Marathon Run as Domestic Stock Markets Opened

Live, share market updates: Domestic stock markets opened at fresh record highs yet again on Friday.

Dalal Street, continued its marathon run as domestic stock markets opened at fresh record highs yet again.

The Sensex opened at 37,253.86 while the Nifty50 at 11,232.75. It was fresh record opening highs for both the equity benchmarks.

The high registered by the Sensex by 9:47 am was 37,272.86 while for the broader Nifty it was 11,240.60. On Thursday, Sensex had advanced for the fifth straight day to close at 36,984.

The Nifty50 had closed at 11,167 level after hitting a life-high of 11,185.85 earlier in the session.

Things you should know about Friday’s trading session:

1) At 9:52 am, the Sensex surged 255.01 points or 0.69 per cent to trade at 37,239.65 while the Nifty50 firmly traded above the crucial 11,200 mark at 11,236.70 with a gain of 69.40 points or 0.62 per cent.

2) ITC (up 4.82 per cent), ICICI Bank (up 1.73 per cent), Hero MotoCorp (up 1.75 per cent), Tata Steel (up 1.69 per cent), and Bajaj Auto (up 1.44 per cent) were the top gainers in the 30-share Sensex pack.

3) Hindalco (up 5.01 per cent), ITC (up 4.82 per cent), Indiabulls Housing Finance (up 2.10 per cent), Tata Steel (up 1.76 per cent), and Hero MotoCorp (up 1.75 per cent) led the gains in the 50-share Nifty index of the National Stock Exchange (NSE).

4) ITC gained after its profit rose 10 per cent to Rs. 2,819 crore in the quarter ended June 30 from Rs. 2,561 crore in the year ago quarter. Hindalco Industries said its US unit Novelis Inc agreed to buy aluminium processor Aleris Corp for $2.6 billion, giving it a foothold in supplying the aerospace industry and other value-added businesses globally. ICICI Bank will report its June quarter numbers later today.

5) ITC, ICICI Bank, HDFC Bank, HDFC, and Reliance Industries which will report its numbers later on Friday contributed the most to the Sensex.

6) Twenty nine out of 50 Nifty stocks advanced in trade.

7) All sectoral indices of the NSE traded with solid gains led by FMCG, metal, and banking stocks.

8)Technical experts, however, caution that profit-booking may hit Dalal Street in the next few sessions. “Market breath is not that convincing. So we may see some profit-taking in the coming days. We may see some profit taking in coming days. But as long as Nifty trades above the first line of defence placed near 11,000, it may continue to travel north,” said Dyaneshwar Padwal, AVP Technical Analysis, KIFS TradeCapital.

9)Meanwhile, Asian stocks struggled to gain traction, following a mixed Wall Street finish and as the worsening Sino-US trade dispute kept investors in the region cautious, despite signs of rapprochement between the United States and Europe. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 per cent.

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