The investors may be been preoccupied with the IPO market but the 50 stock gauge Nifty finally managed to climb the 16000 summit after a long wait. The markets hit a record high on an otherwise sombre day of trade.
Nifty hit 15,000 for the first time on February 5 has tested the patience of investors that have seen the broader markets outperform by a wide margin. The smallcap index has given the investors a 37% return in the time that the Nifty took to reach 16000 from 15k which meant a mere 6.5% return for those betting on the frontline index.
The shine in the portfolio belonged entirely to metal stocks with the index giving a 60% return as the Nifty went from 15000-16000. Tata Steel almost doubled! and same was the story for JSW Steel and Hindalco.
Markets also took note of tech major Infosys as it's marketcap surpasses Rs 7 lakh crore as stock hit a record high as well.
The stock sinking in trade was Vodafone Idea as it dropped over 10% on news reports of Birla looking to offload stake.
Investors will know put the focus back on the IPO market with 4 issues opening on Wednesday. Also on the traders' radar will be the RBI policy meeting from 4-6 of this month.