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Mumbai: Funds continued to buy in Indian stock markets on good progress of monsoon, preparations for Union Budget and hopes that the NDA government will give incentives to various sections of people this time, which will boost industrial-economic growth in the country. Fund buying led to a record intra-day Sensex, Nifty hitting new highs in Indian stock markets today. Foreign funds booked profits in automobile, banking frontline stocks amid volatility after index-based funds continued buying in IT-software services, technology stocks and selective buying in capital goods stocks, which led the Sensex to hit a new record high of 7,9855.87 in an initial bullish run. The surge was washed away by booking. Due to negative factors of increase in global crude oil price and increased selling by funds, it fell to a low of 79231.11 and finally closed 34.74 points lower at 79441.45. While the Nifty 50 spot initially rose by 94.40 points to hit a high of 24236.35, after volatility hit a new record high of 24056.40 and finally closed at 24123.85, down 18.10 points.
IT index surges 411 points: Ramco Systems, Coforge, Quick Hill, Wipro, Infosys gain
In IT – Software Services, Technology stocks, several stocks rose on funds buying for the second consecutive day today. Ramco Systems rose Rs 17.05 to Rs 358.55, Coforge rose Rs 140.55 to Rs 5655.65, Quick Hill Technology rose Rs 12.50 to Rs 527.30, Wipro rose Rs 10.85 to Rs 538.10, Infosys rose Rs 31.25 to Rs 1621, TCS rose Rs 31.65 to Rs 4005.05, HCL Technologies rose Rs 10.35 to Rs 1479.10, Amphais rose Rs 14.40 to Rs 2508.70. BSE IT index closed 411.47 points higher at 38041.44.
Select gainers in capital goods stocks: V-Guard, Kalpataru Power, Larsen, Grindwell, Schaeffler are up.
Select funds were also buying capital goods stocks today. V-Guard rose Rs 16.10 to Rs 449.90, Kalpataru Power rose Rs 40.50 to Rs 1209.85, Larsen & Toubro rose Rs 96.60 to Rs 3624.25, Grindwell Northern rose Rs 65.2869.70, Schaeffler Industries rose Rs 53.85 to Rs 4661.25, Praj Industries rose Rs 2.35 to Rs 744.85. BSE Capital Goods index closed 318.27 points higher at 73044.87.
Auto stocks fall between Rs 127 and Rs 4110: Tata Motors, Apollo Tyres, Bajaj Auto, Cummins fall
Overbought conditions in automobile companies stocks eased today as international crude oil prices rose and Brent crude crossed $87, raising the risk of a fresh hike in petrol, diesel prices. Tube Investments fell Rs 126.70 to Rs 4110, Tata Motors fell Rs 20.70 to Rs 980.95, Ashok Leyland fell Rs 4.55 to Rs 234.25, Apollo Tyres fell Rs 10.10 to Rs 535.55, Nifty fell Rs 131.25 to Rs 9395.05, Cummins India fell Rs 53.85 to Rs 3928.35, Maruti Suzuki fell Rs 67.25 to Rs 12,039.30. BSE Auto index closed 424.27 points down at 57100.97.
Kotak Bank drops amid Sebi notice to Hindenburg: Bank of Baroda, State Bank, IndusInd Bank fall
Banking stocks witnessed a sell-off today following SEBI issuing a show-cause notice to Hindenburg, which had filed a report against the Adani Group and short selling in the group's shares, and Hindenburg's disclosure that Kotak Mahindra Bank's name was not mentioned in the show-cause in this regard. Kotak Mahindra Bank fell Rs 39.15 to Rs 1769.60, Bank of Baroda fell Rs 7.20 to Rs 265, IndusInd Bank fell Rs 27.55 to Rs 1429.60, State Bank of India fell Rs 15 to Rs 826.35, ICICI Bank fell Rs 21.75 to Rs 1190.40. The BSE Bankex index closed 546 points down at 59307.59.
FPIs/FIIs net sold shares worth Rs. 2000 crore: DIIs net bought shares worth Rs. 648 crore
Foreign Portfolio Investors – FPIs, FIIs made a net sale of shares worth Rs 2000.12 crore in cash today on Tuesday. Total sales of Rs 16,551.27 crore were made against purchases of Rs 14,551.15 crore. While DIIs-Domestic Institutional Investors made a net purchase of Rs 648.25 crore in cash today. Total sales of Rs 13,555.15 crore were made against purchases of Rs 14,203.40 crore.
The asset-market capitalisation of investors in shares fell by Rs 87 thousand crore to Rs 442.18 lakh crore.
As profit-booking kicked in after the index-based record rally, investors' wealth, i.e., the total market capitalisation of BSE-listed companies, fell by Rs 87,000 crore to Rs 442.18 lakh crore.