Financial, metal, and pharma stocks pushed the benchmark indices to scale new record highs. While Sensex scaled 57,000, Nifty50 hit 17,000 for the first time ever on Tuesday even as global markets continued to trade mixed.

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At 1:40 am, Sensex was trading over half a percent or 334 points higher at 57,223. At the same time, Nifty opened at 16,947, 16.45 points or 0.10 percent higher. The broader market supported the gains with midcap and smallcap indices gaining over half a percent each.

On the Nifty50 index, Adani Ports, Bajaj Finserv, Bharti Airtel, IOC, Bajaj Finance were the top gainers and each scrip gained over 2-3 percent. Leading the losses were Tata Motors, Nestle India, IndusInd Bank, Reliance Industries, and M&M.

Among the sectoral indices, all the indices were trading in the green with Nifty Metal clocking the highest gains and trading 1.47 percent higher. Nifty PSU Bank was up 1.15 percent, and Nifty Healthcare index was up 1.24 percent. Nifty Financial Services, Consumer Durables, and Oil & Gas surged over a percent.

Also Read | Volatility gauge VIX rises 4% as Nifty hits 17,000 for the first time ever

Nifty Bank was trading half a percent higher at 36,508 and Nifty IT was also up half a percent at 34,245.

Monthly snapshot

Nifty is expected to post the biggest monthly gain in the last nine months since November 2020. This came after the index posted monthly losses in the last two months.

39 of 50 Nifty stocks gained the most in August, with TCS, HDFC, RIL, and HDFC Bank being top contributors to Nifty hitting 17,000. Bajaj Finserv, Tech Mahindra, TCS, Bajaj Finance, Britannia were the top gainers this month.

The midcap index is also expected post monthly gain for the 15th straight month. It has been posting positive returns every months since June 2020.

While positive returns are normal for the midcap index, it is not so for Nifty Bank. It will post positive returns in August after falling for two straight months. Regardless though, it is Nifty IT that gained the most amongst indices in August. The tech index is up over 12 percent -- August 2021 proves to be the best month for Nifty IT in the past year.

The Global snapshot

Globally, the Asian market was trading in the red despite fresh all-time highs on Wall Street, as worries about China's slowing economic growth and regulatory changes weighed on investor sentiment.

Asia's cooler sentiment followed all-time highs set by the US and global equity benchmarks in the previous session, as the Federal Reserve appeared in no rush to step away from its massive stimulus. US Stock futures also rose in the morning trade Tuesday.

In European markets, stocks opened slightly lower but nudged into positive territory soon enough, except London's FTSE. While FTSE traded 0.11 percent lower, Germany's DAX rose half a percent and France's CAC rose marginally higher.

Over in the commodities sector, oil fell half a percent with the brent trading at $73.03 and US oil trading at $68.86. Spot gold gained 0.30 percent to $1817.70 per ounce and silver rose to $24.195.

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(Edited by : Yashi Gupta)

First Published:Aug 31, 2021 9:37 AM IST