Stock price information is reflected in a glass panel as a trader monitors financial data during the official opening of the stock trading floor. (Photographer: Andrey Rudakov/Bloomberg)

Sensex, Nifty Register Longest Rally In Over Three Years

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Closing Bell

Indian equity benchmarks closed higher for the ninth straight trading session, registering their longest winning streak in over three years.

The S&P BSE Sensex Index ended 0.3 percent higher at 34,395.06, while the NSE Nifty 50 Index closed at 10,548.70, up 0.2 percent. Both the 31-stock index and the 50-stock index posted their longest winning streak since September 2014 and January 2015 respectively.

The market breadth was tilted in favour of buyers. Six out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty Media Index's 0.6 percent decline. On the flipside, Nifty Realty Index was the top sectoral gainer, up 1.1 percent.

Sensex, Nifty Register Longest Rally In Over Three Years

Stocks Moving On Heavy Volumes

Indiabulls Ventures

  • Stock fell as much as 4.6 percent to Rs 362.80.
  • Trading volume was 4.8 times its 20-day average.

Puravankara

  • Stock rose as much as 11.3 percent to Rs 166.50.
  • Trading volume was 7 times its 20-day average.

EIH

  • Stock rose as much as 20 percent to Rs 206.75.
  • Trading volume was 6 times its 20-day average.

DCB Bank

  • Stock rose as much as 7.6 percent to Rs 204.60.
  • Trading volume was 12.3 times its 20-day average.

Hotel Stocks Rally As Vacation Season Begins

Sensex, Nifty Register Longest Rally In Over Three Years

Jaitley Says Cash Crunch In Parts Of India Temporary, Will Be Tackled Soon

Finance Minister Arun Jaitley said the cash crunch that some parts of the country were facing was temporary and will be resolved soon (more details here).

R Gandhi, Former Deputy Governor At RBI Speaks To BloombergQuint

Key highlights from the conversation:

  • RBI will definitely take relief measures to control the current situation
  • Difficult to predict by when can cash shortage could be resolved.
  • Upcoming elections, festival seasons and state government schemes few reasons for increased cash demand.
  • Mismatch in supply-demand of currency must have led to temporary cash shortage.

Anil Agarwal, Chairman At Vedanta Speaks To BloombergQuint

Key highlights from the conversation:

  • We have completed NCLT procedure
  • Have sweetened the bid for Electro steel.
  • Have hiked offer by Rs 500 crore for Electrosteel Steel to Rs 5,000 crore.
  • Great pride for Vedanta Group to add value to assets like Electrosteel Steels.
  • Looking to complete the process to take over Electrosteel Steel very shortly.
  • Bankruptcy process for Electrosteel Steel was conducted by the government, agencies in a transparent process.
  • Will take all efforts to turnaround Electrosteel Steel.
  • Have turnaround various companies in the past as well.