The bulls dominated Dalal Street on Thursday. The first day of the June F&O series and India’s Key Stocks, including Titan, Asian Paints, and Dr. Reddy’s labs, soared to a new record amid confidence that increased vaccination will revive the economy drained by the coronavirus pandemic.
The Sensex and Nifty hit an all-time high amid optimism that a boost in the nationwide vaccination program will continue declining in Covid-19 cases and help to reopen the market at its full pace. The benchmark index ramped 383 points, or 0.7 percent, to close the session at 52,232, surpassing the previous highest closing of 52,154 on February 15, 2021.
Cut to the chase:
- Nifty Pharma Fell; Nifty Auto index ramped over 0.5%
- Indian hotels Lemon Tree, HLV shares zoom 20%
- Job gains across the leisure and hospitality industry will surge growth
- Continuation of low interest rates will boost investment in the housing sector
- Bharti Airtel, UltraTech Cement, and Mahindra & Mahindra were the top gainers
A string of this dramatic growth links to decreasing covid-19 cases in the country. India on Wednesday reported 134,154 new covid-cases, with the positive rate remaining below 10% constantly for the tenth day. Moreover, unemployment surged to 10.4% from 18.9%, showing a big hope that increased vaccination will reopen recruiting and put wings to the country’s economy.
The NSE Nifty boosted 50 Index advanced 0.7% to 15,690.35, while the S&P BSE Sensex also jumped and set at a similar magnitude to 52,232.43a new all-time high for both large-cap benchmarks.
Quick Glance Window
|Winners ↑||Losers ↓|
|Titan Co LTD: 6.65%O&G Corp LTD: 4.03%Eicher Motors LTD: 3.36%Larsen & Toubro LTD: 2.71%Shree Cement LTD: 1.46%||Tech Mahindra LTD: 0.26%Sun Pharmaceutical Indus: 0.29%HCL Technologies LTD: 0.46%Bajaj Auto LTD: 0.51%Cipla LTD: 0.68%|
This week’s share market was too optimistic. Amid the optimism of relieving businesses from local lockdown, the demand for air conditioners, ceiling fans, washing machines, refrigerators, and other consumer-utility products is expected to boost.
Following the same and the Indian government announcing ordering 300 million doses for covid-19 vaccines, share prices of Voltas, Blue Star LTD, Dixon Technologies India LTD, and others surged at a fast pace.
Back home, the market breadth was overall positive and on its way to growing with the country’s covid-19 vaccination program. Also, the RBI liquidity rate might lead to new milestones.