Sensex, Nifty End At Record Highs On Earnings Optimism
Bloomberg Exclusive: Government Is Said To Mull Selling $2.6-Billion NHPC Stake To NTPC
Find Out All That You Missed During The Day In Countdown
Closing Bell: Sensex, Nifty End At Record Highs
Indian equity benchmarks rose for a third day in a row to close at record highs as investors expect Indian companies to perform well in the June quarter.
The S&P BSE Sensex rose 0.3 percent or 106 points to 36,825 and the NSE Nifty 50 index climbed 0.45 percent or 50 points to 11,134.
Sensex and Nifty hit fresh highs on earnings optimism, AK Prabhakar, head of research at IDBI Capital, told BloombergQuint over phone.
For instance, ACC surprised positively after its June quarter numbers, which showed there was no margin pressure, he said.
Eight out of 11 sector gauges compiled by National Stock Exchange ended higher led by the Nifty Metal index’s 3 percent gain. On the flipside, Nifty Private Bank index was top loser, down 0.3 percent.
Mid- and small-cap shares outperformed larger peers as the Nifty Midcap 100 index surged 1.3 percent and the Nifty Smallcap 100 index rallied 2.3 percent.
IZMO, Idea Cellular Among Fab four Stocks Of The Day
- L&T Technology Services: The Vadodara-based engineering services provider rose as much as 13.80 percent, the most in over five months, to Rs 1,488.05 after it reported better than expected June quarter earnings.
- IZMO: The automotive e-retailing solutions provider rose as much as 8.1 percent to Rs 74.40 after it bagged a multi-crore order from a leading original equipment manufacturer in Mexico for its car visualiser product, according to its regulatory filing.
- Idea Cellular: The Kumar Mangalam Birla-led company surged as much as 18 percent to Rs 62 after Vodafone and Idea Cellular have deposited Rs 7,200 crore in cash and bank guarantee with telecom department for one-time spectrum charge and spectrum liberalisation charges, Business Standard newspaper reported citing a source in Department of Telecom.
- India Cements: The Chennai-based cement maker rose as much as 10 percent following a rally in cement stocks after ACC earnings.
Market Check: Sensex Resumes Record Run Led By L&T, Infosys
- India's S&P BSE Sensex which briefly dipped into the negative territory resumed rally to record run led by Larsen & Toubro, Infosys, HDFC and Maruti Suzuki.
- The S&P BSE Sensex rose 0.4 percent or 134 points to 36,850 and the NSE Nifty 50 index climbed 0.5 percent or 51 points to 11,136.
- Eight out of 11 sector gauges compiled by National Stock Exchange were trading higher led by the Nifty Metal index's 3.2 percent gain. On the other hand, the Nifty Private Bank index was top loser, down 0.3 percent.
- The overall breadth was extremely positive as 1,406 shares were advancing while 694 were declining on the BSE.