Market Wrap Podcast, Aug 27: Here's all that happened in the markets today

Benchmark indices recouped losses to end at record high levels, helped by gains in select index heavyweights like L&T, TCS and HDFC. Further, positive global market sentiment also supported the sentiments. Investors across the globe are awaiting Friday's Fed chair address at the Jackson Hole Symposium as it may offer clues about the timeline for tapering stimulus.

Amid this, the NSE Nifty touched a new high of 16,722 in trade to finally end at 16,705, up 68 points or 0.41 per cent. Meanwhile, the BSE Sensex shut shop above the 56,000 mark for the first time as it closed with a gain of  176 points or 0.31 per cent at 56,125.

In the 50-pack index, 39 stocks gained and 11 declined, with Ultratech Cement as the best performer, followed by Hindalco, SBI Life and L&T. On the other hand, Infosys, IndusInd Bank, Tata Consumer and M&M were the top losers.

Broader markets, meanwhile, continued to outperform the benchmark as they rose for the fourth straight trading session. The BSE Midcap index added 1.04 per cent and BSE Smallcap 0.93 per cent.

It was a sea of green in the sectoral space as all indices gained. Nifty Metal and Nifty Pharma were the best performers, up over 1 per cent each. They were followed closely by Media and IT indices. That said, Nifty Bank logged the least gains, up only 0.03 per cent.

In stock-specific news, shares of L&T hogged the limelight after they rallied 4 per cent in trade today following an upgrade in target price by Motilal Oswal to Rs 1,950 per share. The scrip ended 2.6 per cent higher at Rs 1638 on the BSE.

Shares of the recently listed Laxmi Organics were locked in the 10 per cent upper circuit and hit its new all-time high of Rs 420.55 on the BSE. The stock has risen 52 per cent in the past three weeks following a strong show by the firm in Q1.

Indian Oil Corporation stock ended the choppy session marginally higher at Rs 105.95 after the company chairman at the annual shareholders' meeting said that the company will invest close to Rs 1 lakh crore to raise its refining capacity by almost a third in the next 4-5 years as it saw fuel demand continuing to grow in near future. "Forecasts by various agencies see Indian fuel demand climbing to 400-450 million tonne by 2040 from the present 250 million tonne. This offers enough legroom for all forms of energy to co-exist,"  IOC Chairman Shrikant Madhav Vaidya said.

Shares of Vodafone Idea gained over 2 per cent to close at Rs 6 per share even as Brickwork Ratings revised the rating for debentures from "BB-" to "B" over continuous delay in raising funds impacting its liquidity and considerable deterioration in performance in Q1FY22.

Now, going into trade next week, Street first and foremost would react to the US Fed chairman Jerome Powells comments when it opens for trade on Monday. But the focus is likely to shift to the GDP print for Q1 FY22 slated to be out next week on August 31. On the macroeconomic front, investors will also watch out for the India Manufacturing PMI for August scheduled to be out on September 1 and India Services PMI scheduled for release on September 3. Both the figures had improved on a MoM basis last month.

Further, two IPOs are slated to open next week -- Ami Organics and Vijaya Diagnostics. Both IPOs are slated to open on September 1. Analysts at Angel Broking have assigned a 'Neutral' rating to both these issues.