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.
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.