Mumbai: The domestic benchmark indices ended marginally lower in the Indian share market. BSE Sensex slipped 53 points or 0.1% to end at 52,276. NSE Nifty fell 12 points to end at 15,740. Five of the 11 sector gauges compiled by the National Stock Exchange ended higher. The overall market breadth was extremely positive as 1,838 shares ended higher while 1,365 closed lower on the BSE.
The top gainers in the market were Tata Motors, Tech Mahindra, Bharti Airtel, Indian Oil, HCL Technologies, Infosys, HDFC Life, Bharat Petroleum and Britannia Industries. The top losers in the market were Hindalco, Tata Steel, JSW Steel, Kotak Mahindra Bank, HDFC, State Bank of India, HDFC Bank, Shree Cements, Power Grid and UltraTech Cement.
Nilesh Shah, the Managing Director of Kotak Mahindra Asset management has pointed 7 reasons for the upward rally of the Indian share market. As per Shah, the markets are discounting the short-term pains of Covid for the long-term gain of higher corporate profits.
The current trend of bullish run by the market will lead to the growth of bigger companies. The bigger companies will grab the market share from smaller companies and this will lead to higher profits. The foreign portfolio investors are investing more in the Indian market. They had become aggressive buyers of Indian shares. This will lead to better results for the Indian economy in the future, said Shah.
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