Sensex scales over 500 points to scale the 52,000 mark for the first time ever in early trade today. The 30-stock index rose 566 points to 52,110 against previous close of 51,544. Nifty too hit an all-time high of 15,314, rising 151 points against previous close of 15,163.
On Sensex scales, top gainers were the HDFC twins, ICICI Bank, Kotak Mahindra Bank and Infosys rising up to 2.25%. Bharti Airtel, IndusInd Bank and Axis Bank were the top Nifty gainers, rising up to 2.7%.
With today’s rally, Sensex and Nifty have gained 8.91% and 9.35% since the beginning of this year.
Since February 1, Sensex scales has rallied 5,825 points and Nifty has added 1,680 points in the strongest post Budget rally investors has witnessed ever. On January 29, Sensex ended 588.59 points lower at 46,285. Similarly, Nifty closed 182.95 points lower at 13,634. The markets came under selling pressure ahead of the Union Budget next week.
Today’s rally was powered by banking stocks with bank Nifty touching all-time high of 36,837.
Shares of Amara Raja Batteries opened with a loss of -2.03% today and hit an intraday low of Rs 915 (-7.58%) intraday. Net profit of the battery maker rose 18% YoY to Rs 193.2 crore in the three months ended December, while its revenue increased 12% year-on-year to Rs 1,960.1 crore.
“At the higher end of the price band, Nureca IPO is priced at a PE ratio of ~58 times FY20 earnings per share (on a post-issue diluted basis). However, if we take into account the company’s stellar performance in Apr- Sep 20 period, the issue is attractively priced at a PE ratio of around ~5.5 times EPS.
Given strong topline growth in the last few years, robust return ratios, favourable outlook and reasonable valuations, we remain positive on the prospects of the issue.” INDmoney said in a report.