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Sensex, Nifty at fresh closing highs; RIL m-cap tops Rs 10 lakh crore

BSE midcap and BSE smallcap indices outperformed the benchmarks.

, ETMarkets.com|
Updated: Nov 28, 2019, 04.12 PM IST
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Sensex ends at record high of 41,130; Nifty tops 12,150
Sensex ends at record high of 41,130; Nifty tops 12,150
Mumbai: Benchmark stock indices Sensex and Nifty rallied to new closing highs on Thursday, ignoring the slump in world markets as sentiment was upbeat on continued inflows from foreign investors.

Higher rollovers ahead of expiry of November series futures and options (F&O) contracts also kept the market momentum going. According to Edelweiss, Nifty rollovers until Wednesday were near 44.67 per cent versus the three-month average of 38.70 per cent.

BSE’s 30-share Sensex closed 0.27 per cent or 109.56 points higher at 41,130.17 points, while NSE’s 50-share Nifty climbed 0.44 per cent or 53.60 points to close at 12,154.30. It was a record closing high for both indices.

Earlier in the day, Sensex had risen as much as 0.35 per cent or 143.18 points to 41,163.79 while Nifty climbed as much as 0.48 per cent or 58.10 points to 12,158.80.

Markets at a glance:
Despite the upbeat market closing, the breadth was neutral, implying that the rally was supported by a select few stocks. Gainers and losers were nearly equal in number on the BSE.

BSE midcap and BSE smallcap indices outperformed the benchmarks, as they rose 0.97 per cent and 0.45 per cent respectively.

All sectoral indices, except BSE Auto index closed higher. BSE Telecom index and BSE Metal index rose the most. They gained 3.49 per cent and 2.15 per cent respectively.

Eighteen of 30 Sensex stocks closed in the green. Private lender ICICI Bank (84.33 points) contributed the most to Sensex’s gains, as it rose 2.68 per cent.

Energy-to-telecom conglomerate, Reliance Industries (RIL), scaled new highs and became the first Indian company to cross the market capitalization of Rs 10 lakh crore. It closed 0.65 per cent higher at Rs 1,579.95. It had risen to a record Rs 1,584 in the day.

Analysts views:
"Market stayed positive despite expiry led volatility and the announcement of GDP data tomorrow as investors got a sense that increasing global liquidity will provide support in every consolidation. Factors like benign oil prices and fall in yields signals that RBI will continue to maintain its accommodative stance until the economy enters into a revival path. Additionally, the government's efforts to maintain the fiscal prudence and stimulus measures may help to extend the breadth of the rally,” -- Vinod Nair, Head of Research at Geojit Financial Services.

Global markets:
A four-day rally that had lifted world stocks to near-record highs stalled on Thursday as a US bill backing Hong Kong’s protesters became law, provoking China’s ire and threatening to derail an interim trade deal between Washington and Beijing, Reuters reported.

Asian shares excluding Japan were down 0.2 per cent. Japan's Nikkei, Hong Kong's Hang Seng and Shanghai blue chips all closed weaker. The pan-European index opened 0.2 per cent lower.

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