Indian equity markets maintained its upward journey with the equity benchmarks gaining more than one percent, aided by private banks, oil & gas, auto and capital goods stocks. Indian Rupee also pared its intraday losses on the back of gains in the equities. The partially convertible Rupee was at 64.07/Dollar, up 48 paise, against its previous close of 64.55. Broader 50-share NSE index Nifty extended short-covering led pull-back rally for second straight day and closed at 5471.75, up by 63.30 points (1.17%), while Sensex successfully surpassed the 18500 level surging by 206.50 points and wrapped up the session at 18519.44 (1.13%).
Though global financial services major HSBC has downgraded Indian equities from "overweight" to "neutral" citing that the country would struggle to defend a falling currency and declining growth. According to HSBC, the volatility in Indian market since May can be attributed to the initial talk about tapering of bond purchase by the US Federal Reserve but the catalyst for recent volatility in Indian equities was when policymakers decided to tighten liquidity to stem capital outflows. JP Morgan already downgraded Indian shares to "neutral" from "overweight", citing strain in balance of payments.
All the sectoral indices, except CNX Realty (-2.02%) and CNX Media (-0.14%), closed in positive terrain and Bank Nifty emerged as the largest gainer surging by 2.17%. Rally across the market is further followed by CNX Finance (1.76%), CNX Auto (1.72%), CNX IT (1.49%), CNX PSE (1.40%), CNX Energy (1.28%), CNX Service (1.26%) and CNX Metal (1.20%).
Market breadth remained positive as 743 stocks on NSE rose against 414 declined while 77 remained unchanged.
Out of 50 stocks of Nifty index, 32 advanced against 18 declined.
Top Five Nifty gainers: Among Nifty gainers, BHEL topped the chart and registered 8.10% gain and joined by Tata Power (5.09%), HCL Technologies (5.06%), J P Associate (4.20%) and Jindal Steel (3.64%).
Top Five Nifty Losers: Continuing the slide on second straight day, DLF shed again the most on and fell by -4.87% and followed by UltraTech Cement (-3.58%), Sesagoa (-2.21%), Bharti Airtel (-1.73%) and Cipla (-1.35%).
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