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Nifty 50 has crossed 18,000 points barrier. It stood at 18,161.75, 169.80 points more than previous day’s close. Nifty Auto Index was the top sectoral gainer with 3.4% gains followed by, Nifty Metal (1.5% up) and Nifty Energy (1.4% up). Except for Nifty Realty and Nifty CPSE, rest of the sectoral indices did well.

Amongst all, it was Tata Motors which stole the show. It literally brought festive cheers to the market. It was up by 20.45%. It was closed at Rs.506.90. The major factor being the proposed investment of Rs.7,500 Cr in its newly-formed EV passenger wing by TPG Rise Climate & ADQ. Based upon this development, many investment banks and agencies have upgraded the target price of the stock. For example, Nomura has set a target price of Rs.547 a share.

From other side, it was Tata Power who added fuel to the fire ignited by Tata Motors. Because as Tata Motors is going to launch EVs, Tata Power charging infrastructure sees more opportunities of growth for its business. As a result, the stock rallied and added gains of 14.50% to previous day’s closing price. It stood at Rs.224.20.

Another Tata Group stock, Tata Chemicals was also shined today adding 14.04% gains to its previous day’s close. It has crossed Rs.1100 mark. It stood at Rs.1107.10. The reasons behind this rally were the rise in Soda Ash and Caustic Soda prices across the globe and the news that they are planning to establish a battery plant to support Tata Motors EV segment.

Metals’ rally continued today also. Nalco and Hindalco continued gains. Apart from aluminum stocks, steel stocks were also did well today. Tata Steel was one of them. At a point of time, Tata Group stocks has added Rs.90,000 Cr to its Market Capitalisation.

As opposed to yesterday, Nifty IT did well today. Infosys has just declared its Q2 FY21-22 results. Its revenue stood at Rs.29,602 Cr. Its revenue growth was 20.7% (YoY) and 5.7% (QoQ). It registered a 23.6% growth in margin. The stock did well today ahead of its results. The company said that the Daimler deal has contributed significant amount of profit in this quarter.

Another IT name, Mindtree also declared its Q2 results. Its revenue stood at Rs.2,586 Cr. Its margins were up by 18.1%. Its revenue growth was 34.3% (YoY) and 12.9% (QoQ).

Wipro has also declared its results. Its revenue was Rs.19,760 Cr. This was an increase of 30.1% (YoY) and 7.7% (QoQ). Its margins were 17.8% (QoQ).

Sensex closed at 60,737.05 points adding 452.74 points from previous day’s close.

Raghuveer Jandhyala

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