A rally in the bluechip heavyweight stocks including Reliance Industries, Infosys and TCS took the Sensex and Nifty to fresh closing highs. The Sensex closed 66 points higher at 39,749.73, while the Nifty closed 4 points higher at 11,928.75. The levels represent a new peak for the leading benchmark indices, as the two had hit a new closing high yesterday. Infosys (2.47%), TCS (1.03%), Reliance Industries (1.16%) together contributed to 134 points to the Sensex’s overall gains. Yes Bank (4.06%), Coal India (2.72%), Infosys (2.47%), Powergrid (1.90%) were among the biggest Sensex gainers in percentage terms. Heromotocorp (2.55%), Bajaj Auto (2.35%), Bharti Airtel (1.43%) emerged among the biggest losers in the index.
Also read: After IndiGo, SpiceJet posts rise in Q4 net profit; key figures in nutshell
Intra-day the Sensex swung 300 points in a highly volatile session. The gauge hit an intra-day high of 39,828.65 and a low of 39,498.65. During the day, the Nifty hit a high of 11,958.55 and a low of 11,864.90. A renewed sense of positivity has been dictating domestic bourses ever since Narendra Modi-led National Democratic Alliance (NDA) won the Lok Sabha polls. Foreign institutional investors bought equity worth Rs 1,215.36 crore on Monday, while domestic institutional investors sold shares to the tune of Rs 327.86 crore, provisional data available with stock exchanges showed. The domestic currency rupee settled 20 paise lower to 69.71 against the US dollar.
Interestingly, budget airline SpiceJet on Tuesday reported a 22% rise in profit to Rs 56.30 crore in the quarter ended March as against Rs 46 crore in the corresponding period of the last fiscal, as it flew more customers and was able to raise prices. Interestingly, the development comes after rival and India’s largest carrier by market share IndiGo also reported robust results in the latest quarter. Interglobe Aviation has reported a five fold jump in quarterly profit to Rs 589.6 crore in Q4FY19 up from Rs 117.6 crore in the corresponding period of the last fiscal. The analysts in the CNBC TV18 poll had anticipated a profit of Rs 470 crore. The company had posted a 75% year-on-year fall in profit after tax (PAT) at Rs 190.90 crore in the December quarter.
Meanwhile, India’s leading bourse National Stock Exchange of India Limited (NSE) unveiled a new logo for the 50-share index Nifty. The new brand logo emphasizes on the letter ‘N’ and an upward rising graph, signifying growth and momentum, capturing the new direction for the Indian capital markets, NSE said in a statement. Interestingly, the Nifty 50 index represents roughly 68% of the total free float market capitalisation of all listed companies on NSE.