Global cues push equities higher; banking stocks shine

MUMBAI: Positive global cues along with hopes of a faster economic rebound buoyed India's key equity markets during the post-noon trade session on Wednesday. Initially, India's benchmark indices started on a positive note with the global sentiments intact towards positivity, completely ignoring the spread of Delta variant around the world.

However, expensive valuations capped gains. In the process, the S&P BSE Sensex hit intra-day record level of 54,440.8 points and the Nifty50 touched a new high of 16,290.2 points.

Consequently, the Sensex trade at 54,319.93 around 12.15 p.m., higher by 496.57 points, or 0.92 per cent, from its previous close.

Similarly, the Nifty50 on the National Stock Exchange closed at 16,257.10 points, higher by 126.35 points, or 0.78 per cent, from its previous close.

"Positive cues from the wall street and other Asian markets. All major sectors have shown positivity," said Likhita Chepa, Senior Research Analsyst at CapitalVia Global Research.

"We have witnessed the breach of 16,200 level, sustaining above 16,200, we expect the market to gain momentum, leading to an upside projection till 16,450-16,500 level. Technical indicators also support positivity in the market."

According to Deepak Jasani — Head of Retail Research at HDFC Securities: "Carrying on from the momentum of the previous day, Nifty opened gap up on Aug 04 and continued to inch up in the morning session. It has run into some profit taking post 1100Hrs."

"Asian markets rose shrugging off concerns about China regulatory actions and Delta strain spread. In India, Bank stocks are up, while Realty stocks have come under profit taking." (IANS)

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