TC Markets: Nifty crossed 18,300 and Sensex scaled 61,000 – The reasons behind the rally

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Nifty 50 has crossed 18,300 points. It stood at 18,338.50 when the markets closed. Nifty Bank Index was the top sectoral gainer. It was followed by Nifty Metal, Nifty Financial Services and Nifty IT. Nifty Auto was the only sectoral index which closed in red.

The robust performance by Nifty Bank led by HDFC Bank was crucial in Nifty 50 crossing 18,300. HDFC Bank closed at 1687.40. Its results are yet to be declared. But it shared some interesting data which made the stock to soar.

Nifty IT pack except for Tata Consultancy Services (TCS), did well. Mindtree, Wipro, Infosys, Mphasis, Coforge, L&T Technology Services, L&T Infotech, and Tech Mahindra all did very well.

Nifty Auto pack saw some profit booking. Yesterday’s top gainer Tata Motors was in today’s top losers. Similarly, both Tata Chemicals and Tata Power have faced some correction.

Some other highlights of today’s trade were both Dmart and IRCTC crossing Rs.5400 mark on the same day. Some experts saw close resemblance between their journey since their IPO.

Stocks like ITC, Tata Motors DVR, Grasim, SBI etc. hit new 52-week high today. Several PSU banks like Canara Bank also hit their new 52-week high.

On the occasion of Dussehra, markets will be closed on tomorrow.

Sensex also touched new heights. It stood at 61,305.95.

Raghuveer Jandhyala

Editor, Tax Concept. I have written on market, finance, management, and technology.

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