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    Sensex jumps 182 pts, Nifty just shy of 12,000; RIL, Sun Pharma surge

    Synopsis

    The 30-share Sensex scaled fresh record high of 40,816.38 in intraday trade.

    Sensex zooms 182 pts, Nifty ends just shy of 12,000; RIL raliies over 2%

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    NEW DELHI: Benchmark indices Sensex and Nifty rallied on Wednesday, led by gains in Reliance Industries, Sun Pharma and IndusInd Bank. Weak global market setup and domestic currency, however, capped gains.

    BSE Sensex settled 182 points or 0.45 per cent higher at 40,652 while NSE Nifty ended shy of 12,000 mark, at 11,999, up 59 points or 0.49 per cent. The market breadth leaned in favour of sellers, signalling underlying bearishness in the market, although analysts do not find this to be alarming.

    The 30-share Sensex scaled fresh record high of 40,816.38 in intraday trade.

    "Bulls managed to breach 12,000 decisively, however, could not manage to close above the 12,000 mark. Some mild profit booking is still happening above the 12,000 mark. Market breadth was tad in the negative, but nothing alarming. It's not a surprise to witness some profit booking near all-time highs. The overall structure remains positive and the rally is getting broad-based," Amit Shah, Technical Research Analyst with Indiabulls Ventures.

    Market at a glance
    In the Sensex pack, 15 stocks ended higher, two flat and 13 in the red. Sun Pharma and IndusInd Bank jumped 5.73 per cent and 5.50 per cent, respectively, and were the top index gainers. YES Bank, RIL, Maruti and ITC followed suit.

    RIL gained 4 per cent during the day, only to settle 2.47 per cent higher, a bit shy of Rs 10 lakh crore m-cap mark.

    Kotak Mahindra Bank, Tata Steel, HDFC, HUL and SBI, however, were among the top index losers, shedding as much as 1.49 per cent.

    Shares of Vodafone Idea jumped 17.44 per cent, logging a cumulative gain of 98.34 per cent in the past four sessions.

    Broader market trailed benchmark Sensex, with BSE Midcap and BSE Smallcap rising 0.25 per cent and 0.07 per cent, respectively.

    Healthcare, energy and oil & gas were among the leading sectoral gainers on BSE while realty was the biggest drag.

    Expert take
    "Market traded higher ahead of Cabinet meeting due today to discuss on divestment and continued strong buying in index heavyweights, lead by pharma and banking stocks. Fresh worries surfaced over US–China trade tensions, but domestic market maintained positive momentum. The government’s plan to divest PSU stake to help maintain the fiscal deficit target in check," -- Vinod Nair, Head of Research, Geojit Financial Services.

    Global Markets
    World stocks were knocked off 22-month highs on Wednesday as a renewed flare-up in Sino-US tensions and the creeping return of US recession fears fuelled a bid for bonds and other "safe" assets such as gold.

    MSCI's index of Asia-Pacific shares ex-Japan tumbled 0.7 per cent, Japan's Nikkei fell 0.8 per cent and Shanghai blue chips lost 1 per cent. MSCI's global index slipped 0.3 per cent, ending a three-day winning streak.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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    1 Comment on this Story

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