Sensex Hits New Milestone, Nifty Ends Near Record High As Metals Shine
Nifty Midcap 100, which declined 5.4 percent in the last 12 months, is expected to rebound after Narendra Modi’s election victory. (Photographer: Jin Lee/Bloomberg)

Sensex Hits New Milestone, Nifty Ends Near Record High As Metals Shine

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Closing Bell: Sensex Hits Fresh High; Nifty Too Inches Closer

S&P BSE Sensex hit a fresh high driven by gains in metal stocks such as Tata Steel and Vedanta. NSE Nifty, too, closed 15 points away from its all-time high.

The 31-share index rose as much as 1.31 percent to close at 40,889.23 while the NSE Nifty 50 rose 1.34 percent to 12,073.75—just 15 points away from its all-time high on intraday basis. The broader markets represented by the NSE Nifty 500 Index rose 1.06 percent.

The markets may touch 12,300 in the near term as long as the index is above 12,040-mark, said Hemen Kapadia, senior vice president, KR Choksey Securities. “We were in a 17-day trading range between 11,800-12,040 [on Nifty Index] and now that has been taken out and the slightly unlikely move has unfolded,” he said in an interview to BloombergQuint.

The market breadth was tilted in favour of buyers. About 1,111 stocks advanced and 703 shares declined on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Metal Index’s 3.09 percent gain. On the flipside, the NSE Nifty Media Index was the only sectoral loser, down 1.63 percent.

Also read: Investors Become Richer By Rs 1.81 Lakh Crore As Stocks Zoom

Sensex Hits New Milestone, Nifty Ends Near Record High As Metals Shine

Fab Four Stocks Of The Day

Unichem Laboratories

  • The stock rose as much as 13.5 percent to Rs 173.65 each.
  • The firm received ANDA approval for Atenolol Tablets from U.S. FDA.
  • These tablets are used for treatment of hyper-tension and will be commercialised from company’s Ghaziabad plant.

ITD Cementation

  • The stock advanced 5.1 percent intraday to Rs 66.05 each.
  • Rising by more than 25 percent in Past six trading sessions
  • Bags order worth Rs 3400 crore from various government entities.

Eris Lifesciences

  • Shares up 6.2 percent to Rs 439.90 each.
  • 38.2 lakh shares changed hands in a large trade
  • Volumes over 25 times its 20-day average

Safari Industries

  • Shares rose 3.5 percent intraday to Rs 574 each.
  • Veteran investor Ashish Kacholia acquires 0.98 percent stake at Rs 550 each.
  • Saif Group acquired 2.6 percent stake, Tano India PE Fund sold 4.8 percent stake.

Nestle India Rises After Interim Dividend Plans

Shares of the fast-moving consumer goods firm rose as much as 2.3 percent to Rs 14,500 apiece.

Nestle India to consider interim dividend on Dec. 11, according to its exchange filing. Also, the company was included in the benchmark Sensex Index compiled by BSE.

The stock advanced 41 percent in the past 12 months compared to a 17 percent gain in the Nifty Index.

Unichem Laboratories Surges On FDA Boost

Shares of Unichem Laboratories rose as much as 7.2 percent, the most in nearly a year, to Rs 164.

The company received an abbreviated new drug application approval for Atenolol Tablets from U.S. FDA. These tablets are used for treatment of hyper-tension and will be commercialised from company’s Ghaziabad plant.

Trading volume was almost six times its 20-day average, Bloomberg data showed. The stock rose 4.5 percent in the past five days and fell 13 percent in the past 30 days.

RITES Falls For Fourth Day; Shares Down 4%

Shares of RITES extended declines for the fourth consecutive trading session. The stock fell as much as 4 percent to Rs 283.20.

The government is looking to raise up to Rs 1,100.6 crore via the offer-for-sale mechanism.

The centre plans to sell up to 3.75 crore shares or 15 percent stake at a floor price of Rs 293.5 per share, which is at a discount of 4 percent to closing price on Nov. 21. The government’s stake may fall from 87.4 percent to 72.4 percent. The offer-for-sale opens on Nov. 22 and closes on Nov. 25.

On Nov. 22, offer for sale to non-retail investors saw 111 percent demand.

Bharti Infratel Surges 7%

Shares of Bharti Infratel rose as much as 7.1 percent, the most since Nov. 21, to Rs 248.50.

The stock traded at 18.8 times its estimated forward earnings per share compared to 20.6 times for the two-year historical average, Bloomberg data showed.

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