Bench mark indices touched new lifetime highs. Nifty 50 stood at 18,477.00 and Sensex closed at 61,765.59. Nifty PSU Bank Index was the top sectoral gainer with 3.98 % gains. It was followed by Nifty Metal Index (3.89 %). Nifty IT came third with 1.57% gains.
Today, metals stole the show. Hindalco was the top gainer (5.24%), followed by Infosys (4.79%), Tech Mahindra (3.65%), JSW Steel (3.32%) and Tata Steel (2.45%).
M&M was the top loser (-2.21%). HCL Tech (-2.10%) reacted to its numbers. Those were below estimates which made the stock to correct. It was followed by Dr. Reddy’s (-1.82%), Asian Paints (-1.69%), and Brittania (-1.36%).
Metals are shining worldwide. That reflected on our stocks also. In China, steel production is still low. This made global steel players to rally. On the other hand, LMEX index posted a best week in almost a decade. It was up over 8%. Base metals like aluminium, copper and zinc have posted massive rise in their prices.
Nifty IT performed well because of Infosys and Tech Mahindra.
Ultratech Cement posted its numbers. Consolidated revenues were up by 14% YoY.
Global markets’ performance was mostly lacklustre today.