Stock Market Today: Sensex Hits Fresh all-time High at 57, 682; Nifty Breaches 17,100

The benchmark Indian indices scaled new heights on September 1 with Nifty trading above 17,150 while at 0917 hours, the BSE Sensex was up 129.78 points or 0.23 per cent at 57,682.17, and the Nifty was up 36.60 points or 0.21 per cent at 17,168.80. About 1250 shares have advanced, 439 shares declined, and 79 shares are unchanged. The market touched an all-time high taking mixed global cues and factoring in the GDP growth of the country that indicates strong bounce bank of Covid-19 hit Indian economy. Sectorally, in the banking pack, Axis Bank rose by 3.71 per cent, AU Small finance bank rose by 3.23 per cent, IndusInd Bank rose by 2.57 per cent. However, Kotak Mahindra bank shed over 1 per cent today, On BSE, Matesk, India Cement, Oberoi Realty, J&K Bank were the top gainers. On the other hand, SAIL, Tata Steel were among the top losers. On NSE,  Axis Bank, IndusInd Bank, Eicher Motor, Asian Paints were the top performers  while Tata Steel, Hindalco, HDFC Bank, Maruti were among the laggards.

On NSE, barring Nifty Pharma, Nifty IT, Nifty Metal were trading in red and were down between 0.9 to 1.55 per cent. However, Nifty Bank and Nifty private bank were the top gainers.

” The almost incredible market rally continues lifting the Sensex and Nifty above the 57000 and 17000 marks respectively. What stands out in the recent rally of above 400 points on the Nifty is the outperformance of high quality stocks. It is important to appreciate the fact that the eight stocks – RIL, HDFC Bank, HDFC, Infosys, ICICI Bank, TCS, Bajaj Finance and Bharti Airtel- which have been doing well recently account for 50.7 per cent weight in the Nifty. Therefore spike in these stocks can lift the Nifty disproportionately. The underperformance of the mid- and small-caps, particularly the removal of the froth in the segment, is desirable even when the market is racing to lofty valuations,” Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.