Sectoral indices such as IT, pharma, infra, banks and energy boosted the upmove as well. Metals and auto were the top losers among other sectors.
A good surge in midcaps, defensives as well as index heavyweights such as Reliance Industries ensured that the market managed to end the week on a positive note, with the Nifty closing well above 11,000.
Sectoral indices such as IT, pharma, infra, banks and energy boosted the upmove as well. Metals and auto were the top losers among other sectors.
The day began on a flat note, following tepid global cues, but indices soon gathered strength as buying resumed in the midcaps space. The rupee managed to fall to a new low of 69.12 to the US dollar, which boosted IT stocks as well. Investors also looked to place their bets on another defensive sector—pharmaceuticals.
The Sensex is up 145.14 points or 0.40% at 36496.37, while the Nifty is up 53.10 points or 0.48% at 11010.20. The market breadth is negative as 1,146 shares advanced, against a decline of 1,396 shares, while 154 shares are unchanged.
Among stocks, Infosys, Sun Pharma, Bajaj Finserv and Baja Finance have been the top gainers, while Bajaj Auto, Vedanta, and HPCL lost the most.
Stocks in news
Shares of Bajaj Auto lost 8.7 percent as investors turned wary of its results that the company declared. India’s third largest two-wheeler maker missed analysts’ expectations by reporting a 20.7 percent year-on-year rise in its standalone net profit for the quarter ended June.
Tyre manufacturing major, Ceat, reported a sharp increase in its net profit for the June quarter to Rs 72 crore against Rs 1.6 crore that it reported during the same quarter last year. Reacting to the results, stock of Ceat soared 7.5 percent during the day.
The S&P BSE IT index rose 1.5%, led by gains in Infibeam (up 6.9%), Hexaware (up 3.3%), Tech Mahindra (up 2.6%), Infosys (up 2.4%), and Mphasis (up 1.5%). IT stocks rallied on the back of weakness in local currency against the US Dollar which hit a fresh record low of Rs 69.12 in trade today.
Reliance Industries’ stock price has had a stellar run over the past 12 months and the stock continued its upward journey to touch a record high of Rs 1,138.25 on Friday. The stock has surged more than 16 percent since the conclusion of its 41st annual general meeting, held on July 5, 2018, and over 40% in last 1 year.
Shares of Bajaj Finance gained 8 percent as investors cheered the company’s Q1 results. The company reported 83 percent rise in its standalone net profit for the June quarter to Rs 833.7 crore, higher than what analysts had estimated, as it earned more in interest income and its asset quality remained stable.
Global markets
European markets traded around flat terrain amid earnings season. The Stoxx 600 was trading flat.
Meanwhile, markets in Asia closed higher with yuan seeing some weakness before paring losses.
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