Sensex, Nifty hit fresh all-time highs; Subex, Dhani Services jump up to 7%; Angel One down 5%

Indian equity benchmarks traded higher in Monday’s deals to hit their fresh lifetime highs. The 30-share BSE Sensex pack surged more than 100 points to touch its all-time high of 66,189.50, while the broader NSE Nifty moved nearly 50 points higher to scale a record high of 19,612. Mid- and small-cap shares were positive as Nifty Midcap 100 moved 0.53 per cent higher and small-cap climbed 0.99 per cent.

On the global front, Asian markets were subdued today after data showed that China’s GDP growth in June quarter grew at a lower-than-expected rate.

Back home, Nine out of the 15 sector gauges — compiled by the National Stock Exchange — were trading in the green. Sub-indexes Nifty Metal, Nifty IT, Nifty Pharma, Nifty FMCG, Nifty Consumer Durables were outperforming the NSE platform by rising as much as 1.11 per cent, 0.79 per cent, 0.81 per cent, 0.50 per cent and 0.35 per cent, respectively. Nifty Bank, Nifty Financial Services and Nifty Auto were seen trading lower.

Foreign institutional investors (FIIs) bought Rs 2,636 crore worth of Indian equities on a net basis in the previous session, while domestic investors sold Rs 772 crore of shares, as per provisional NSE data.

On the stock-specific front, Adani Enterprises was the top gainer in the Nifty pack as the stock gained 2.64 per cent to trade at Rs 2,438.85. Wipro, LTI Mindtree, Dr Reddy’s and Adani Ports rose up to 2.04 per cent.

In contrast, ONGC, Hero MotoCorp, SBI Life, Bharti Airtel and Tata Motors were among the top laggards.

The overall market breadth was positive as 2,123 shares were advancing while 883 were declining on BSE.

On BSE, index heavyweights such as Infosys, Hindustan Unilever (HUL), Asian Paints and Tata Consultancy Services (TCS) were among the major contributors to the rise.

JBM Auto, Subex, Dhani Services, Zee Entertainment, FirstSource Solutions, GE T&D India, AGI Greenpac surged up to 6.89 per cent. In contrast, Angel One, TD Power Systems, CCL Products, JSW Energy, Greenlam Industries, Aptus Value, Container Corporation and Godrej Properties slipped up to 4.78 per cent.

On Friday, Sensex had jumped 502 points or 0.77 per cent to settle at 66,061, while Nifty had moved 151 points or 0.78 per cent higher to end the session at 19,565.

Nifty outlook

“Nifty may be tempting to dismiss the leap in the closing hours of Friday, given its brevity, but there is not much to signal a break in the ongoing uptrend. This prompts us to wait for at least 19,650, the measured objective of the range breakout, to actively look for bear signs. Alternatively, inability to float above 19,545 could also signal weakness, but such an outcome is less expected to penetrate 19,470, for now,” said Anand James, Chief Market Strategist at Geojit Financial Services.