Indian equities rallied in post noon trade on the back of positive economic growth data for the April-June quarter. Capital goods, realty and power stocks witnessed a gain whereas FMCG stocks registered a fall.
At 1.27 p.m., the Sensex was trading up 196.34 points or 0.74% at 26,834.45. Meanwhile, the Nifty was trading higher by 55.65 points or 0.70% at 8,010.
Top gainers were Maruti Suzuki (3.92%), Hero Motocorp (3.83%), L&T (2.80%) and Cipla (2.62%)
Major losers were Sun Pharma (1.54%), SSTL (0.94%), Tata Motors (0.78%) and BHEL (0.39%)
The BSE Mid and small caps outperformed their larger counterparts gaining 1.09% and 0.99% respectively.
The Capital Goods index was at 15,269.71, up by 356.53 points or by 2.39%. The Realty index was at 1,757.75, up by 30.31 points or by 1.75%. The Power index was at 2,076.96, up by 35.21 points or by 1.72%.
On the other hand, the FMCG index was at 7,386.39, down by 15.39 points or by 0.21%.
Vivek Gupta, director research, CapitalVia Global Research said, ''Finally Nifty has crossed the level of 8,000 today for which the markets were waiting for since long. It's always best to go with the trend in the markets because if something you have to believe on or you got to stay with is the current trend of the market. If everyone thought that the market just had an election rally and it would not sustain and those who are still skeptical on current rise of the markets may have to change their way of thinking before it's too late. During a bull market, even any big bad news doesn't have any major impact on the markets.Investors those holding positions in market should hold their positions. In monthly charts, Spot Nifty had a breakout from an ascending triangle when it crossed the levels of 6,357.10 which as per technical rules have minimum targets of 8,180 and the rise can continue.
Investors should try to take maximum from these bull markets and trail their positions. Capital Good stocks like Bhel and steel sector big giant SAIL still may have lot to offer to investors. Investors should keep investing and better be stock specific in their selections and focus on stocks and sectors which have not caught up to the rally till now. Any correction right now should not be anticipated as end of the market rally, rather it should be anticipated as an opportunity to invest."
