Sensex, Nifty Closes At Record High Led By Reliance, TCS
India's equity benchmarks registered their longest stretch of weekly gains since January as new coronavirus cases slow.
The S&P BSE Sensex added 0.3% to 52,474.76, taking the week’s advance to 0.7%. The NSE Nifty 50 Index rose 0.4% to 15,799.35, with both gauges clocking record highs after four weeks of gains. Eleven of the 19 sector sub-indices compiled by BSE Ltd. advanced, led by a measure of metal stocks.
Record-high stocks in the U.S. and falling Treasury yields may be leading investors to look for more risk and potentially better returns in emerging markets.
India equities have drawn the biggest inflows in Asia this month. Global investors have bought Indian shares worth $1.1 billion this month through Tuesday, compared with nearly $749 million for all of last month, data compiled by Bloomberg show. The country’s equities have received inflows of more than $7.7 billion this year.
The outlook for economic activity is brightening as pandemic restrictions ease and vaccinations increase. Government and central bank stimulus will continue to help. The central bank now holds more than half of the 10-year bond because of its purchases of government debt.
Aurobindo Leads Rally In Pharma Stocks
Aurobindo Pharma Ltd. rose 5.3%. Trading in the company's call options was quadruple the average. Trading volume was triple the average for this time of day.
- Trading volume was 6.95 million shares, triple the 20-day average of 2.25 million shares for this time of day.
- Trading in the company's call options totalled 39,400 contracts, compared with the average of 8,825 over the past 20 days. Trading in the company's put options totalled 12,595 contracts, compared with the average of 4,019 over the same period.
- Analysts have 27 buy, four hold, and one sell recommendations on the stock.
- The price target of Rs 1,115.81 represents a 9.9% increase from the last price
Analysts Review Road Ahead For GAIL
Krishna Institute Sets Price Band At Rs 815-825
General Atlantic-backed hospital chain Krishna Institute of Medical Science Ltd. will sell shares at Rs 815-825 apiece to raise up to Rs 2,144 crore in its initial public offer next week.
The southern healthcare company’s three-day IPO—which opens on June 16— comprises Rs 200 crore of fresh issue and offer for sale by General Atlantic entity, General Atlantic Singapore KH Pte Ltd. to divest 2.35 crore shares, according to its filings. The institute will use Rs 150 crore from the new stock issue to pare debt.
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Ashoka Buildcon Jumps After Winning NHAI Project
Shares of the road builder jumped as much as 4.4% after it announced it has emerged as the lowest bidder for the National Highways Authority of India Project.
The project is for the development of Memmadpur (Ambala) - Banur (IT City Chowk) — Kharar (Chandigarh) Corridor under Bharatmala Pariyojana - Package-II - 6 laning of IT City Chowk to Kurali Chandigarh Road (Design length: 31.23 Km) in the state of Punjab on EPC mode.
The company said it has emerged as the Lowest Bidder (L-1) after it quoted a bid price of Rs 726 crore.