Nifty hits record high; private banks, auto lead
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Shares of leading private sector lenders such as YES Bank, IndusInd Bank, HDFC Bank and Kotak Mahindra Bank and automobile stocks like Maruti Suzuki India, Eicher Motors, Bajaj Auto, Hero MotoCorp boost the Nifty50 index to hit a record high on Tuesday in intra-day trade.
These stocks, along with Reliance Industries (RIL), Bharat Petroleum Corporation (BPCL), Zee Entertainment, Tata Steel, Grasim Industries, Power Grid Corporation and Gail (India) have rallied more than 25% each from their March 4, 2015 levels.
The Nifty 50 index hit a record high of 9,122.75 on the National Stock Exchange (NSE), surpassing its previous high of 9,119.20 touched on March 4, 2015 during intra-day trade.
Only three stocks from the Nifty 50 index and all stocks from private banks like IndusInd Bank, Kotak Mahindra Bank and YES Bank are quoting their respective all-time highs on NSE.
However, ICICI Bank and Tata Motors from the private bank and auto sector are trading over 15% below their March, 2015 levels.
Along with these two, pharmaceutical stocks such as Sun Pharmaceutical Industries, Dr Reddy’s Laboratories, Lupin and Cipla, Wipro and Tech Mahindra from IT and Bharat Heavy Electricals, Idea Cellular, ACC and Coal India are trading well below their March 2015 levels.
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