Sensex Ends Above 37,000 For First Time; Nifty At Record
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Closing Bell: Sensex Ends At Record High For Fifth Day In A Row
Indian equity benchmarks rose to record highs as positive earnings boosted investor sentiment.
The S&P BSE Sensex surged 0.95 percent or 352 points to 37,337 and the NSE Nifty 50 index climbed 1 percent or 111 points to 11,278 led by rally in ITC after its profit met estimates in June quarter.
The benchmarks have surged over 5 percent so far this month and are headed for the best monthly gain since April as strong corporate earnings overshadowed concerns regarding global trade conflict.
Fifteen out of 21 Nifty companies, that have reported June quarter earnings, have either met or beaten estimates, data compiled by Bloomberg showed.
All sector gauges compiled by BSE ended higher led by the S&P BSE FMCG index’s 2 percent gain.
Hindalco, Westlife Development Among Fab Four Stocks Of The Day
- Hindalco: The Kumar Mangalam Birla-led aluminium producer rose as much as 6.9 percent to Rs 220.80 after its U.S. subsidiary Novelis agreed to buy U.S.-based aluminium producer Aleris Corporation.
- Westlife Development: The McDonald's operator in south and west India rose as much as 17.26 percent, the most in over two years, to Rs 408 after it swung to profit in June quarter.
- Ajanta Pharma: The Mumbai-based drugmaker rose as much as 6.5 percent to Rs 1,112 after the U.S. FDA completed inspection of Dahej Facility with zero observations.
- Mahindra CIE Automotive: The Mumbai-based auto components maker rose as much as 9.2 percent to Rs 268.50 after 44 lakh shares changed hands in a block deal.
Jubilant Life Sciences Holds Gains On Meeting Estimates In Q1
Shares of the Noida-based pharmaceutical company held on to gains after its net profit met Bloomberg consensus estimates in June quarter.
Key earnings highlights:
- Net profit up 39 percent at Rs 200 crore versus estimate of Rs 224 crore
- Revenue up 30 percent at Rs 2,046 crore versus estimate of Rs 2,216 crore
- Ebitda up 29.7 percent at Rs 437.6 crore versus Rs 337.5 crore (YoY)
- Margin at 21.1 percent versus 21.7 percent (YoY)