Sensex rallies 167 points, Nifty ends above 17,350; realty, IT stocks lead

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Domestic equity benchmarks continued their uptrend for the third straight session on Monday tracking a positive trend in global markets. After hitting a fresh lifetime high of 58,515.85 in early deals, Sensex ended at a record 58,296.91, up 166.96 or 0.29%. Likewise, the NSE Nifty ended 54.20 points or 0.31% higher at 17,377.80. The 50-share index scaled an all-time high of 17,429.55 during the session.

“Positive global markets and strong support from IT and realty stocks aided domestic markets to trade modestly higher. Hopes of continued economic support by the Fed Reserve due to weak US job data and talks of more stimulus in Japan and China boosted global markets. Economic normalisation attracted buyers in realty stocks while safe haven IT stocks continued to lead the upbeat market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Gainers & losers

Sectoral strand

Sectoral indices on the NSE ended mixed. Nifty Realty, rallying 3.22%, was the top sectoral gainer followed by Nifty IT, up 1.56%. Nifty Auto and Nifty Metal added 0.34% and 0.33%, respectively.

On the downside, Nifty Bank slipped 0.51%, Nifty FMCG fell 0.22% and Nifty Pharma lost 0.14%.

The volatility index India VIX spiked 4.16% to close at 15.14.

Broader markets

The broader markets ended higher with the BSE Midcap settled at record highs of 24,425 advancing 43 points or 0.18% after hitting a new peak of 24,562. While the BSE Smallcap index rose 161 points or 0.59% to 27,466. The BSE Smallcap index scaled a new peak of 27,502.

The market breadth was flat as 1,702 shares advanced compared to 1,622 declining whereas 171 remained unchanged.

Global markets

Shares in Europe and Asia rose across the board on Monday, 6 September 2021, after U.S. jobs data indicated the Federal Reserve may have to keep monetary policy loose for longer, while speculation has risen over more stimulus in Japan and China.

Japanese shares climbed on hopes of better pandemic management and more spending by Prime Minister Yoshihide Suga’s successor.