Second Day Of Gains For Sensex, Nifty; Banks, Cement Stocks Lead
Employees monitor stocks at a brokerage firm in Mumbai, India (Photographer: Dhiraj Singh/Bloomberg)

Second Day Of Gains For Sensex, Nifty; Banks, Cement Stocks Lead

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Closing Bell: Second Day Of Gains

Indian equity markets outperformed their Asian peers in today's session with the benchmark indices ending at the highest point of the day.

The S&P BSE Sensex ended 1.26% higher at 38,528 while the NSE Nifty 50 index ended with gains of nearly 150 points at 11,385, up 1.23%. Both benchmark indices ended higher for the second day in a row.

Banks were the top performers in today's session. The Nifty Bank ended with gains of over 2%, as did the Nifty Media index.

Nifty Realty was the top sectoral gainer, ending the day's trade with gains of 4%.

Nifty Pharma was the only sectoral laggard, ending little changed but with a negative bias.

Broader markets were in-line with the benchmarks. The midcap index ended with gains of 1.2% while the smallcap index ended 1.5% higher.

The India Volatility Index ended lower for the second straight day, down 4.1% at 20.42.

Market breadth remained in favour of the gainers. 1,294 stocks on the NSE ended with gains while 518 declined.

How Have The Sectoral Indices Fared Today

The 'Lost Year' For VRL Logistics

Buzzing Stock: Cholamandalam Investment & Finance

  • Third best performer on the BSE Midcap index
  • Gains as much as 9.6% to Rs 232.6
  • Biggest single-day gain in two months
  • Trades at the highest level in five months
  • Snaps two-day losing streak
  • Today's volumes are 82% higher than its 20-day average
  • Nearing 200-Day Moving Average at 239.4
  • Has doubled from its 52-week low of Rs 117.4 on April 7, 2020
  • 27 out of the 31 analysts tracking the stock have a buy recommendation; 2 sell calls
  • Return potential of the stock as per Bloomberg data is 9%

Populism A Key Risk To Indian Economy, Says JPMorgan

India is likely to see a surge in populist policies as it battles the world's third-highest Covid-19 cases. This will be a key risk for companies who's fortunes are closely tied to the economy, Bloomberg News reports citing a note from JPMorgan Chase & Co.

"Populism is a justifiable concern for investors," analysts led by James Sullivan wrote in a note.

The S&P BSE Sensex's 12-month price-to-earnings ratio hit a record earlier this month after the gauge rebounded nearly 50% from its March lows.

"We advise minimal or reducing exposure to sectors linked to growth and investment cyclicals like financials, material and energy except Reliance Industries," Sullivan said in the note.

The brokerage has advised focusing on consumer services and healthcare-oriented companies instead.

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