The Indian stock market remained in positive territory for the fourth consecutive session on August 19, supported by optimism around GST rationalisation and a credit rating upgrade for India, which kept investor risk appetite intact.
The Sensex closed 371 points, or 0.46 percent, higher at 81,644.39, while the Nifty 50 settled at 24,980.65, up 104 points, or 0.42 percent. The BSE Midcap and Smallcap indices outperformed, each gaining around 1 percent.
Reliance Industries, Bharti Airtel and Tata Motors were the top contributors to the benchmark indices’ gains.
Investors added more than ₹3 lakh-crore in wealth in a single session as the overall market capitalisation of BSE-listed companies rose to over ₹454 lakh crore from ₹451 lakh-crore in the previous session.
1. Drivers of the rally
The latest rally was fuelled by Prime Minister Narendra Modi’s announcement on GST rationalisation, S&P Global’s upgrade of India’s sovereign rating, and optimism over a possible resolution to the Russia–Ukraine conflict.
“The market continued its renewed momentum, buoyed by expectations of GST rationalisation and the recent credit rating upgrade. Additional optimism came from signs of easing geopolitical tensions between Russia and Ukraine, shifting the near-term outlook from consolidation to a more constructive stance,” said Vinod Nair of Geojit Financial Services.
“Small- and mid-cap stocks outperformed, with auto counters leading gains, aided by expectations that China may address supply concerns related to rare earth magnets,” he added.
2. Top Nifty gainers
Tata Motors (+3.62 percent), Adani Ports (+3.22 percent) and Reliance Industries (+2.84 percent) were the day’s top gainers.
3. Top Nifty losers
Dr Reddy’s Laboratories (−1.40 percent), Cipla (−1.15 percent) and Hindalco Industries (−1.03 percent) closed as the biggest losers.
4. Sectoral performance
Most sectoral indices ended higher, barring Nifty Pharma (−0.34 percent), Financial Services (−0.06 percent) and Healthcare (−0.05 percent).
Nifty Oil & Gas (+1.66 percent), Media (+1.34 percent), Auto (+1.31 percent), FMCG (+1.05 percent), PSU Bank (+0.98 percent) and Metal (+0.75 percent) led the gains.
Nifty Bank advanced 0.23 percent, while the Private Bank index climbed 0.42 percent.
5. Most active stocks by volume
Ola Electric Mobility (58.32 crore shares), Vodafone Idea (35.3 crore shares) and Suzlon (10 crore shares) were the most heavily traded stocks on the NSE.
6. 13 stocks surge over 15% on BSE
HLE Glascoat, Alphalogic Industries, KIOCL, Davin Sons Retail and Sharma East India Hospitals & Medical Research were among the 13 BSE-listed companies that jumped more than 15 percent.
7. Advance–decline ratio
Out of 4,232 stocks traded on the BSE, 2,631 advanced, 1,437 declined, and 164 remained unchanged.
8. Over 140 stocks hit fresh 52-week highs
Maruti Suzuki India, JSW Steel, HDFC Asset Management Company, TVS Motor Company, Ashok Leyland and Hyundai Motor India were among the 143 stocks to touch 52-week highs in intraday trade.
9. 65 stocks at 52-week lows
Mercury Ev-Tech, Ksolves India, KCP Sugar & Industries Corporation, Flexituff Ventures International and BlueStone Jewellery and Lifestyle were among the 65 stocks that hit fresh 52-week lows on the BSE.
(By arrangement with livemint.com)