Sensex, Nifty Close At Record Highs Powered By Gains In Reliance Industries

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Surge in Reliance Industries shares contributed 280 points towards the Sensex.

The Indian equity benchmarks closed at record highs for yet another session powered by a rally in index heavyweight Reliance Industries, which rose the most in over three months, to close at an all-time high of Rs 2,390. Surge in Reliance Industries shares contributed 280 points towards the Sensex. The Sensex rose as much as 342 points to hit an all-time high of 58,194.79 and Nifty 50 index touched record high of 17,340.10.

The Sensex advanced 277 points to close at an all-time high of 58,129.95 and Nifty 50 index rose 89 points to close record high of 17,324.

“If Nifty 50 index sustains above the level of 17,200-17,250, the market is likely to gain momentum, leading to an upside projection till 17,400-17,450. The momentum indicators like RSI and MACD are positive further strengthening a short-term bullish outlook for the markets,” said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.

Ten of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Oil & Gas index’s 2.5 per cent gain. Consumer Durables, Realty, Metal, Media and Auto indices also rose over 1 per cent each.

On the other hand, Nifty Financial Services, FMCG, Bank and Private Bank indices closed lower.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 0.5 per cent and Nifty Smallcap 100 index advanced 0.41 per cent.

Reliance Industries was the top Nifty gainer, the stock rose 4.15 per cent a day after the Mukesh Ambani-led company acquired controlling stake in Just Dial. With today’s surge in Reliance’s share price its market capitalisation crossed Rs 15 lakh crore.

ONGC, Coal India, Titan, Indian Oil, Hero MotoCorp, Bharat Petroleum, Eicher Motors, Bajaj Auto, Maruti Suzuki, Tata Steel, Asian Paints and Kotak Mahindra Bank also rose between 1-4 per cent.

On the flipside, HDFC Life fell 3.3 per cent to close at Rs 734 after the company announced acquisition of Exide Industries’ life insurance business.

Cipla, Bharti Airtel, Hindustan Unilever, HDFC, HDFC Bank, IndusInd Bank, UltraTech Cement, Tata Consumer Products, Axis Bank and Mahindra & Mahindra were among the losers.

The overall market breadth was positive as 1,726 shares ended higher while 1,474 closed lower on the BSE.



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