Mumbai, July 7 (SocialNews.XYZ) Despite weak global cues, India's benchmark equity indices settled at their record closing highs largely led by stock specific action on Wednesday.
Accordingly, both the key indices opened in the negative and gradually inched up through the day to end almost at an intra-day high.
The Asian share markets stumbled on Wednesday as the investors braced for the minutes from the Federal Reserve's meeting which could confirm a hawkish turn in US monetary policy.
On the other hand, European stocks edged higher on Wednesday, shaking off losses on Wall Street triggered in part by softer-than-expected economic data.
In the domestic market, among sectors, realty and metals gained the most while oil and gas, consumer durables and energy fell the most.
The BSE midcap and smallcap indices ended marginally in the green.
Consequently, the BSE Sensex closed at 53,054.76, higher by 193.58 points or 0.37 per cent from its previous close of 52,861.18.
It had opened at 52,919.71 and touched an intra-day high of 53,105.41 points and a low of 52,751.76 points.
The Nifty50 on the National Stock Exchange also settled at a record closing high of 15,879.65, higher by 61.40 points or 0.39 per cent from its previous close.
The top gainers on the Sensex were Tata Steel, Bajaj Finance and IndusInd Bank, while the major losers were Titan Company, Maruti Suzuki and Reliance Industries.
"The current momentum can take the Nifty past the previous high," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"Sectoral rotation continues while volumes remain subdued. On falls, Nifty could take support at 15,818, while on rises, once the previous high of 15,915 is sustainably breached, it could rise towards 15,970," Jasani
According to Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services: "Sentiments were positive on account of receding pandemic cases, vaccination progress, strong May core sector data, improved traction in overall economic momentum in June indicating healthy corporate earnings for Q1.
"Robust pre-quarterly updates from Sobha, Titan, RBL Bank, Equitas among others also cheered the market. Fresh buying was seen in metals after Tata Steel reiterated its focus on capacity expansion in India. Realty stocks too surged led by signs of recovery for demand in residential real estate as unsold inventory declined further in Q2CY21."
S. Ranganathan, Head of Research at LKP Securities: "Markets bounced back into the green in afternoon trade led by metal stocks.
"Cabinet reshuffle today created interest amongst market participants as we saw some hectic activity in 'Smaller Private Sector Banks'. Paper stocks too displayed strength in the broader markets."
Source: IANS
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