Nifty Ends At Two-Week High As Metals Shine
Closing Bell: Nifty Index Ends At Two-Week High As Metals Shine
Indian equity benchmarks ended higher for second day in a row driven by a rally in metal stocks.
The S&P BSE Sensex rose as much as 0.40 percent to 39,592 and the NSE Nifty 50 gained 0.43 percent to 11,847.55. The broader market index represented by the NSE Nifty 500 Index gained 0.52 percent.
Level of 11,845 is the recent consolidation high and as that hurdle is breached Nifty is expected to head towards 12,000 levels, according to Ruchit Jain, a technical analyst at Angel Broking. “Traders holding long in the market may continue holding the position and those creating fresh longs must keep a stop loss of 11,775 and expect targets of 12,000 very soon.” Jain said in an interaction to BloombergQuint.
The market breadth was tilted in favour of buyers. About 1,039 stocks advanced and 697 shares declined on National Stock Exchange.
Nine out of 11 sectoral gauges compiled by NSE advanced, led by the NSE Nifty Metal Index’s 2.73 percent gain. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 0.10 percent.
SBI Life Gains The Most On Record
SBI Life Insurance Co. Ltd. gained as much as 10.3 percent, its biggest-ever intraday gain, to Rs 744 a share. Its offer for sale opened to retail investors today.
The SBI Life stock traded 10 percent below Bloomberg consensus one-year target price.
Sensex, Nifty At Day's High; Private Lenders Top Gainers
Indian equity benchmarks traded higher paced by gains in private lenders such as Yes Bank and HDFC Bank.
The S&P BSE Sensex rose as much as 0.40 percent to 39,590.80 and the NSE Nifty 50 gained 0.43 percent to 11,845.45. The broader market index represented by the NSE Nifty 500 Index gained 0.51 percent.
Nine out of 11 sectoral gauges compiled by National Stock Exchange gained, led by 2.57 advance in Nifty Metal Index.
Optimistic On India-U.S. Economic Relationship's Future, Says Jaishankar
External Affairs Minister S Jaishankar said he is “very optimistic” on where the India-U.S. trade relationship will head, in a joint press briefing in New Delhi along with U.S. Secretary of State Mike Pompeo. Here are the key highlights on what Jaishankar said.
- Need constructive & pragmatic approach toward trade issues.
- Real test of our intentions will be our ability to address trade issues.
- India committed to easier rules for U.S. companies to do business.
- Expressed India's appreciation for strong support from the Trump administration on that front.
- Discussed situation in the Gulf with Pompeo.
- Stressed the need for energy predictability, stability.
Catch live updates on the briefing here.
Reliance Infra Surges After Getting Permission To Start Work On Sea Link
Shares of the Anil Ambani-led company rose nearly 25 percent to Rs 64.90 apiece.
A consortium of Reliance Infrastructure Ltd. and Italy’s Astaldi S.p.A. has finally received permission to start work on the Bandra-Versova sea link in Mumbai—the second leg of a 20-kilometre coastal road from Malabar Hill in south to Versova in the north.
The trading volumes was more than thrice the 20-day average for this time of the day, according to Bloomberg data.
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Britannia Industries Pares Losses After Refuting Reports Of MD Quitting
Shares of the biscuit maker traded 1.8 percent lower at Rs 2,755 apiece after paring day’s losses. The stock fell 3.8 percent intraday.
The FMCG company referred to developments about its Managing Director Varun Berry resigning as incorrect and baseless in an exchange notification.
The trading volume was more than five times the 20-day average for this time of the day, according to Bloomberg data.