Sensex, Nifty Extend Record Led By RIL, HDFC Twins
Closing Bell: Sensex, Nifty Extend Record Run Led By Reliance Industries
Indian equity benchmarks extended record-breaking run for the second straight day led by Reliance Industries, HDFC twins and Infosys.
The S&P BSE Sensex rose 0.5 percent or 202 points to record closing high of 38,897 and the NSE Nifty 50 index advanced 0.4 percent or 47 points to 11,738.
Six out of 11 sector gauges compiled by National Stock Exchange ended higher led by the Nifty Metal index's 1.8 percent gain. On the other hand, the Nifty PSU Bank index was the top loser, down 1.5 percent.
The mid- and small-cap shares ended on a subdued note as the Nifty Midcap 100 index fell 0.3 percent while the Nifty Smallcap 100 index rose 0.1 percent.
Closing Strategies: HDFC Bank, Kotak Mahindra Bank, IndiGo, Bata And More!
Below are trading strategies discussed by stock market experts with BloombergQuint:
Sacchitanand Uttekar, Tradebulls
- Buy HDFC Bank today and sell tomorrow with stop loss at Rs 2,078
- Sell Interglobe Aviation for target of Rs 995 with stop loss at Rs 1,048.
- Sell Punjab National Bank for target of Rs 78 with stop loss at Rs 84.90.
Amar Singh, Angel Broking
- Buy Kotak Mahindra Bank around Rs 1,275 with stop loss below Rs 1,240 for target of Rs 1,350.
- Buy Bata for target of Rs 1,110 with stop loss at Rs 1,054.
- Buy Torrent Power for target of Rs 273 with stop loss at Rs 254.50.
- Sell HPCL for target of Rs 249 with stop loss at Rs 265.
Stocks Mixed After U.S. Mexico Deal; Dollar Steady
European stocks pared an advance, U.S. futures drifted and Asian shares edged higher as investors digested the latest developments on global trade.
GMR Infra Struggles Amid Block Deal
- GMR Infra has 1.02 crore shares change hands in a single block. Stock down 0.3 percent at Rs 19.10.
Buyers and sellers were not immediately known
LIC Stake Not To Exceed 14.9% Post Issue, Says IDBI Bank
Shares of the state-run lender fell as much as 5.4 percent to Rs 58 after the bank said that Life Insurance Corporation's stake will not exceed 14.9 percent up on share issue.
The government currently holds 86 percent in the bank while public holding stands at 14 percent, which including 7.8 percent held by LIC.
At the current market price LIC is likely to infuse close to Rs 2,000 crore, according to BloombergQuint’s calculations. The government’s stake will be reduced to 79.5 percent.