A sharp rise in the shares of HDFC twins, ICICI Bank steered Dalal Street to conclude at all-new record highs on Monday with Sensex gaining 251 points at closing while Nifty concluded at a record high of 10,741.55.
A sharp rise in the shares of HDFC twins, ICICI Bank steered Dalal Street to conclude at all-new record highs on Monday with Sensex gaining 251 points at closing. The benchmark Sensex advanced 251.12 points or 0.73% to end at 34,843.51. On the similar lines, the NSE Nifty index surged 60.3 points or 0.56% to finish at a record high of 10,741.55. Other than the headline indices, Nifty Bank, Nifty Financial Service, Nifty Media, Nifty Metal, and Nifty Private Bank sector indices settled at lifetime peaks. The heavyweight shares from the BFSI (Banking, Financial Services and Insurance) sector, HDFC, ICICI Bank and HDFC Bank contributed heavily to the upsurge of key equity indices.
During the day, India’s stock markets extended their record-breaking rally on Monday with Sensex hitting a lifetime peak of 34,963 while Nifty just shy off 18 points from hitting 10,800. The benchmark Sensex fired over as much as 371.3 points to hit an all-time high of 34,963.69 whereas the 50-share indicator Nifty index extended gains adding as many as 101.4 points to hit an all-time high of 10,782.65. India’s stock markets started on a positive note on Monday with Sensex and Nifty hitting all-new record highs on the back of third-quarter earnings optimism and positive global cues led by a continuous upsurge in American stock markets.
HDFC shares rally
Shares of HDFC jumped over 7% intraday to hit an all-time high with its market cap crossing Rs 3 lakh crore on Monday. With a huge appreciation in market cap, HDFC became the fifth-largest company on Indian bourses today surpassing Maruti Suzuki and HUL. The board of India’s largest housing financier HDFC approved fundraising of up to Rs 13,000 crore primarily to maintain its holding in HDFC Bank and to enter segments like stressed assets and health insurance. Following the development, the shares of HDFC jumped as much as 7.15% to an all-time high of Rs 1,886.8 before settling up 5.8% at Rs 1,863 on NSE. A massive trading volumes had been observed in the shares of HDFC, as at 3:30 pm, nearly 1.2 crore shares exchanged hands on both NSE and BSE with about 95 lakh shares on NSE alone. With a sharp rise in the share prices of HDFC, the market capitalisation of mortgage lender zoomed past Rs 3 lakh crore.
Posting a huge appreciation in the market capitalisation of HDFC, the housing financier entered the top 5 club of companies by market capitalisation. HDFC on Monday added about Rs 19,929.96 crore to Rs 3,01,305.76 crore at the all-time high price of Rs 1,883.75 from Rs 2,81,375.8 on BSE. HDFC Ltd on Monday surpassed Maruti Suzuki India and Hindustan Unilever to become the fifth-largest company by market capitalisation in Indian bourses. Now HDFC is behind the market cap lead Reliance Industries, India’s largest IT company TCS, India’s most valuable lender HDFC Bank and the domestic FMCG giant ITC. At the closing price of Rs 1,863, the HDFC ended holding a market capitalisation of Rs 2,97,631.3 crore.
The heavyweight shares of companies such as HDFC, ICICI Bank, HDFC Bank contributed the most to the Sensex gains. Collectively, these three shares alone added about 310 points to the index while a decline in shares of Yes Bank, ONGC, TCS, Maruti Suzuki, and IndusInd Bank washed away 59 points.
Apart from HDFC, shares of ICICI Bank, Tata Steel, HDFC Bank, Kotak Mahindra Bank and Power Grid surged up to 3.73%. The broader market indices of NSE, Nifty 100, Nifty 200, Nifty 500 gained 0.3-0.5% while Nifty Next 50, Nifty Midcap 50 shed up to 0.3%.