Macros power indices to rise as Sensex cross 55K-mark
Mumbai, August 13, 2021
Healthy macro-economic data, as well as hopes of a faster economic revival, lifted India's key equity market indices during the pre-noon trade session on Friday.
Initially, the market indices had a gap-up opening and continued to move higher in the morning session.
Accordingly, the S&P BSE Sensex breached the 55,000 points mark, while NSE Nifty50 reached 16,486.10 points.
Consequently, the S&P BSE Sensex at 11.40 a.m. was at 55,254.15, higher by 410.17 points or 0.75 per cent from its previous close.
The NSE Nifty50 was at 16,483.90, higher by 119.50 points or 0.73 per cent from its previous close.
"In the Asian region, Nifty has gained the most. Advance decline ratio continues to be positive. Among large-caps, Capital Goods and Telecom stocks lead the up run,"
"Companies who have come out with encouraging results over the last 1-2 days are seeing an uptick in their prices."
According to Likhita Chepa at CapitalVia Global Research: "Domestic sentiment remains positive as the industrial output data has shown signs of recovery in the manufacturing sector adding to more buying in the market."
"Retail inflation has also started to decrease which is another positive sign for the market. Our research suggests that if the market sustains above the zone of 16350-16370, we can expect the market to achieve the new level of 16480-16500."