Insight Online News / By Vikash Sahay
Stock markets today hit new highs, lifted by gains in IT and consumer stocks. The sentiment was lifted by positive economic indicators which pointed to a demand recovery. The Nifty hit 16,000 for first time while Sensex was up over 400 points at 53,378, also a new high. Both the Nifty IT and FMCG indices were up around 1%. Among the Sensex stocks, Titan, Sun Pharma, Bharti Airtel, HDFC and IndusInd Bank were up between 2-4%.
Key Factors to Record High
The PMI at 55.3 indicates a potential sharp turnaround in economic activity.
Automobile OEMs in the passenger vehicle and the commercial vehicle segment reported strong volume recovery in July 2021.
Exports Up 48% to Historic High in July as Trade Deficit – India’s merchandise exports in July increased 48% year on year to a record high of $35.17 billion compared with $23.78 billion a year ago.
Impressive quarterly Results boosted market sentiment
Significant fall in pandemic cases, vaccination progress surged to nearly 50cr
Many states announced to lift lockdown