Sensex, Nifty Close Higher For Fifth Straight Week Led By IT, Telecom Stocks
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India's stock benchmarks closed at record aided by gains in realty, information technology and telecom stocks and logged gains for the fifth consecutive week. The S&P BSE Sensex closed above the 60,000 mark for the first time.
The Sensex rose 0.27% to 60,048.47, a record close. The 30-stock index rose to a record 60,333 in intraday trade. The Nifty 50 advanced by a similar magnitude to 17,853.20, a record close. The 50-stock index rose to a record 17,947.65 in intraday trade. HDFC Bank Ltd. contributed the most to the index gain, increasing 2.0%. Asian Paints Ltd. had the largest increase, rising 3.9%. Today, 21 of 50 shares rose, while 29 fell.
The broader indices underperformed their larger peers with the S&P BSE MidCap shedding over 1% and S&P BSE MidCap slipping 0.3%. Twelve of the 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Metal index falling 2.31%. On the flipside, S&P BSE Telecom rose nearly 2.8%.
The market breadth was skewed in favour of bears. About 1,341 stocks advanced, 1,922 declined and 159 remained unchanged.
S&P BSE Realty Up Over 20% For The Week
Ramkrishna Forgings Secures Export Order Worth Rs 30 Crore Per Annum From North America
Ramkrishna Forgings Ltd. bagged an export order worth Rs 30 crore per annum from North America in Oil & Gas segment.
In an exchange filing, Naresh Jalan, managing director of Ramkrishna Forgings said that the order strengthened the company's penetration in oil & gas exploration sector.
All the three analysts tracking the company maintained 'buy' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 3.2%.
Accenture Profit Forecast Beat Lifts Indian Software Peers
India’s technology stocks advance after global peer Accenture reported fourth-quarter earnings and gave a profit forecast for the full-year that beat the average analyst estimate.
“Accenture’s Q4FY21 performance reinforces our confidence on demand environment and growth,” Jefferies analysts wrote in a note, maintaining their positive stance on Infosys and HCL Tech.
“Given the strong demand environment, we expect the FY22 guidance to be revised upwards”
Accenture’s results reflect “strong demand environment” and augur well for Indian IT companies, Emkay analysts wrote in a note.
Prefer Infosys, HCL Tech and Tech Mahindra in largecaps, and Persistent Systems, Birlasoft in midcaps.
Chambal Fertilisers Shares Advance The Most In 14 Weeks
Shares of Chambal Fertilisers and Chemicals Ltd rose 6.29%, the most in 14 weeks, to Rs 326 apiece. Trading volume was triple the 20-day average for this time of the day.
Chambal Fertilisers trading at 9 times its estimated earnings per share for the coming year.
Analysts have four ‘buy’, no ‘hold’ and no ‘sell’ recommendations on the stock.
Shares of Chambal Fertilisers crossed the 50-day simple moving average, indicating potential upward price momentum.