Sensex, Nifty scale fresh lifetime highs; metals, pharma stocks lead
The Nifty Metal index was the star of the day with gains of 1.63%, followed by the Nifty Pharma index advancing 1.38%.
After opening on a flat note, benchmark equity indices gained momentum and closed at fresh record highs, led by gains in select index heavyweights. Sensex ended above the 56,000 mark for the first time ever. The 30-share BSE index closed at 56,125, up 176 points or 0.31%. Likewise, Nifty ended at a fresh peak of 16,705, up 68 points or 0.41%. The 50-share index hit a record high of 16,722 during the session.
“Indian benchmark indices remained in positive territory even as global markets traded mixed as investors awaited announcements from the Jackson Hole Economic Symposium. Mid and small-cap stocks continued their outperformance while recovery in the Metal and Pharma sectors guided them to be the sectoral leaders. Globally, markets are awaiting comments from the Fed chair on the US economy and clarity on its future policy changes,” said Vinod Nair, Head of Research at Geojit Financial Services.
Gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
All sectoral indices on the NSE ended in the green. Nifty Pharma, closing over 1.5% was the top sectoral gainer followed by Nifty Pharma, Nifty Media and Nifty IT.
Broader market
The broader market outperformed benchmark indices. The BSE MidCap index ended with gains of over 1% or 240 points to 23,255. Even the BSE SmallCap index settled at 26,284 higher by 241 points or 0.93%.
Bulls had an upper hand in today’s session as 1,919 shares advanced compared to 1,283 declined and 136 remained unchanged.
Global markets
Most European shares advanced while most Asian stocks declined on Friday, 27 August 2021 as investors remained cautious ahead of the Federal Reserve’s annual Jackson Hole symposium.
Traders were eying new developments in Afghanistan, which added to the risk-off sentiment. At least 60 Afghans and 13 US soldiers were killed on Thursday after two suicide bombers and several gunmen attacked crowds flocking to the Kabul airport in Afghanistan, as per reports. A further 15 US troops and more than 150 civilians were also injured in the attack. ISIS-K has reportedly claimed responsibility for the bombings at the Hamid Karzai International Airport in Kabul and a hotel nearby.