By S Jha
New Delhi, December 27: Tracking firm global cues, the indices shunned the phase of indecisiveness to go soaring in the afternoon session on Wednesday ahead of the monthly expiry of the option contracts. The US indices are spurring the street in India to chase the new heights in anticipation of impending rate cuts by the US Federal Reserve.
Sensex closed at the record high of 72,038 level, pumped up by a gain of 700 points. Nifty soared to the level of 21654 by netting a gain of more than 200 points. Bank Nifty was also trending in the session as the bulls came all guns blazing to make hey in the sun with all positive cues lined up for the global equity markets.
Amid sectoral rotation, the metals found their glory on the street on Wednesday. Hindalco led from the front as the largest private aluminum maker cruised above the Rs 600 level to close at about Rs 605. JSW Steel was giving a good company to Hindalco as the steel maker touched the level of Rs 880. Tata Steel was also in the bullish zone with the market participants already betting on the scrip for having given a technical breakout on the chart.
The auto sector has been the favourite of the bulls for more than a year on the street. Bajaj Auto has been an outperformer on the street as the scrip climbed to the fresh high, crossing the level of Rs 6700. The two-wheeler manufacturer has been an outperformer among the largecap, as it has quickly risen from the level of Rs 4000 a few months ago to command the dominating presence on the index. Tata Motors, reacting to the newsbreak of the company bagging a contract from the Uttar Pradesh government, also speeded up to cross the level of Rs 740.
But the day once more belonged to the chemical scrips and those in crop protection business were seen in much demand. The likes of Paushak, Sharda Cropchem, Fine organics and others made quick gains on the street. It may be noted that the likes of Balaji Amines, Alkyl Amines, Deepak Nitrite, and others from the chemical sectors have also been trending up.
Other gainers included Life Insurance Corporation which extended its gains on Wednesday. Zen Technology was locked in the upper circuit as the market participants hope for robust demands for anti-drone business of the company in the wake of an Indian ship coming under drone attacks in the Arabian Sea.
(Disclaimer: This post doesn’t suggest any buy or sell of any shares; investors must consult SEBI-registered advisors before making any investment decisions)
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