BusinessShare Market

Sensex, Nifty Hit Record Closing Highs

Energy sector heavyweights Reliance Industries and ONGC closed around 3 per cent higher. RIL was the top contributor to the NSE index's gain.

Domestic stock markets, scaled fresh record closing highs on Wednesday, boosted by banking stocks and energy heavyweights such as Reliance Industries and ONGC.

BSE benchmark index Sensex closed 221 points, or 0.6 per cent, higher at 37,887 while the NSE Nifty settled at 11,450, up 60 points from the previous close.

The Nifty Bank an NSE sectoral index comprising banking stocks breached and ended above the 28,000 level for the first time.

Things to know about Wednesday’s trading session:

1. Top gainers on the 50-scrip Nifty index were Reliance Industries, ONGC, Cipla, Bajaj Finance and Bharti Infratel – closing around 2-3 per cent higher.

2. Energy major Reliance Industries was the top contributor to the Nifty’s gain.

3. The Bank Nifty settled 0.7 per cent higher. During the session, it touched a life-time high of 28,128. SBI, Bank of Baroda and ICICI Bank shares closed between 1.6 per cent and 1.9 per cent higher.

4. Gains in financial services stocks also supported market sentiment, led by Bajaj Finance, IIFL, M&M Finance and Max Financial Services – which rose 1-3 per cent.

5. Domestic equities also took support from other Asian markets, on the back of strong US earnings and expectations that Beijing will ramp up fiscal stimulus to cushion the impact of its worsening trade dispute with Washington.

6. However, declines in pharma stocks kept the upside in check. Lupin shares closed 5 per cent lower, after the drug maker reported a 43 per cent fall in net profit for the April-June quarter, hurt by declining sales in the US and Japan.

7. Aurobindo Pharma, Divis Labs and Biocon shares ended 1-3 per cent lower, contributing to a 0.7 per cent drop in the Nifty Pharma for the day.

8. Analysts expect some volatility in the markets in the coming sessions. “With headline index trading at record highs, some consolidation cannot be ruled out. We expect stock specific volatility to continue with more corporate earnings scheduled in the next 1-2 weeks,” said Jayant Manglik, president, Religare Broking.

9. Overnight on Wall Street, the S&P 500 inched nearer to a record high, as upbeat tech earnings fuelled optimism on strength in the world’s largest economy. A strong earnings season has helped US stocks cushion some of the impact from the simmering trade issues.

10. “Market participants would keep an eye on global developments especially the US-China trade war, progress of monsoon, currency and crude oil price movement,” Mr Manglik added.

Summary
Review Date
Reviewed Item
Sensex, Nifty Hit Record Closing Highs
Author Rating
51star1star1star1star1star
Rajesh Minj PL Bhagat Parul Mathur sushil mishra
shailendra singhdev roshan gupta rohit bargah ramesh gupta
prabhat khilkho parul mathur new pankaj narendra yadav
manish sinha amos kido ashwarya chandrakar anuj akka
anil nirala anil agrawal daffodil public school
madhuri kaiwarta keshav prasad chauhan Tahira Begam Parshad ward 11 katghora krishi mandi
Tags

Related Articles