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Indian equities ended higher for the third straight day, even as benchmark indices traded in a narrow range through the trading session.
The S&P BSE Sensex ended 0.5% higher at 51,279 while the NSE Nifty 50 index ended 0.5% higher at 15,174. Indian markets will be shut tomorrow on account of a holiday. As a result, today's session acted as the expiry for the weekly options contracts.
Among the sectoral indices, I.T., Pharma and Metals outperformed in today's session. The Nifty Metal index was the top sectoral gainer, ending 1.9% higher while the Nifty I.T. index gained 1.7%. The index for drugmakers also ended the session with gains of 1.5%.
Among the other gainers, the Nifty Auto index ended with gains of 0.9%. Other sectoral indices like the Nifty Bank and the Nifty Media index ended little changed.
The PSU Bank index was the only sectoral laggard in today's session, ending 0.2% lower.
Broader markets outperformed in today's trading session. The Nifty Midcap index ended with gains of 0.8% while the Nifty Smallcap index ended 1.4% higher.
The India Volatility Index fell 7.7% but managed to end above the mark of 20 at 20.75.
1,096 stocks on the NSE ended with gains while 807 stocks posted losses in today's session.
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Rising commodity prices and stretched valuations are posing a risk to the rally in Indian stocks, making a case for equities to underperform local bonds over the next 12 months, according to UBS Global Research.
The Nifty 50 index is trading at 21.8 times its 12-month forward earnings, versus a five-year average multiple of 17.7 times, as investors pile into stocks on expectations that vaccine rollouts will drive a post-pandemic economic rebound and boost corporate profits.
Equity valuations relative to bonds are at levels seldom seen,” Sunil Tirumalai, Mumbai-based head of India strategy at UBS, said referring to the gap between the yield on India’s 10- year government notes and the earnings yield of the NSE Nifty 50 Index. “On most such occasions in history, we see equities underperform in the ensuing 12 months.”
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Indian equities opened higher for the third straight day. Today is the weekly options expiry session as this is a truncated week due to a holiday on Thursday.
The S&P BSE Sensex opened 0.7% higher at 51,404 while the NSE Nifty 50 index gained 0.7% at the start of trade to open at 15,202.
Most sectoral indices have opened with gains this morning, led by I.T. and state-run lenders. The Nifty I.T. index is up 1.1% while the PSU Bank index has gained 1% at the start of trade.
The Nifty Bank index is up 0.7% or 250 points while the Metal index, which was the top sectoral laggard on Tuesday has opened with gains of 0.9%.
The Nifty Auto and Nifty Media indices have opened 0.6% higher while the Pharma index is up 0.7%.
Broader markets have opened in-line with the benchmark indices. Both Nifty Midcap and Nifty Smallcap have gained 0.8% each at the start of trade.
1,262 stocks on the NSE have opened with gains while 335 stocks are trading lower.
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