Benchmarks scale fresh peaks; IT, metal, pharma stocks shine
Mumbai: The BSE Sensex defied gravity for the eighth straight session to finish at yet another record high on Wednesday as positive global cues and robust foreign fund inflows fuelled risk-on sentiment.
The government approving a Rs 2 lakh crore production-linked incentive package for various sectors also buoyed investors, traders said.
After touching its all-time peak of 43,708.47 during a see-saw session, the 30-share BSE index settled 316.02 points or 0.73 percent higher at 43,593.67.
Similarly, the broader NSE Nifty vaulted 118.05 points or 0.93 percent to close at a record 12,749.15. Intra-day, it touched its all-time high of 12,769.75.
Both the key indices scaled record highs for the third session on the trot.
Tata Steel was the top gainer among the Sensex constituents, surging 7.39 percent, followed by Axis Bank, Bajaj Finserv, ITC, Sun Pharma, Infosys, L&T, and Bharti Airtel.
Kotak Mahindra Bank spurted 3.12 percent after MSCI said it will add the private sector lender and 11 other domestic firms to the MSCI India Index.
On the other hand, IndusInd Bank, Reliance Industries, Titan, Asian Paints, HUL, and HDFC Bank closed in the red, tumbling up to 5.62 percent.
The Cabinet on Wednesday approved offering Rs 2 lakh crore worth of production-linked incentives to 10 more sectors to boost domestic manufacturing.
The incentives will be offered for sectors such as white goods manufacturing, pharmaceutical, specialized steel, auto, telecom, textile, food products, solar photovoltaic, and cell battery.
Global markets remained upbeat on continued optimism over Pfizer's COVID-19 vaccine news.
"Domestic markets remained upbeat and extended gain for the eighth consecutive day as positive sentiments among investors following clarity of coronavirus vaccine by BioNTech-Pfizer and strong 2Q FY21 corporate earnings persist. While the market witnessed some amount of volatility today led by profit booking in some of the heavyweights, a sharp rebound in pharma, metals, IT, and auto stocks supported the market rally.
"As the market has already witnessed a sharp run up and valuations appear to be quite stretched at the current level, profit-booking at these levels cannot be ruled out and therefore investors should be cautious at these levels. We continue to believe that a strong earnings rebound still looks to be difficult given ambiguity over CAPEX cycle recovery," said Arjun Yash Mahajan Head Institutional Business at Reliance Securities.
BSE metal, healthcare, IT, tech, utilities, power, and auto indices rose as much as 3.51 percent, while energy and consumer durables finished in the red.
Broader BSE midcap and smallcap indices spurted up to 0.77 percent.
Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while Seoul and Tokyo closed with gains.
Stock exchanges in Europe were trading on a positive note in early deals.
Meanwhile, international oil benchmark Brent crude was trading 3.12 percent higher at USD 44.98 per barrel.
Foreign institutional investors remained net buyers in the capital markets, buying shares worth Rs 5,627.32 crore on Tuesday, according to provisional exchange data.
The rupee declined 18 paise to close at 74.36 against the US dollar on Wednesday, tracking strengthening American currency in the overseas market and higher crude prices.
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Allen, Raghuvanshi, Green power KKR to 29-run win over GT
Kolkata (PTI): Finn Allen blasted a 35-ball 93, while Angkrish Raghuvanshi hit an unbeaten 44-ball 82 as Kolkata Knight Riders kept their playoff hopes alive with a 29-run win over Gujarat Titans in the IPL match here on Saturday.
Sent in to bat, Allen went on a six-hitting spree, smashing 10 maximums and four boundaries to add 95 off 41 balls with Raghuvanshi (82).
Raghuvanshi then shared another 108 off 53 balls with Cameron Green (52 not out) to power KKR to a challenging 247 for 2.
In reply, GT could manage 218-4, riding on skipper Shubman Gill's 49-ball 85 and a 35-ball 57 from Jos Buttler. Opener Sai Sudarsan was retired hurt but returned to make a 28-ball 53 not out.
Sunil Narine (2/29) claimed two wickets and Saurabh Dubey snapped one for KKR.
For GT, Mohammed Siraj (1/50), Sai Kishore (1/38) were the wicket-takers.
Brief Score:
KKR: 247 for 2 in 20 overs (Finn Allen 93, Angkrish Raghuvanshi 82 not out, Camero Green 52 not out; Mohammed Siraj 1/50).
GT: 218 for 4 in 20 overs (Shubman Gill 85, Sunil Narine 2/29).
