Nifty50 surpassed the psychologically important 17,000 mark and extended its move to close the day with a decent gain of more than 200 points. It formed a bullish candle and continued its winning streak for the seventh consecutive session.

Analysts said there are no signs of weakness and momentum on the index looks pretty strong, but feel the index could take some breather near the 17,200 level after seven days of relentless buying.

Sharp upswing in two sessions has taken Nifty50 to extreme overbought territory on shorter time frame charts and daily charts, which suggest that bouts of profit booking may be witnessed going ahead.

It is a global phenomenon but from a Cummins standpoint we are part of a global integrated supply chain. We definitely are experiencing difficulties. We definitely have higher lead times but we are in a position where we are able to meet demand.

AU SFB stock tanked 13 per cent today, after sinking 5 per cent on Friday after a media report said that the head of Internal Audit at the bank’s Jaipur head office Sumit Dhir has resigned.

Barring select names in the media sector, buying was broad-based. Metal, telecom and financial services stocks were among the biggest gainers. Thanks to this, equity investor wealth rose by Rs 2.7 lakh crore.

“The market loves to buy growth and I firmly believe that this is the beginning of a change in the composition of index in days to come and we as fund managers have to be ahead of it and recognise some of it.”

It took Sensex just 17 months to add 31,000 points from a March 2020 low of sub-26,000 level to hit 57,000 level for the first time ever on Tuesday. This is against 31 years (since its inception in 1986) the index took to touch the 31,000 mark for the first time in May 2017.

“Sectors that have gone through a time value correction would start going up. Not on the basis of the earnings but from a pure valuation angle, they may hope to get recognised.”

The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue.