Sensex tops 58,000 level, Nifty tests 17,300
Maruti makes its largest ever recall for over 1.8 lakh cars
HDFC Life acquires Exide Life in stock and cash deal worth Rs 6,687 crore
Aug services PMI jumps to 18-month high on improved vaccine access, consumer footfall
Zomato shuts down its UK, Singapore businesses
Steel industry’s borrowings at 9-year low
Tata Motors opens 70 new outlets in the South
Beijing is considering taking Chinese ride-hailing firm Didi Global under state control
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets extended their gains on Friday as benchmark indices scaled new lifetime highs on yet another session. Strong buying action in heavyweights like Reliance, which became the first firm with a market cap of Rs 15 lakh crore, dragged the markets higher.
Reports of dovish outlook from RBI also assuaged investors. BSE Sensex added about 280 points to settle at 58,130, just 65-odd points below its all time high. Nifty 50 gained 90-odd points to end the week close to 17,325. It hit the 17,300 mark for the first time. Broader markets underperformed the benchmark indices but BSE midcap and smallcap indices ended in green. Fear gauge India VIX increased over 2 per cent.
Reliance jumped 4 per cent, leading the gainers on BSE Sensex. It was followed by Titan, which gained 3 per cent. Tata Steel, Bajaj Auto, Maruti, Dr Reddy, Asian Paints and Kotak Mahindra Bank added a per cent each. On the flip side, HUL and Airtel tanked over a per cent each. HDFC twins, IndusInd Bank and Axis Bank shed up to a per cent each. Over 330 stocks hit upper circuit limits for the day, whereas more than 175 stocks hit the lower circuit. About 120 stocks tested their 52-week highs during the session.
We have Amit Jain from Ashika Group to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. What are the key reasons for the rally in the market?
2. Why is US jobs data due later in the day, so important for the ongoing rally? What are your expectations?
We also caught up with Nilesh Jain of Centrum Broking to decode the technical charts for you.
1. Nifty50 scaled 17,300 mark for the first time. Where is it headed?
2. Nifty Bank has shown some weakness this week. What do weekly charts suggest about it?
Asian markets ended mixed for the day. Major European markets were trading mostly lower in the first few hours of trade. US stock futures were up hinting towards a positive start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!