Benchmark Indian indices closed on a fresh record on Friday – thanks to Reliance for driving the indices up. BSE Sensex 58,129.95 ended in the green, up 277.41 points or 0.48 per cent. However, extensive nifty It was up 89.40 points or 0.52 per cent at 17,323.60. India’s volatility gauge VIX rose to 1.36 points.
“Despite mixed global cues, domestic equities continued to raise their bar, register new highs, as India continued to report strong economic numbers. European stocks traded mixed ahead of US jobs data, while concerns about an economic slowdown in China eased investor concerns. Indian services PMI data rose to 56.7 in July from 45.4 on account of re-opening of several establishments and improving demand that boosted sales, said Vinod Nair, head of research, Geojit Financial Services.
On NSE, Reliance Industries was the top gainer with a gain of 4.07 per cent, followed by ONGC, Coal India, Titan and Hero Moto Corp, while HDFC Life, Cipla, Hindustan Unilever, HDFC Bank were the losers in the sector except Nifty Bank. Were. Nifty Financial Services and Nifty FMCG, Nifty Private Bank, all indices were trading in the red. Nifty Bank was down 0.19 per cent, Nifty Financial Services was down 0.26 per cent. However, Nifty Oil & Gas was the top gainer with a gain of 2.8 per cent. The market remained positive with 23 stocks rising and 17 down.
“Large caps have played a catch-up rally in the last one month, taking the benchmark higher. We believe that style is the key to rotation, moving forward. We are in a very interesting phase of the market where the benchmark indices are touching an all time high with the market position gradually shifting towards higher quality large cap names. The market breadth has narrowed in the last one month and high quality large cap stocks have outperformed the broader market,” said Neeraj Chadavar, Head – Quantitative Equity Research, Axis Securities.
On BSE, Hindustan Oil Exploration was the top performer with a gain of 9.9 per cent, followed by Linde India with 7.70 per cent, Bluedart. On the other hand, Sonofi India, Alembic Ltd., IEX were among the laggards. Sectorally, BSE Midcap rose 0.24 per cent, BSE Smallcap 0.24 per cent. The market remained positive with 18 stocks rising and 12 stocks falling.
“Domestic equities extended gains mainly on the back of rebound in metal and automobile stocks. Besides, a sharp rise in RIL supported the Nifty. Notably, barring financials and FMCG, most major sectoral indices ended in the green today. In addition, buying was witnessed in midcap and smallcap stocks, while the volatility index rose ~2%. Notably, the Nifty rose ~3.5% this week, mainly due to a revival in FII inflows following sluggish remarks by Fed Chairman Powell at the Jackson Hole symposium last week and maintaining domestic inflows during the week. Around Rs 10 lakh crore accumulated in the assets of the investors. Binod Modi, Head Strategy, Reliance Securities said.
However, in early trade, taking mixed cues from the US and Asian stock markets, Indian major benchmark indices opened in the green and touched an all-time high. BSE on Friday Sensex Opened 217.58 points or 0.38 per cent higher at 58,070.12 for the first time and the broader market Nifty was up 61.80 points or 0.36 per cent at 17,296.
read all breaking news, breaking news And coronavirus news Here
.