look news india
Mumbai: China has given a mega stimulus package to revive its economy, cut one-year interest rates and taken several steps including cash aid to the poor, in anticipation of China's economic growth, despite the continuous sell-off, investment flow of foreign funds will increase towards China. Indian markets closed at new highs today with the Sensex crossing 85,000 and Nifty crossing 26,000 on the back of continuous buying by institutional investors by foreign portfolio investors. On one hand, funds saw profitable selling in small, mid-cap stocks today. On the other hand, there was attraction in power, metal stocks as well as finance Bajaj twins stocks and banking stocks. Amid volatility, the Sensex rose 333.38 points intra-day to a new all-time high of 85169.87 and finally closed 255.83 points higher at 85169.87. When Nifty 50 spot crossed the 26000 level and made a new high of 25032.80, it finally gained 63.75 points and closed at a new high of 26004.15.
Banking stocks rise
In banking-finance stocks today, the BSE Bankex index closed 205.80 points higher at 61372.16 as funds made selective purchases. Among finance majors Bajaj twins, Bajaj Finserv rose Rs 20.90 to Rs 1926.35, Bajaj Finance rose Rs 68.45 to Rs 7623.80. Axis Bank rose Rs 27 to Rs 1266.75, Federal Bank rose Rs 1.55 to Rs 192.20, HDFC Bank rose Rs 10.40 to Rs 1778.85, ICICI Bank rose Rs 4.90 to Rs 1323.80. Among other finance and banking stocks, Geojit Fin rose by Rs 8.35 to Rs 158.55, Prudent Advisors rose by Rs 51.10 to Rs 2475, Kalyani Investment rose by Rs 118.40 to Rs 6623.
Power stocks continue to rally
BSE Power index closed 76.01 points higher at 8767.98 as funds continued buying in power stocks. Power Grid Corporation rose Rs 13.70 to Rs 363.80, NTPC rose Rs 8.30 to Rs 436.30, ABB India rose Rs 94.95 to Rs 8173.95, Siemens rose Rs 76.40 to Rs 7171.35. Among capital goods stocks, Kalpataru Power rose Rs 29.80 to Rs 1335, Lakshmi Machine Works rose Rs 135.75 to Rs 16,564, Grindwell Notene rose Rs 25.50 to Rs 2390.
Profit booking in auto stocks
Funds also booked profits in automobile company stocks. Cummins India fell Rs 84.40 to Rs 3772.60, Balkrishna Industries fell Rs 87.20 to Rs 3032.85, Tube Investments fell Rs 91.90 to Rs 4147.40, Tata Motors fell Rs 13.60 to Rs 963.50, Bajaj Auto fell Rs 13.60 to Rs 3032.85, Mahindra & Mahindra fell Rs 67.50 to Rs 12,384.65. However, Mahindra & Mahindra continued to be attractive, rising Rs 17.80 to Rs 3091.05, Apollo Tyres rose Rs 14.10 to Rs 543, MRF rose Rs 1189.30 to Rs 1,38,933, Bosch rose Rs 180 to Rs 36,912.
Selling in IT stocks
Funds were selling at a profit in IT – Software Services, Technology stocks today. Zensar Technology fell Rs 28.20 to Rs 682.65, Oracle Finserv fell Rs 449.10 to Rs 11,188.30, LTI Mindtree fell Rs 229.40 to Rs 6113.65, Netweb fell Rs 67.05 to Rs 2565.10, Black Box fell Rs 20.13.35 to Rs 533, Tech Mahindra fell Rs 36.15 to Rs 1601.80, Emphasis fell Rs 65.05 to Rs 3007.55, Tanla Platforms fell Rs 18.85 to Rs 906.45.
Profits in small, midcap stocks
The market breadth turned more negative as retail investors started profit booking along with selling in many stocks in small, mid cap stocks today. Out of total 4065 stocks traded on BSE today, number of gainers decreased from 1932 to 1661 and number of losers increased from 2045 to 2305.
Sale of shares in the group
Several stocks of the group were selling off. Izme Trip fell by Rs 6.73 to Rs 34.30, Policybazaar fell by Rs 115.90 to Rs 1722.70, Globus Spirit fell by Rs 81.40 to Rs 1220, AstraZeneca fell by Rs 392.95 to Rs 7507, Dabur India fell by Rs 28.65 to Rs 627.10, SBFC fell by Rs 4.28 to Rs 93.64, Neuland Lab fell by Rs 530.10 to Rs 12,483.40, Max Health fell by Rs 40.45 to Rs 989.20, 360 One fell by Rs 45.85 to Rs 989.20, Jindal Show fell by Rs 24.60 to Rs 722.70.
Investors' wealth decreased
Today, there was a sell-off in small and midcap stocks in many stocks against the continuous record gains of Sensex and Nifty. The total market capitalization of the companies listed on BSE, that is, the wealth of investors also fell by Rs 72 lakh crore to Rs 475.25 lakh crore in one day.
DII purchases worth Rs 1779 crore
Foreign Portfolio Investors – FPIs, FIIs made a net sale of shares worth Rs 973.94 crore in cash today on Wednesday. A total of Rs 16,060.82 crore was sold as against a total purchase of Rs 15,086.88 crore. On the other hand, DIIs – Domestic Institutional Investors made a net purchase of Rs 1778.99 crore in cash today. A total of Rs 11,120.35 crore was sold as against a total purchase of Rs 12,899.34 crore.