By Ananya Upadhyay
There was celebration†in the stock market recently when NIFTY 50 crossed the 9300 mark for the first time. Bank Nifty breached the 22,000-level for the first time; mid-cap and small-cap also reached their respective record high levels.
The phenomenal mark is said to have been achieved due to a mix of domestic and international cues that created bullish sentiments which saw the Nifty move up about 1 per cent to close at 9,309.20 before it settled at 9306.60.
Striking it big
One of the most important of these was RILís (Reliance Industries) outstanding performance this quarter. It soared almost 14% in just 3 trading days after its 4G telecom operator Reliance Jio said it would end its freebies and start charging customers for data services in April. Reliance Industries climbed as much as 3.4%, its highest since May 2008, making it the biggest gainer on the NSE index.
Several other positive Asian cues include Indiabulls housing finance touching a 52-week high of Rs 1042.70, Indian Bank reaching its lifetime high, up 12% on BSE, Biocon gaining over 8%, Wipro ending nearly 1% higher and Maruti Suzuki India rising 0.21%.†However, Cipla, TCS and GAIL shed the most. ACC, too, dropped more than 1%.
Gauging the market
The rupee, meanwhile, strengthened to as much as 64.2750 per dollar, its highest since April 13, compared to its close at 64.44 on Monday; another factor for the bullish sentiments in the market.
Market experts expect that Nifty will continue its robust momentum. Benchmark indices have gained 14% so far in 2017, helped by stocks such as RIL, L&T, HDFC Bank, SBI, Maruti Suzuki and ITC. These stocks have considerable weight in the benchmark indices and have gained in the range of 15-31%.
Clearly, the sentiment is quite positive. Going forward, European elections and geopolitical tensions will keep things interesting in the global market, while the fate of the monsoon and GST implementation should keep the domestic market on its toes.
Featured Image Source: Bloomberg
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