Profit

Sensex Hits Record Highs, Eyes 35,000; HDFC Surges 6%

HDFC shares surged over 6 per cent, leading the rally in financials.

 Share
EMAIL
PRINT
COMMENTS
Sensex Hits Record Highs, Eyes 35,000; HDFC Surges 6%

HDFC shares surged over 6 per cent to Rs 1,878 at day's high.


Highlights

  1. Factory output growth zoomed to a better-than-expected 8.4%
  2. Banking, metal and capital goods stocks led the rally
  3. Strong global markets also lifted the sentiment
The benchmark Sensex today zoomed over 350 points to hit a new high of 34,963 intra-day on the back of positive macroeconomic data and encouraging corporate earnings. Higher global markets also lifted the sentiments. The Nifty set a new high of 10,782, surpassing its previous intraday high of 10,690.40 hit on January 12, led by a 6 per cent surge in HDFC. In the currency market, the rupee strengthened to 63.48 against the US dollar at day's close, as compared to Friday's 63.63. The Nifty ended up 0.56 per cent at 10,741.55 while the benchmark Sensex closed 0.73 percent higher at 34,843, both new closing highs.

10 Things To Know About Sensex, Nifty Surge Today:


1) Banking, consumer durable and metal stocks led the gains while some selling pressure was seen in IT, healthcare and auto stocks. 

2) "Indian markets have rallied in line with global markets. Liquidity is also very strong and is equally driving markets," said Anita Gandhi, whole-time director at Arihant Capital Markets.

3) The index for banking stocks, Bank Nifty, hit a new high of 26,091, rising over 1 per cent. 
4) HDFC surged over 6 per cent while ICICI Bank rose over 3 per cent. 

5) ICICI Bank gained after Morgan Stanley raised its target price on the stock. "Structurally, we like Indian financials, primarily private lenders, given growth outlook," said Morgan Stanley analysts in note.

6) HDFC surged over to its 52-week high after the company said it plans to raise up to Rs 13,000 crore via QIP and preference shares.This will be the first equity raising by the country's largest pure-play mortgage lender in over a decade.

7) Brokers said buying activity picked up momentum as industrial production growth in November zoomed to a better-than-expected 8.4 per cent on the back of robust performance of manufacturing and capital goods sectors.

8) Shares of Infosys, India's second largest IT exporter, edged higher, reacting to Q3 earnings. The IT major on Friday reported its Q3 earnings, which were in line with estimates. Infosys also maintained FY 2017-18 sales growth outlook at 5.5-6.5 per cent in constant currency terms.

9) Asian shares hit historic highs on Monday after Wall Street extended its record-breaking run, while the US dollar retreat continued as investors priced in the risk of tighter policies elsewhere in the developed world.

10) Wall Street has been on a roll as the fourth-quarter earnings season kicked off with solid results from banks and robust retail sales, driving investor optimism about economic growth.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top