Market

Sensex ends above 56,000 for first time, Nifty closes at 16,705; UltraTech Cement jumps 3%

NEW DELHI: Benchmark indices on Friday staged a strong comeback after falling in the morning session, thanks to strong buying seen in stocks such Larsen & Toubro, TCS and UltraTech Cement.

A total of three stocks on BSE ended up rising for every two that fall, as investor wealth swelled Rs 1.8 lakh crore for the day.

During the day, Sensex fell to a low of 55,675.87 level, before staging a rebound. It closed the day 175.62 points or 0.31 per cent higher at 56,124.72. This was the first time when the BSE barometer closed above the 56,000-mark. Nifty50 closed at 16,705.20, up 68.30 points or 0.41 per cent. This was the fifth session when the NSE barometer ended higher.

Investors were keenly awaiting the US Fed Chairman Jerome Powell’s speech at Jackson Hole Economic Symposium later in the day.

Ajit Mishra, VP for Research at Religare Broking said markets largely mirrored global peers and was eying the US Fed Chair statement for any signal on tapering. Even as the trend is positive, Mishra said he is not seeing decisiveness, as participation is slightly restricted.

“We advised investors avoiding aggressive bets and preferring index majors over others,” he said.

Among Sensex stocks, UltraTech Cement climbed 3.64 per cent to hit a high of Rs 7,572.70. Larsen &Toubro advanced 2.66 per cent to Rs 1,637. Dr Reddy’s Labs, Bajaj Finserv, Sun Pharma, TCS, Bharti Airtel and Kotak Mahindra Bank gained over 1 per cent each.

Axis Bank, Tata Steel, HDFC and Power Grid added up to 0.85 per cent. Losers included Infosys, IndusInd Bank, and M&M, which fell up to 1 per cent. Nestle, HCL Tech, HDFC Bank and Tech Mahindra also declined up to 0.5 per cent.

Shares of SpiceJet rose 2.67 per cent to Rs 72.95 after aviation regulator DGCA lifted the ban on Boeing 737 Max planes’ commercial flight operations after almost two-and-half years.

Drugmaker Aurobindo Pharma added 1.7 per cent to Rs 709.95 after its arm Eugia Pharma Specialities received approval from the US health regulator for Cyclophosphamide injection, used in the treatment of several types of cancer.

Adani Green fell 0.88 per cent to Rs 1,039.75 after Moody’s Investors Service has assigned a Ba3 rating to Adani Green Energy’s proposed dollar senior secured notes. According to Moody’s scale of ratings, obligations rated Ba are judged to be speculative and subject to substantial credit risk.

“In the coming week, the market would be eyeing the release of key economic data such as Q1 GDP numbers and manufacturing and service PMI. The Q1 GDP is expected to show a sharp growth owing to a low base and recovery in economic activities towards the end of the quarter,” said Vinod Nair, Head of Research at Geojit Financial Services.

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