Healthy macro-data, results buoy indices, banking stocks rise

New Delhi, Aug 16 (SocialNews.XYZ) Faster economic recovery on the back of healthy macro-economic data buoyed India's key equity market indices on Monday.

Markets opened on a flat note but the two key indices gradually rose through the morning to touch record high levels.

The NSE Nifty50 touched a record high of 16,585.45 points, while S&P BSE Sensex reached 55,680.75 points during the session.

In domestic markets, metals and energy were top gainers while telecom, consumer durables, and power fell the most.

At 2.35 p.m., the S&P BSE Sensex was trading at 55,633.25, higher by 195.96 points, or 0.35 per cent, from its previous close.

The NSE Nifty50 traded at 16,577.40, higher by 48.30 points, or 0.29 per cent, from its previous close.

"Nifty opened flat and rose gradually in the morning session to make an intra day high at 11.25 a.m. In the process, it made another all-time high and is leading the Asian markets," HDFC Securities' Head of Retail Research, Deepak Jasani said.

"The advance decline ratio continued to be weak. Asian markets and European markets were subdued as weak Chinese economic data pointed to a Covid-induced slowdown while geopolitical turmoil prompted caution."

CapitalVia Global Research Head of Research Gaurav Garg said: "Sentiments remain intact and poised towards positivity as the government focuses more on the infrastructure in the coming time which will help the economy reach new heights."

"Our research suggests that 16,350 is an important support level in the short term, if the market sustains above this level, we can expect the market to remain positive and gain momentum, leading to an upside projection till 16,700-16,750 level."

Source: IANS