Sensex, Nifty Close At Record High; Real Estate Stocks Surge
Indian shares rose, with the Nifty posting its longest string of gains in a month, as investors focus on the ongoing earnings season and incoming key economic data.
The S&P BSE Sensex closed 0.5% higher to 53,158.85, a new record close for the index. The 30-share index gained as much as 0.7% to a new intraday all-time high of 53,266.12.
Likewise, the NSE Nifty 50 Index advanced 0.4% to 15,924.20, a record close. The 50-share index gained as much as 0.6% to a new intraday all-time high of 15,952.35.
HDFC Bank Ltd. contributed the most to the index gain, increasing 1.4%. HCL Technologies Ltd. had the largest increase, rising 5.1%. So far this week, the index rose 1.5%, heading for the biggest advance since the week ended June 6.
The broader markets almost mirrored the performance of their larger peers. The S&P BSE MidCap rose 0.3% while the S&P BSE SmallCap advanced 0.4%. Eleven of the 19 sectoral indices climbed, led by the S&P BSE Realty index, up 4.01%.
The market breadth was skewed in favour of the bulls. About 1,665 stocks advanced, 1,570 declined and 131 remained unchanged on the BSE.
Also read: Zomato IPO Subscription Status: Day 2
HFCL Extend Decline Despite Healthy Q1 Earnings
Shares of the telecom company shed nearly 5%, its fourth straight session of decline, to Rs 78.45 apiece. Over the past five sessions, HFCL has shed over 5% despite reporting a three-fold rise YoY in net profit to Rs. 90.69 crore in the June quarter on Tuesday. Consolidated revenue almost grew over 70% YoY to Rs 1206.87 crore.
The decline follows an extended period of gains in which shares of HFCL added over 100% in a month ending July 6. Shares of HFCL gained over 200% for the year so far.
The performance of the telecom company has been driven by launch of another PM WANI model village in Karnataka, commissioning of dedicated 5G R&D centre and business division as well as healthy order inflows.
Jubilant Pharmova Slips Most In Five Weeks; Volume Surges
Jubilant Pharmova Ltd. fell 5%. Trading volume was seven times the average for this time of day.
Trading volume was 1.67 million shares, seven times the 20-day average of 231,530 shares for this time of day.
The shares are down 3.3% in the past 5 days and fell 5.9% in the past 30 days.
Analysts have seven buy, one hold, and no sell recommendations on the stock.
The price target of Rs 982.14 represents a 38% increase from the last price
Market Update: Sensex, Nifty Hover Near Record High
The S&P BSE Sensex rose 0.6% to 53,232.81, around 20 points away from its all-time high. The NSE Nifty 50 too gained 0.6% to 15,951.25 -- a new record high for the stock index.
The broader markets gained inline with their larger peers. The S&P BSE MidCap rose 0.35% while the S&P BSE SmallCap advanced 0.44%. Thirteen of the 19 sectoral indices climbed, led by the S&P BSE Capital Goods index, up 2%.
The S&P BSE Oil & Gas declined 0.8%, making it the worst performing sectoral index.
The market breadth was skewed in favour of the bulls. About 1,652 stocks advanced, 1,484 declined and 141 remained unchanged on the BSE.