Sensex rallies over 300 points; Nifty near 18,100 level

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MUMBAI: Equity Benchmark Sensex it rallied more than 300 points at the opening of business to hit a new all-time high on Tuesday, following gains in index heavyweights ICICI Bank, HDFC Bank and M&M despite a weak trend in global markets.
After hitting a record high of 60,621.72, the 30-share Sensex was trading 261.17 points or 0.43% higher at 60,545.48. Similarly, the Skilled it rose 97.75 points or 0.54% to a new intraday peak of 18,089.70.
M&M was the main winner in the Sensex package, rebounding more than 3%, followed by PowerGrid, Bharti Airtel, L&T, ICICI Bank and Axis Bank.
On the other hand, Nestlé India, HUL, HCL Tech, SBI and Tata Steel they were among the laggards.
In the previous session, the 30-share index closed 148.53 points or 0.25% higher at the record high of 60,284.31, and Nifty rose 46 points or 0.26% to its new closing peak of 17,991. , 95.
Foreign Institutional Investors (FII) were net sellers in the capital market, as they unloaded shares worth Rs 278.32 crore on Tuesday, according to exchange data.
Domestic stocks appear to be fine as of now, Binod Modi Head-Strategy said in Trust values.
“The sharp contraction in the CPI printing of 4.35% in September despite high oil prices and the sustained growth of the IIP (growth of 11.5% in August) certainly offers comfort. We also believe that 2TFY22 corporate earnings will be crucial for the market, “he said.
Retail inflation fell to a five-month low of 4.35% in September from 7.27% in the same period a year earlier, as the prices of vegetables and other items fell.
Industrial production grew 11.9% in August mainly due to a low base effect and a good performance of the manufacturing, mining and electricity sectors that exceeded the pre-COVID level.
In the US, the stock market contracted for the third day in a row on a hectic trading day ahead of crucial inflation data and September quarter earnings.
In the rest of Asia, the Shanghai and Tokyo stock exchanges were losing in mid-session trading, while Seoul was positive.
Meanwhile, Brent crude oil’s international benchmark fell 0.31% to $ 83.16 a barrel.





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