Stock markets are on a rise. Indian equities rose to new all-time highs on Monday for the third session in a row, and also ended at new record highs. However, today, the spread between the gains in the two benchmark indices was prominently noticeable, with the benchmark BSE Sensex rising 0.17% at close, while the broader NSE Nifty 50 settling up 0.30%. Wipro, Adani Ports and ICICI Bank led the gains on Sensex, with Wipro being the top gainer on the Nifty too. But it’s the next three top gainers on Nifty which pulled it much more than Sensex today.
Top three non-Sensex shares
The shares of the Aditya Birla Group company UltraTech Cement Ltd, which is one of the biggest cement maker in India, gained 3.13% to close at Rs 4,355. UltraTech Cement was the second biggest gainer on Nifty 50 today, ahead of its first quarter earnings report which is due tomorrow, 18 July 2017. Next on the list was the global resources major Vedanta Ltd, whose shares rose 2.65% to end at Rs 269.25 on NSE. information Technology firm HCL Technologies Ltd’s shares were the fourth biggest gainer on the 50-share index, climbing 2.19% to close at Rs 868.95.
The other two shares
At the fifth spot was Cipla, also listed on BSE, which rose 1.82% on NSE today, but the next two stocks in the pecking order today were Bharat Petroleum Corporation Ltd, whose shares gained 1.77% to end at Rs 468.95; and Zee Entertainment Enterprises Ltd, which rose 1.72% to close at Rs 523.1.
Earlier today, the benchmark BSE Sensex hit yet another lifetime high of 32,131.92 points while broader NSE Nifty 50 scaled a new peak of 9,920.3 points in the late morning trade on Monday, led by huge gains in major information technology companies. This is the third straight trading session in which the Indian stock markets claimed the new record levels.
Indian markets are on a continuous upsurge for the last two weeks owing to several factors helping the economy and boost the investor confidence. Despite some hiccups, India is still one of the fastest growing big economies in the world. The current account deficit and fiscal deficit are under control. Retail inflation has fallen to 1.54%. The demonetisation exercise, contrary to expectations, has not scarred the economy to a greater extent.
The government is focusing on ease of doing business and the smoother implementation crucial reforms such as the Goods and Services Tax (GST). On top of it, monsoon progress so far has been above-normal. All these factors could push up the growth rate for Indian companies and the optimism about the corporate earnings may take the markets further to new records.