Sensex, Nifty Scale Fresh Record Highs â Unabated Foreign Capital Inflows Lift Market Mood
Indian equity benchmark indices, the Sensex and the Nifty, touched fresh record highs on Thursday, as foreign funds flowed into the market. The Nifty surpassed the 19,900 mark for the first time after surging by 0.80% in intraday trade to reach 19,991.85. Banking and FMCG stocks saw particularly strong gains throughout the day.
The Indian Stock Market Resurgence: ITI, Kotak Mahindra Bank, and ICICI Bank Lead the Gains
After weeks of dismal trading due to the pandemic, the Indian stock market made an impressive comeback this week. Market benchmark Sensex surged 1,075.33 points, or 2.87%, to close at 38,697.12 on Friday. This was the single biggest one-day gain since the 13 February rally, which saw a surge of 1,082.76 points.
ITI Leads the Pack
ITI was the biggest gainer in the Sensex pack, rising nearly 3%. All other sectors also followed suit to register a significant increase in their share prices. Kotak Mahindra Bank, ICICI Bank, Maruti, Bharti Airtel, State Bank of India, Sun Pharmaceutical Industries, Axis Bank, Reliance Industries, Hindustan Unilever and JSW Steel were some of the biggest gainers.
Laggards in the Market
On the other hand, a few stocks were lagging behind. Infosys, UltraTech Cement, HCL Technologies, Bajaj Finserv, Larsen & Toubro, Titan, Tata Consultancy Services and Wipro were the laggards, which could not keep up with the market momentum.
Conclusion
The Indian stocks market has shown a remarkable turnaround this week, with ITI, Kotak Mahindra Bank, and ICICI Bank leading the gains. While some stocks have lagged behind, the majority of the major players have seen a surge in their share prices,a an indication of a positive outlook for the coming weeks.
