Sensex, Nifty End Higher For Fourth Day Led By Britannia, I.T.
Closing Bell: A Strong Close
Indian equity markets held on to opening gains to end higher for the fourth straight day, outperforming their global peers.
The S&P BSE Sensex ended 1.1% higher at 37,418 while the NSE Nifty 50 index ended at 11,022, up 1.1%. The Nifty has ended above the mark of 11,000 for the first time since March 5, this year.
Gains were led by I.T. stocks yet again. The I.T. index ended higher for the third time in the last four sessions, with gains of 2.6%.
Among other gainers were the Nifty Bank index which gained 1.6% and the PSU Bank index which gained 0.7%. Most other sectoral indices ended flat.
Nifty Pharma was the only sectoral laggard in today's session, ending 1.6% lower led mainly by losses in Sun Pharma and Glenmark.
Broader markets ended in-line with the benchmarks. The Midcap index ended 1% higher while the smallcap index held on to gains of 1.2%.
Market breadth ended in favour of the advances. 1,109 stocks on the NSE ended with gains while 736 posted losses.
How Have The Sectoral Indices Performed
Betting On The Bullion
Buzzing Stock: MCX
- Among best performers on the Nifty 500 index
- Gains as much as 7.2% to Rs 1,442
- Trades at the highest level since January 2013
- Up for the third straight day
- Longest winning streak in a month
- Has gained 11% in the last three sessions
- Today's volumes are more than double its 20-day average
- Stock trades in overbought territory with Relative Strength Index (RSI) at 76
- Has nearly doubled from its 52-week low of Rs 778 on July 30, 2019
- 7 out of the 10 analysts tracking the stock have a buy recommendation; 0 sell calls
- Return potential for the stock as per Bloomberg data is 1.3%
Bain, PAG Among Bidders For Edelweiss Unit
Private Equity firms like Bain Capital and PAG are among the bidders for a majority stake in the wealth and advisory business of Edelweiss Financial Services, Bloomberg News reports citing people familiar with the matter.
Blackstone Group is also among the suitors who have submitted bids for the assets, the sources said. The first round of bidding ended last week.
Edelweiss is looking to raise over Rs 5,000 crore from the stake sale and intends to call for final offers by the middle of August, according to the sources.
There is no certainty that bidders will proceed with binding offers.
Shares of Edelweiss are locked in an upper circuit of 5% at Rs 67.6, up for the fourth straight day.