Sensex Up Over 200 Points; Reliance Industries, Tata Motors Hit Lifetime Highs

The benchmark indices are trading at record highs on Monday afternoon, with the BSE Sensex hovering around 60,300 and the Nifty surpassing the 18,000 level, on the back of strength in index heavyweights such as Reliance Industries, Maruti Suzuki, Power Grid Corporation of India, Kotak Mahindra Bank and Mahindra and Mahindra. As of 2:26 pm, the BSE Sensex is trading at 60,297.50, higher by 245 points or 0.40 per cent and the NSE Nifty is at 17,996, up 92 points.

The broader markets are outperforming their largecap peers, with the BSE Midcap index and BSE Smallcap index gaining 0.7 per cent each.

Meanwhile, following the historic Air India privatisation, department of investment and public asset management (DIPAM) secretary Tuhin Kanta Pandey has said the government will start work on monetising its four other subsidiaries, including Alliance Air, and over Rs 14,700 crore worth non-core assets like land and building.

RIL has surged to a record high of Rs 2,724 on the BSE in intraday deals after the company acquired two companies on Sunday as part of its push for clean energy. Reliance Industries, through its subsidiary Reliance New Energy Solar, will acquire a 40 per cent stake in Sterling and Wilson, and 100 per cent stake in REC Solar Holdings.

Tata Motors has spurted over 6 per cent to fresh 52-week high of Rs 407.45 after the company said that in line with its July guidance, the Q2 FY22 wholesales totaled 64,032 units (excluding the China JV),

On the other hand, TCS has nosedived 6 per cent on the BSE post its Q2 results. On Friday, the Mumbai-based company posted a consolidated net profit of Rs 9,624 crore for the three months to September 30 from Rs 7,475 crore a year earlier. Infosys, HCL Technologies and Tech Mahindra are also trading with losses of 1-2 per cent each on the BSE.

The overall market breadth is positive as 2032 shares were advancing while 1367 are declining on the BSE.