Sensex, Nifty close at levels last seen in first week of March; top factors that moved D-Street

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Published: July 23, 2020 4:23 PM

S&P BSE Sensex gained 269 points or 0.71% to reach 38,140 points while the NSE Nifty 50 ended above the 11,200 mark.

Reliance Industries Limited became the first Indian company to have a market capitalization of Rs 13 lakh crore as the share price surged 3.5% during the day.

Sensex and Nifty after a brief pause yesterday, were seen continuing their rally today. After a volatile opening session, domestic benchmark indices gained and ended at levels that were last seen during the first week of March. S&P BSE Sensex gained 269 points or 0.71% to reach 38,140 points while the NSE Nifty 50 ended above the 11,200 mark. Asian equity markets were mixed with Shanghai Composite slipping into the red while Hang Seng gained. Analysts say that domestic markets are being fueled by liquidity and any fall in stock markets may be short-lived.

RIL m-cap reaches another milestone: Reliance Industries Limited became the first Indian company to have a market capitalization of Rs 13 lakh crore as the share price surged 3.5% during the day. RIL stocks have been gaining for an entire week now. With this Mukesh Ambani is now the sixth richest man in the world, according to Bloomberg Billionaires Index.

Rossari Biotech bumper listing: The first IPO of this financial year, Rossari Biotech was subscribed 80 times even though brokerages had mixed views on the issue. Today shares of Rossari Biotech were listed at Rs 670, up from the issue price of Rs 425 per share. Rossari Biotech stocks ended 11% gain from opening price and at a 75% premium to the issue price.

Sectoral watch: Among sectors, all except Nifty IT ended in the green. Nifty Pharma index was up 1.44% while Nifty realty gained 1.41%. Nifty IT slipped 0.18%. “While Reliance has been instrumental in providing the bulls with the much-needed ammunition this month, the pharmaceutical pack has lent able support today even as we witnessed profit booking in Rural based stocks,” said S Ranganathan, Head of Research at LKP Securities.

Global peers: Major stock markets in Europe gained during the day. CAC 40 was up 0.68% while DAX moved up 0.71%. FTSE 100 was also in the green. “Benchmark indices ended the day with gains, following positivity in the global markets. Global markets set aside the rising US-China tensions and focused on potential vaccine developments and better than expected earnings numbers,” said Vinod Nair, Head of Research at Geojit Financial Services.

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