Nifty50, the NSE benchmark index, closed at record high of 9,306.90 after reaching an intraday high of 9,309.20, while Sensex, the BSE barometer, rose 305.98 points in intraday trade before closing at 29,943.24.
Here is a look at 10 stocks that helped the Nifty50 zoom past 9,300:
Share prices of Housing Development Finance Corporation Ltd rose 1.76% in intraday trade to reach a new all-time high of Rs 1,557.60. The stock closed at Rs 1,541. The stock prices rallied amid growing optimism that the government’s interest subsidy scheme will boost affordable housing, as reported by PTI. HDFC Ltd has already disbursed about Rs 400 crore under the plan and sees a huge growth potential going ahead.
Share prices of Reliance Industries rose 3.55% in intraday trade to reach a new 9 year high of Rs 1,467.75. The stock closed at Rs 1,431. The share price of RIL rose on the back of robust Q4 results that were announced yesterday. RIL fiscal fourth-quarter net profit rose 12.3% on-year to Rs 8,046 crore while for the full fiscal year 2016-17, RIL reported highest ever net profit at Rs 29,901 crore.
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Mahindra and Mahindra
Mahindra and Mahindra stock prices rose 3.66% to reach Rs 1,310.90 in intraday trade before settling at Rs 1306.95 at the close of trade. Credit Suisse upgraded its rating on the stock to ‘Outperform’ citing the potential for M&M’s tractor business. Credit Suisse said it believes that with a number of state governments planning to introduce farm loan waivers, tractor demand could get a further boost.
Axis Bank share prices gained 4.31% to reach an intraday high of Rs 520.15, to settle at Rs 518.10 at the close of trade. The stock prices were up ahead of Q4 results of the bank. Also today the Bank Nifty crossed 22,000 mark with the share prices of almost all the component banks rising.
The other major contributors in Nifty’s rally past 9,300 were Indian Oil Corporation, which rose 3.31% to close at Rs 435.85; ITC, up 1.75% at 281.60; Bharti Infratel, up 4.76% at Rs 375.30; ICICI Bank, up 1.45% at Rs 272.55; Hindustan Unilever Limited up 2.15% at Rs 924.00; Bharat Petroleum Corporation Limited up 3.55% at Rs 740.20.