Sensex, Nifty Scale New Highs; Consumer Stocks Rally
Sensex, Nifty hit record highs; Consumer goods stock rally.
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Closing Bell
Indian shares hit a record high, led by gains in consumer goods stocks such as Hindustan Unilever as prospect of good monsoon raised growth optimism for Asia's third-largest economy.
The monsoon this year could be “normal” and bring 100 percent rainfall instead of 96 percent as predicted earlier, news wire PTI reported citing Indian Meteorological Department.
The S&P BSE Sensex rose 1.05 percent at 30,248, its highest ever. The NSE Nifty advanced 0.97 percent to a new record of 9,407.
Among the sectoral indices, S&P BSE FMCG index gained 1.8 percent while the S&P BSE Auto index rose 1.5 percent.
The market breadth was skewed in the favour of gainers, with about 6 stocks advancing to every 4 stocks that declined.
Correction Unlikely?
“We expect Nifty to scale 9,600 mark in the next three months and don’t see any major correction coming in for the markets. Even is a correction comes in, it would be bought in by investors in a big way,” said Dilip Bhatt, joint managing director at Prabhudas Liladhar.
Zee Entertainment Climbs As Q4 Revenue Beats Estimate
- Shares up as much as 5.3% to Rs 522, most since October 2016
- Q4 revenue Rs 1,580 crore vs estimate Rs 1,570 crore
- Q4 net income Rs 1,510 crore vs Rs 226.5 crore last year
- Declares dividend of Rs 2.50 per share
Capital First Climbs After Upbeat Q4 Profit
- Shares of the financial services firm rose as much as 2.4% to Rs 809, highest since February 2008
- Q4 net income Rs 70.8 crore vs estimate Rs 60 crore
- Declares dividend of Rs 2.60 per share
- To raise funds up to Rs 500 crore via bonds, other options
Block Deal Alert
- Bharti Airtel: 27 lakh shares change hands in a block
- Tata Power: 11 lakh shares change hands in a block
- Tata Steel: 17 lakh shares change hands in a block
*Buyers and sellers were not immediately known
Marksans Pharma Surges After UK Approval For Goa Plant
- Shares climb as much as 17.2% to Rs 56.30, most since February 2017
- Goa plant received approval from UK's Medicines & Healthcare products Regulatory Agency, the company said in a regulatory filing.
- Volume at 2.4 times its 30-day average