Sensex ends above 58K in a first, Nifty tops 17,300; RIL jumps 4%

NEW DELHI: Thanks to a record-breaking rally in heavyweight Reliance Industries, benchmark indices scaled fresh record highs on Friday, ending the week on a high. Reports of dovish outlook from RBI also assuaged investors.

Rally in Reliance Industries comes on the heels of its acquisition of Just Dial. The company also became the first firm to be valued at more than Rs 15 lakh crore.

The 30-share pack Sensex advanced 277.41 points or 0.48 per cent to close at 58,129.95. Its broader peer NSE Nifty climbed 89.45 points or 0.52 per cent to 17,323.60.

“Despite mixed global cues, domestic equities continued to raise their bar, recording fresh highs as India continued reporting strong economic numbers. European stocks traded mixed ahead of US jobs data while concerns over the economic slowdown in China fanned investor worries. The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales.”

Market at a glance:

  • Varun Beverages spiked 3 per cent after Jefferies sees up to 70 per cent upside in the stock
  • Zen Tech surged 10 per cent after getting an order from Indian Air Force
  • Exide Inds jumps 6 per cent after acquires insurance arm
  • However, HDFC Life plunges 3 per cent after the announcement
  • IPO watch: Ami organics subscribed 52x, Vijaya Diagnostics 4x

Among the bluechip names, Reliance Industries was the top gainer, rising 4.15 per cent. ONGC, Coal India, , Indian Oil, Hero MotoCorps, Bharat Petroleum and Eicher Motors were other gainers.

HDFC Life Insurance was the top loser in the Nifty pack for another day, falling 3.29 per cent. Cipla, Bharti Airtel, HUL, HDFC, HDFC Bank, and were others that ended in the red.

Broader market indices ended in line with their headline peers. Nifty Smallcap advanced 0.41 per cent and Nifty Midcap climbed 0.50 per cent. Nifty 500, the broadest index on NSE, ended up 0.51 per cent.

“Markets are making new highs daily, in the long term we are bullish. But after such a move markets might show some correction. Investors are advised to keep trailing stop losses to their positions.”

— Rahul Sharma, Equity99

Linde India, Blue Dart, Rail Vikas Nigam, Prestige Estate Projects, L&T Tech Services and were top gainers from mid and smallcap indices, climbing in the range of 5-10 per cent.

Sanofi India, Chola Finance, Crompton Greaves Consumer Electricals, India Energy Exchange, Sterling Wilson Solar and Karur Vysya were major losers from the broader market space, falling in the range of 2-7 per cent.

The sectoral matrix on the NSE was mixed. Nifty Media was the biggest gainer, up 1.48 per cent. Nifty Metal followed closely. Nifty Realty was another major gainer. Nifty Financial Services and Nifty Private Bank were among those that fell.

Market breadth was in favour of gainers as 1,726 stocks ended in the green, while 1,473 names settled with cuts. As many as 225 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 16 names hit 52-week lows, mostly from the microcap space. About 335 stocks hit upper circuit limits and 176 lower circuit limits.

European markets were trading mixed. London-based FTSE was up 0.13 per cent while Paris and Frankfurt declined 0.42 per cent and advanced 0.08 per cent, respectively. In Asia, Singapore, Hong Kong and China ended in the red while others registered gains.

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