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Nifty hits 18,000 for first time as market surges to all-time highs

Nifty hits 18,000 for first time as market surges to all-time highs

Nifty hits 18,000 for first time as market surges to all-time highs
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By Sandeep Singh  Oct 11, 2021 1:03:54 PM IST (Updated)

The Nifty50 index hit the 18,000 mark for the first time ever as the market roared to new peaks. HDFC Bank, Kotak Mahindra Bank and Reliance Industries were the biggest boosts for both Nifty and Sensex.

Dalal Street scaled new peaks on Monday with the Nifty50 benchmark index crossing the 18,000 level for the first time ever. The 50-scrip gauge took 41 days to cover the 1,000-point journey to Mount 18k. Gains in financial, automobile, metal and consumer stocks pushed the market higher.

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The Nifty jumped as much as 137.3 points or 0.8 percent to touch 18,032.5 and the leaner, 30-scrip index gained 383.5 points or 0.6 percent to 60,442.5 - both lifetime highs.
At 11:40 am, the Sensex traded 289.2 points or 0.5 percent higher at 60,348.2 and the Nifty was up 118 points or 0.7 percent at 18,013.2.
Top gainers among blue-chip stocks were Tata Motors, Coal India, Maruti Suzuki, NTPC, Kotak Mahindra Bank and Hindalco, trading between 2.9 percent and nine percent higher.
On the other hand, TCS, Tech Mahindra, Bharti Airtel and Wipro - down between 0.5 percent and 5.5 percent - were the worst hit among the nine laggards in the Nifty50 universe.
HDFC Bank, Kotak Mahindra Bank and Reliance Industries were the biggest boosts for both headline indices.
The market is cheering a combination of factors with the stake sale of Air India being one, AK Prabhakar, Head of Research at IDBI Capital, told CNBCTV18.com. Stocks such as Tata Power and Coal India are surging on the power shortage theme along with most PSU shares, he said.
India's power shortfall in the first seven days of October was over 21 times the deficit in the corresponding period last year, and more than four times of that in 2019. The shortages in India - the world's largest coal consumer after China - follow widespread outages in China, which has shut factories and schools to manage the crisis.
"Power stocks are in focus due to increasing demand... We are bullish on the sector as it has made a move after a long time and we expect the rally to sustain with a revival in economic activities," Rahul Sharma, Co-Founder of  Equity99, told CNBCTV18.com.
The sector is expected to bounce back as the power crisis problem is likely to be temporary, he said.
Reliance Industries shares jumped as much as two percent to a record high of Rs 2,724.7 on BSE after the conglomerate agreed to buy up to 40 percent in Sterling and Wilson Solar through its unit Reliance New Energy Solar.
TCS shares tumbled as much as seven percent to Rs 3,660 on BSE, after the profit and revenue of the country's IT company missed analysts' estimates.
Prabhakar said the TCS numbers were slightly disappointing, "but everything is priced in and the company is likely to sustain growth in the long term". TCS continues to be a multi-year growth story, he said.
Equities in other Asian markets slipped as global inflation angst favoured commodities as a hedge over US equities. Rising US bond yields lifted the dollar. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 percent, while Japan's Nikkei 225 index lost 0.5 percent.
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