Sensex, Nifty Extend Record After Best Day In Over Two Months
Closing Bell: Sensex, Nifty Clock Best Single Day Gains In Over Two Months
Indian equity benchmarks clocked their best single-day gains in over two months to resume the record-breaking run.
The S&P BSE Sensex rose 1.16 percent or 442 points to 38,694 and the NSE Nifty 50 index climbed 1.17 percent or 135 points to 11,692.
The benchmarks rose in line with the global peers after the U.S. Federal Reserve reaffirmed a gradual pace of policy tightening, bolstering investor confidence. Fed chairman Jerome Powell signaled that there’s little need to tighten policy aggressively
All 19 sector gauges compiled by BSE ended higher led by the S&P BSE Utilities index’s 2.4 percent gain.
The gains were broad-based as the S&P BSE MidCap index rose 1.07 percent and the S&P BSE SmallCap index gained 0.7 percent.
Market Check: Nifty Rises Above 11,700 For First Time
- Nifty surged nearly 150 points to trade above 11,700.95 for first time.
Closing Strategies: Hindalco, Piramal Enterprises
Summet Bagadia, associate director at Choice Broking recommends trading strategies for Hindalco and Piramal Enterprises.
- Buy Hindalco for target price of Rs 240 with stop loss at Rs 223
- Buy Piramal Enterprises target price of Rs 3,150-3,200 with stop loss at Rs 2,980-2,990.
Escorts To Fund Investment In Tadano JV Via Internal Accruals: Bharat Madan
Target of Tadano joint venture (JV) is to get up the value chain in cranes business, Bharat Madan, group financial controller at Escorts told BloombergQuint in an interview.
Key highlights of the conversation:
- Looking to launch two new products via the JV with Tadano.
- Expect good growth in cranes segment as we start with smaller cranes sales.
- Looking to explore export markets for the cranes business.
- To fund investment in Tadano JV via internal accruals.
JSW Steel Surges 2.8%, Rises to A Record High
Shares of the Sajjan Jindal-led steel maker rose as much as 2.8 percent to a record high of Rs 364.80.