Market Wrap Podcast, Sep 6: Here's all that happened in the markets today

There is no stopping the bull party on Dalal Street as the indices amid a set of firm global cues and receding tapering fears vaulted to new highs in trade today. A record-breaking rally in shares of Reliance Industries and gains in IT stocks pushed Sensex 167 points higher to 58,297. It had touched a new high of 58,516 in intra-day deals.

Meanwhile, Nifty50 rose 54 points to settle at 17,378 after hitting a fresh peak of 17,430 in trade today. Despite gains, the advance-decline ratio was marginally in favour of sellers in the Nifty pack. Twenty four of 50 stocks gained and 26 declined.

In the broader markets, both BSE Midcap and BSE Smallcap indices settled in green for the 10th day in a row. The BSE Smallcap index outperformed the benchmark as it rose 0.56 per cent. The Midcap index however lagged with a 0.18 per cent gain.

Sectorally, economic normalisation attracted buyers into realty stocks and pushed the index over 3 per cent higher. With this, the Nifty Realty index rose for the eighth straight day. Nifty IT and Media rose over 1 per cent each. On the other hand, the banking and financial sectors were under pressure. Nifty Private Bank index shed the most trailed by Nifty Bank.

There was no dearth of stock-specific moves on Street today. Reliance Industries stock again hit a new high in trade today at Rs 2,480, up 4 per cent after the company said its subsidiary had acquired a majority stake in genomic testing firm Strand Life Sciences for Rs 393 crore. The stock finally settled at Rs 2425, up 1.5 per cent. According to tech charts, the stock has the potential to double investor money as it can soar to Rs 5,000 in a year.

IRCTC too clocked a fresh record high in today's trade at Rs 3041 per share on hopes of a revival in business amid receding Covid cases. The company with this also debuted in the 100 most valuable firms on BSE. As per analysts, investors can buy the stock on dips as it has more legs to rally. The scrip finally settled 5 per cent up at Rs 3009.

Welspun India rallied 9 per cent to Rs 138 after the company said it became the first Indian company to receive US Food and Drug Administration (FDA) 510 (k) clearance for its 3 Ply Surgical Mask. Following the latest clearances, both masks can be supplied in the international market.

Shares of Nuvoco Vistas on Monday surpassed the issue price for the first time since listing. It touched a new high of Rs 577 but ended at Rs 567 per share, Rs 3 below the IPO price of Rs 570.

Now, going into trade on Tuesday, with no other event lined up, stock-specific moves and global cues will continue to influence domestic markets. Analysts believe the liquidity-driven market rally may take a backseat by the end of the year and hence investors must start accumulating quality companies.