The Nifty PSU Bank and Bank indices fell 0.8% and 0.6%, respectively, today, while the Nifty Private Bank and Financial Services indices fell 0.6% and 0.3%, respectively.
On the other hand, the Nifty Metal Index jumped 4% on the back of clear global signals and sustained growth in metal prices. Hot rolled coil prices in China, the global benchmark for steel prices, are up 28 percent since the beginning of the current calendar year; they have grown by 116 percent in the past 12 months.
In addition, investors also bought IT stocks ahead of what is likely to be strong quarterly earnings in March. The Nifty IT Index hit a record 27,413 in intraday trading before ending at 27,134, up 1 percent.
In broader markets, the S&P BSE SmallCap Index hit a record high of 21,557 and then closed at 21,449, up 0.73 percent. The BSE MidCap, on the other hand, closed at 20,778, up 0.6%.
According to J. Chokkalingum, Founder and Chief Investment Officer of Equinomics Research, Fiscal 2021-22 (FY22) will belong to the mid-cap and small-cap segments. He expects these two segments to overtake their large-cap competitors in the future. READ MORE
Asian stock markets lagged Thursday as US stock index futures hit a new all-time high after the Federal Reserve emphasized its commitment to maintaining ultra-weak policies even amid a rapid economic recovery.
MSCI, the broadest Asia Pacific stock index outside Japan, was unchanged, while Japan’s Nikkei fell 0.3% and China’s blue chips fell 0.1%, while trading was very weak.
In Europe, the pan-European STOXX 600 Index rose 0.3%.
(Supported by Reuters)