Sensex, Nifty Extend Gains To Second Day
Closing Bell: Sensex, Nifty Extend Gains To Second Day
Indian equity benchmarks extended gains for the second day in a row, led by Reliance Industries and ICICI Bank.
The S&P BSE Sensex Index closed 0.8 percent higher at 35,463.08 and the NSE Nifty 50 Index closed at 10,768.35, up 0.8 percent.
The market breadth was tilted in favour of buyers. All the 11 sectoral gauges compiled by NSE advanced, led by NSE Nifty Realty Index’s 2.9 percent gain.
Tata Motors Extends Gain After JLR Sales Rise In May
Shares of the automaker extended gains for the second straight trading session and rose as much as 3.7 percent to Rs 306.70.
The company’s luxury car unit – Jaguar Land Rover sold 48,281 units in May, an increase of 6.1 percent from the year ago month, according to its stock exchange notification.
The stock declined 29.6 percent so far this year, compared to 4.9 percent in the country's benchmark Sensex.
From Bloomberg: Avoid Short Selling Nifty As It Is Forming A Base, Angel Broking Says
“Traders should not short sell the NSE Nifty 50 Index as it is forming strong support around 10,500-10,600 levels,” Bloomberg reported quoting Angel Broking. The broking firm also advanced traders to focus on individual stocks, the report added.
Mandhana Retail Expects Operating Margins To Increase By 15-20%
Mandhana Retail Ventures Ltd. expects its operating margins to increase by 15-20 percent in the current financial year, its Chief Financial Officer Hemant Gupta told BloombergQuint in an interaction.
Key highlights from the conversation:
- Expect the return on capital and equity to improve moving forward.
- Demonetisation, GST disruption had impacted business for last two financial years.
- Billionaire investor Rakesh Jhunjhunwala continues to hold over 12 percent stake in the company.
- Planning to open 12 new stores this year.