Indian stock benchmarks moved higher on Tuesday ahead of the official announcement of first-quarter economic growth figures later in the day. The Sensex and Nifty were each up about 0.2 percent, led by gains in Infosys, HCL Technologies, Tata Consultancy Services and Bharti Airtel. However, the upside was capped as HDFC, ICICI Bank, Reliance Industries and State Bank of India witnessed some selling pressure from profit postings after yesterday’s stellar run. The Sensex rose a whopping 175 points to hit a record high of 57,064.73 and the Nifty 50 index hit a record high of 16,974.75.
At 9:21 AM, the Sensex was up 111 points to 57,001 and the Nifty 50 index was up 24 points to 16,955.
Indian economic growth is likely to hit an all-time high in the quarter to June, following a very weak base last year and a rebound in consumer spending, a Reuters poll found.
The Reuters survey of Aug. 20-25 of 41 economists showed gross domestic product increased 20.0 percent in the three-month period, compared with a record contraction of 24.4 percent in the same quarter a year earlier.
Meanwhile, nine of the 15 sector gauges compiled by the National Stock Exchange traded lower, led by the 0.5 percent decline in the Nifty PSU Bank and Auto indices. The indices of Nifty Bank, Financial Services, Metal and Private Bank were also slightly lower.
On the other hand, shares of IT, Media, Pharma and Telecom witnessed buying interest.
Mid and small cap stocks witnessed mild buying interest as the Nifty Midcap 100 Index rose 0.12 percent and the Nifty Smallcap 100 Index rose 0.32 percent.
Bharti Airtel was among the top Nifty gainers, the stock rose 1.55 percent to Rs 630 a day after its founder, chairman Sunil Mittal, said Monday that the wireless provider wanted to improve its access to growth capital and reduce its debt leverage. Mr Mittal added that the company will not shy away from raising prices further, but will gradually move towards it.
Tech Mahindra, HCL Technologies, Tata Consultancy Services, Adani Ports, Asian Paints, Wipro, Divi’s Labs, Kotak Mahindra Bank, Infosys and HDFC Bank were also among the winners.
On the other hand, Tata Motors, Mahindra & Mahindra, IndusInd Bank, State Bank of India, Reliance Industries, Her MotoCorp, HDFC Life, Larsen & Toubro, SBI Life, Axis Bank and ONGC were among the losers.
Overall market size was marginally positive as 1,390 stocks rose while 1,189 fell on the BSE.