Sensex, Nifty, Nifty Bank Cross New Milestones
Closing Bell: Sensex, Nifty, Nifty Bank Close At Record Highs
Indian equity benchmarks resumed gains after a one-day blip and closed at record highs.
The S&P BSE Sensex rose 1.01 percent to end at an all-time high at 41,352.17 and the NSE Nifty 50 rose 0.92 percent to close at record high at 12,165. The broader markets represented by the NSE Nifty 500 Index rose 0.8 percent.
Meanwhile, the NSE Nifty Bank Index, too, crossed a new milestone. The 12-share gauge rose 0.52 percent to end at an all-time high at 32,140.25.
There is ‘no question’ that banking, financial services and insurance will be driving the next big rally in terms of Nifty reaching 13,000 in the medium term. That’s according to Vikas Khemani of Carnelian Capital.
“BFSI sector- both credit and non credit will have to contribute to this (rally) which will be supported by IT and consumption-oriented stocks,” he said in an interview to BloombergQuint.
The market breadth was tilted in favour of buyers. About 1,064 stocks advanced and 714 shares declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 2.9 percent advance. On the flipside, the NSE Nifty Pharma Index was the top sectoral loser, down 0.33 percent.
Global Markets Update: Stock Rally Halts
Stocks declined in Europe and U.S. index futures dipped on Tuesday as the global rally in equities eased, with the sugar rush of a partial trade deal between the two largest economies fading and investors on the hunt for fresh catalysts.
- The Stoxx Europe 600 Index dipped 0.6 percent.
- Futures on the S&P 500 Index dipped 0.1 percent.
- The U.K.‘s FTSE 100 Index was little changed.
- The MSCI World Index of developed countries decreased 0.1 percent.
- The MSCI Emerging Market Index jumped 1.2 percent.
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HUL Falls After Parent’s Weak Demand Hit Sales And Growth
Shares of Hindustan Unilever fell as much as 1.3 percent to Rs 1,950.
Unilever’s Chief Executive Officer Alan Jope is falling short of his predecessor’s growth targets as the maker of Ben & Jerry’s ice cream and Dove soap succumbs to sluggish consumer demand, according to Bloomberg report.
“Sales gains will be slightly below guidance for 2019, and underlying growth will be in the lower half of the company’s multiyear range of 3-5 percent in 2020,” Bloomberg reported quoting the company.
Avenue Supermarts Resumes Gain After One-Day Blip, Shares Surge 5%
Shares of Avenue Supermarts resumed gains after a one-day blip. The stock rose as much as 5.3 percent to Rs 1,865.
The stock returned 5.8 percent in the past five days and fell 1.8 percent in the past 30 days, according to Bloomberg data. The scrip traded at 85 times its estimated earnings per share for the coming year.
Kolte-Patil Developers Jumps The Most In Nearly Six Months
Shares of Kolte-Patil Developers rose as much as 19.3 percent, the most since June 29, 2019, to Rs 266.70.
The company sold of 500 units of Pune project with booking value of Rs 205 crore, according to its statement on the exchanges.
Trading volume was more than 20 times its 20-day average, Bloomberg data showed.
Sensex, Nifty Set To Close At Record Highs
Indian equity benchmarks resumed gains after a one-day blip and are set to close at record highs.
The S&P BSE Sensex rose as much as 0.94 percent to hit an all-time high at 41,324.25 and the NSE Nifty 50 rose as much as 0.89 percent to hit record high at 12,160.70. The broader markets represented by the NSE Nifty 500 Index rose as much as 0.75 percent.
The NSE Nifty Bank Index, too, hit an all-time high at 32,213.35 after gaining as much as 0.75 percent.