Nifty50 trades firm, Bank Nifty jumps over 300 points, HDFC Bank hits fresh 5-month high

In the afternoon session on Tuesday, Indian equity markets were trading in green at a record high. The 30-share Sensex was trading up by 276 points or 0.35% at 77,264, while the NIFTY50 index gained 75 points or 0.31% to trade at 23,539. The Bank Nifty is seen outperforming the frontline gauge with gains of 0.57% trading near the 50,300 mark. India VIX has cooled off from the day’s high and it was seen trading near the 13 mark.

Seven Nifty50 stocks hit 52-week highs on Tuesday: Shriram Transport (+2.62%), M&M (+1.45%), Eicher Motors (+0.35%), Cipla (+0.31%), Hero MotoCorp (-0.16%), Bajaj Auto (-0.40%) and Tata Steel (-0.50%).

The top gainers and losers in the NIFTY50 Index are as follows: Wipro (+2.55%), Power Grid (+2.15%), Titan (+2.01%), Shriram Finance (+1.54%) and LTIM (+1.42%). On the flip side, the top losers include Maruti (-1.61%), Dr Reddy (-1.14%), UltraTech (-1.09%), Divislab (-1.06%), and Grasim (-0.67%).

On the sectoral front, barring Nifty Pharma (-0.66%) and Nifty Media (-0.39%), all the sectors were seen inching higher led by Nifty IT (+0.79%) and Nifty Bank (+0.65%). Nifty Bank has hit a fresh 5-day high and the majority of the constituents of Bank Nifty were trading higher barring Kotak Bank.

The broader markets continued to outperform on Tuesday with Nifty Midcap 100 and Smallcap 100 index trading higher by 0.45% and 1.04%, respectively. Market breadth was strong with 1,344 stocks trading in green, while 947 stocks were trading in the red.

On Wall Street, Dow Jones futures were trading flat at 39,282 up by 50 points or 0.13%.

In the afternoon session, some trending stocks were One 97 Communication and Piramal Enterprises.

The company said in a press release, it routinely explores various strategic opportunities aimed at enhancing shareholder value. The potential transfer of Paytm’s Entertainment business, a component of its Marketing Services, is one opportunity under consideration. The company, as communicated in their earnings call, will focus on payment and financial services along with digital goods commerce, which is designed to help merchants scale their businesses.