The headline indices Sensex and Nifty extended rally for the sixth straight straight session on Friday, buoyed by a rally across the sectors.
The headline indices Sensex and Nifty extended rally for the sixth straight straight session on Friday, buoyed by a rally across the sectors. The Sensex zoomed 246 points to end the session at 39,298, while the Nifty closed above the 11,650-mark. Shares of Mukesh Ambani-led Reliance Industries soared to a fresh record high, ahead of Q2 results scheduled to be reported later today. Reliance Industries also topped the Rs 9 lakh crore mark to retain the spot of India’s most valued company by market capitalisation. Yes Bank was the top gainer in the Sensex pack, rallying up to 8.44 per cent, followed by Maruti Suzuki, PowerGrid, NTPC, L&T and SBI. Shares of Tata Motors, Bajaj Auto, Bharti Airtel, ICICI Bank, Axis Bank and Infosys were among the losers shedding up to 1.05 per cent.
“Indian equities outperformed major global markets for the week. Equity markets witnessed a sharp rally on foreign investor buying, progress in US-China trade talks and as well as a deal being reached between UK and EU on Brexit,” said Sanjeev Zarbade, VP PCG Research, Kotak Securities said. According to Ajit Mishra, VP, Religare Research, we may see some consolidation in Nifty after the recent surge while movement on the stock-specific would continue.
“In the absence of any major event, global cues and earnings will continue to dictate the market trend. The underperformance of the banking index is still a concern and will be closely tracked. We suggest preferring index majors and select midcap for short term trading,” he added. Investor sentiment got a boost after Finance Minister Nirmala Sitharaman said that more reforms will be done in FY20. Meanwhile, the Indian rupee appreciated marginally to 71.13 against the US dollar intra-day.