Retail Distribution, Religare Securities.
"Our target position of 10,000
in Nifty is intact but finding trade at current level requires extra efforts.
For fresh trades, we suggest waiting for some consolidation or dip in stocks
and preferring hedged positions," he added.
Buzzing Stocks
Bharti Airtel, TCS, Wipro, Lupin
and Coal India gained the most on BSE Sensex while M&M, ITC, and HUL lost
the most on the index.
Shares of IDFC and Shriram Group of
companies fell by up to 7.4% today after they agreed to merge and create the
largest retail-focused bank in the country.
IDFC's scrip went down by 5.8%
while IDFC Bank also fell by 3.32% but later recovered the losses and settled
0.6% higher. Meanwhile shares of Shriram Transport Finance tanked 7.39% at
intraday to end over 3% low and Shriram City Union Finance tumbled 6.4%
Bharti Airtel, Reliance Industries
and Maruti Suzuki were among the Sensex stocks that hit their respective
52-week highs on BSE on Monday in intra-day trade after a strong rally in
equities.
Bharti Airtel has rallied 5% to Rs
405, its highest level since August 2015 on BSE. The telecom services provider
outperformed the market by gaining 33% as compared to 19% rise in the S&P
BSE Sensex, so far in 2017.
Reliance Communications gained 6.4%
after it presented a long-term debt reduction plan to lenders, which includes
sale of real estate, under-sea cable assets and its DTH business but later
pared gains to end flat.
Divis Labs ended nearly 8% higher
after USFDA lifts import alert from VIshakapatnam facility.
AU Small Finance Bank was trading
at Rs 536, a 50% premium over its initial public offer price of Rs 358 on its
debut today.
NSE shuts for three hours due to
tech glitch
Trading was disrupted at India's
National Stock Exchange on Monday morning, after price quotations for
individual stocks and indexes failed to update. After a snag of about three
hours, the exchange resumed trading, at 12:30 pm.
"Due to technical reasons in
the cash market, trading has been stopped in cash and F&O segment of the
NSE," the exchange had said in a statement.
The exchange had also said that in
the F&O segment, members would be given a 15-minute window to cancel their
outstanding orders and the window was to be available from 12:15 pm - 12:29 pm.
Global Markets
World stock markets rallied on
Monday and the US dollar hit a two-month high against the yen as the latest US
jobs data gave investors greater confidence in the strength of the economy.
Focus was already turning to
Federal Reserve chief Janet Yellen's semi-annual testimony on monetary policy
and a meeting of Canada's central bank on Wednesday for the latest policy
signals from the world's major central banks.
European stock markets followed
Asia higher, with blue-chip stock markets in London, Paris and Frankfurt up 0.2
to 0.5% in early Monday trade.
MSCI's broadest index of
Asia-Pacific shares outside Japan advanced 0.4% while Japan's Nikkei rose 0.8%
to a one-week high helped by weakness in the Japanese currency.
US stock futures also firmed,
suggesting Wall Street shares could extend gains made after the US jobs data.