Market

Nifty surges to record high as RIL rally lifts D-Street

NEW DELHI: Domestic equity benchmark extended gains to yet another day as a revival in the fortunes of Reliance Industries shares single-handedly pushed Dalal Street higher on Friday. Strong domestic and global cues also lifted investors’ morale.

Covid-19 cases are on a downward trend in most parts of India and Delhi has decided to ease its lockdown. Hopes of more states doing the same have increased investors’ confidence. Despite the positive mood, pharma stocks saw selling pressure.

The 30-share pack Sensex advanced 307.66 points or 0.60 per cent to close at 51,422.88. Its broader peer NSE Nifty advanced 97.80 points or 0.64 per cent to 15,435.65. The 50-scrip index took its winning run to the sixth day and closed at a lifetime high.

“With fresh cases subsiding continuously, investors are upbeat about the unlocking of the economy in June which will help revive commercial activities. A healthy earnings season with strong growth momentum lent support to the market. Hopes of further stimulus by the government are also bolstering investors’ confidence,” said Hemang Jani, Head Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.

Market at a glance:

  • Hester Biosciences jumps 6% as company inks Covaxin pact
  • Redignton hits 20% upper circuit as Q4 profit rises 150%
  • Metropolis Healthcare climbs 9% as March quarter profit multiplies
  • Broader market indices end in the red on profit booking
  • Volatility gauge VIX eases 13% as June F&O series begins

Among the blue-chip names, Reliance Industries was the top gainer, rising 5.99 per cent. Adani Ports, Grasim Industries, M&M, Coal India, , HDFC and IndusInd Bank were among other gainers.
Sun Pharma was the top loser in the Nifty pack, falling 3.84 per cent. Shree Cement, Bajaj Finserv, Dr Reddy’s Labs, Bajaj Finance, Nestle India and UltraTech Cement were among other stocks that ended in the red.

Broader market indices ended lower, underperforming their headline peers. Nifty Smallcap declined 0.71 per cent and Nifty Midcap dropped 0.04 per cent. Nifty 500, the broadest index on NSE, ended up 0.39 per cent.

L&T Financial Holdings, Canara Bank, V-Guard, Just Dial, CAMS and Thyrocare Technologies were top gainers from midcap and smallcap indices, climbing in the range of 3-6 per cent.

HEG, Fine Organic, Aegis Chemicals, Ipca Labs, TVS Motor and Bombay Burmah Trading Corporation were major losers from the broader market space, falling in the range of 4-8 per cent.

The sectoral matrix on NSE was mixed. Nifty PSU Bank was the biggest gainer, rising 0.67 per cent. It was followed by Nifty Financial Service and Nifty Private Bank.Nifty Pharma was the biggest loser, down 1.18 per cent.

Market breadth was in favour of losers as 1,432 stocks ended in the green while 1,700 counters settled with cuts. As many as 339 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 35 stocks hit 52-week lows, mostly from the microcap space. About 375 scrips hit upper circuit limits and 230 lower circuit limits.

European markets were trading lower at the last count. London-based FTSE was up 0.06 per cent while Paris and Frankfurt advanced 0.42 per cent and 0.44 per cent, respectively. In Asia, barring Thailand and China, all markets ended with gains.

Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button