Markets at record high: Nifty claims 16,000 for the first time ever, Metals and smallcap shine

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.