Employees walk past a bronze bull statue as they exit the Bombay Stock Exchange (BSE) building in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex Ends At Record High Led By RIL; Mid, Small Caps Decline

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Closing Bell: Sensex Ends At Record High But Mid And Small Caps Decline

India's S&P BSE Sensex closed at a record high led by a rally in Reliance Industries. But the broader markets declined.

The S&P BSE Sensex rose 0.8 percent or 383 points to 36,548 and the NSE Nifty 50 index climbed 0.7 percent or 75 points to 11,023.

Rally in today's session was led by Reliance Industries after a surge in its shares made it India's second company to enter the $100 billion club this year, a feat which RIL reclaimed after a decade. However, the broader markets came under selling pressure with the Nifty Midcap 100 index declining 0.4 percent and Nifty Smallcap 100 index slipping 0.2 percent.

Nifty stocks which have a weight of more than 65 percent on the Nifty are rallying while others are near 52-week lows, AK Prabhakar, head of research at IDBI Capital told BloombergQuint over phone. “What is the point of Sensex hitting all-time high and Nifty reclaiming 11,000 when people are not making money and portfolios are not recovering,” he said.

Eleven out of 19 sector gauges compiled by BSE ended lower led by the S&P BSE Realty index's 1 percent drop. On the other hand, the S&P BSE Energy index was top gainer, up 3 percent.

Karnataka Bank Surges After June Quarter Earnings

Shares of the Mangalore-based bank rose as much as 6.7 percent to Rs 126.70 after it announced June quarter earnings.

Key earnings highlights:

  • Net interest income up 10.4 percent at Rs 468.58 crore versus Rs 424.42 crore (YoY)
  • Net profit up 22 percent at Rs 163.24 crore versus Rs 133.85 crore (YoY)
  • Net non-performing assets as a percentage of total advances at 2.92 percent versus 2.6 percent (QoQ)
  • Gross non-performing assets as a percentage of total advances at 4.72 percent versus 4.92 percent (QoQ)

ICICI Bank Holds Gains Amid Block Deal

  • ICICI Bank has 10 lakh shares change hands in a block. Stock up 1.5 percent at Rs 273.

Buyers and sellers were not immediately known

Source: Bloomberg

Mid And Small Caps Underperform Larger Peers

Shares of small- and mid-cap companies were underperforming their larger peers as the S&P BSE MidCap index fell 0.6 percent and the S&P BSE SmallCap index declined 0.2 percent. At the same time, the S&P BSE Sensex rose 0.9 percent.

Sensex Ends At Record High Led By RIL; Mid, Small Caps Decline