Sensex continues to rise after a day’s pause; RIL down 2%

NEW DELHI: Heavy buying in IT stocks along with support from banking and metal stocks lifted the benchmark indices higher on Thursday. Reliance Industries, which unveiled massive capex plans, was the biggest drag on Dalal Street.

Volatility indicators eased as F&O contracts for the month of June expired, but analysts expect the market to be volatile as valuation concerns are mounting. Many fund managers have started accumulating cash in anticipation of a correction.

The 30-share pack Sensex advanced 392.92 points or 0.75 per cent to close at 52,699. The index is about 350 points away from hitting fresh record highs. Its broader peer NSE Nifty added 103.50 points or 0.66 per cent to settle at 15,790.45.

Market at a glance:

  • RIL ends 3% lower as co announces massive capex plans
  • Adani Green Energy down 3% as RIL to enter the biz
  • Orchid Pharma down 10% after promoter sells shares at 12% discount
  • Sona Comstar hits 20% upper circuit on debut, up 25% over issue price
  • Shyam Metalics ends first day up 23% over issue price

Among blue-chip stocks, Infosys was the top gainer, rising 3.52 per cent. TCS, JSW Steel, Tech Mahindra, L&T, Asian Paints, Tata Steel, ICICI Bank, Nestle India and M&M were other gainers.

Reliance Industries was the top loser in the Nifty pack, falling 2.61 per cent. IndianOil, Coal India, Shree Cement, Bharti Airtel, ONGC, BPCL, Cipla and PowerGrid were other shares that ended in the red.

“Supported by positive global equities and strong buying interest in IT stocks, the domestic market sparked a rally. Global investors have digested the comments from Fed officials and are looking ahead to key data releases like US jobless claims and the Bank of England’s decision on interest rates,” said Vinod Nair, Head of Research at Geojit Financial Services.

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