FIRST TRADE: Nifty within kissing distance of all-time high; Bajaj Finserv, L&T up 1% each

Stock market today: The equity market got off to an impressive start, with the indices hovering near all-time highs. The NSE Nifty was trading at 18,876.20, up 50 points, or 0.27 per cent while the S&P BSE Sensex was at 63,563.75 levels, up 180 points, or 0.28 per cent. Among Sensex stocks, Bajaj Finserv was the top gainer with 1.66 per cent gains. Next on the list was Titan Company (up 1 per cent), followed by L&T and UltraTech Cement.

"If Friday’s strong positive session is any indication, then Nifty will continue to be in charge, and all bullish eyes will be on the index's all-time high at the 18,888 mark. FIIs continuing to infuse funds in local equities and India's improving economic situation are the two positive catalysts that would cheer investors in an otherwise bleak global outlook. We also expect Bank Nifty to be a big outperformer and may reach its all-time high at the 44,499 mark," said Prashanth Tapse, Senior VP (Research), Mehta Equities.

Gainers & Losers 

In the Nifty50 basket, Bajaj Finserv was the top gainer, followed by Titan, Bajaj Finance, L&T, and Sun Pharma. Conversely, Hero MotoCorp was the top loser.

Broader market

Nifty Midcap 100 and Smallcap 100 were both trading up over half a per cent on the NSE. The Nifty Midcap 100 opened at 35,282.05 and the Nifty Smallcap 100 opened at 10,793.45.

Buzzing stocks

Jindal Steel & Power shares were trading 4 per cent higher at Rs 566.50 apiece. Manappuram Finance was up 1.50 per cent to Rs 128.90 after the Kerala High Court rejected the FIR filed against the company's promoter. Can Fin Homes shares were up over 1 per cent at Rs 759.95 apiece ahead of its investor meeting scheduled today. LG Balakrishnan and Bros. Ltd. opened at Rs 857.9 apiece, up over 1 per cent after the promoters bought 64,000 shares in the company. 

On the flip side, the Ministry of Corporate Affairs (MCA) has initiated scrutiny in the Hero MotoCorp case. Hence, the stock opened lower at Rs 2,820 a share. PVR Inox stock also opened lower after lukewarm reviews were given to the 'Adipurush' movie. Tega Industries shares opened in the red at Rs 925.95 apiece after promoters informed them to sell stakes.

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