Sensex crosses 58k on RIL push

Mumbai: Major buys in the heavyweights of the Reliance Industries (RIL) index helped sensex cross the 58,000 mark for the first time in its history. The benchmark index closed 277 points higher at 58,130 as foreign funds continued their buying frenzy. The Nifty on the NSE also hit a new high above the 17,300 point mark, closing 89 points higher at 17,324. Robust GST numbers, growth in the services PMI and strong global indices have also contributed to the recovery.
The rupee also settled with a marginal gain of 5 paise at 73.02 against the US dollar on Friday as domestic stocks continued their record frenzy. In the interbank forex market, the local unit opened at 73.05 against the greenback and saw an intraday high of 73.01 and a low of 73.15.
During the session, RIL gained 4.1% after its chairman Mukesh Ambani detailed the company’s alternative energy strategy. He was speaking at a world energy conference. As a result, RIL contributed 278 points to sensex, along with Infosys, Titan and others. The sale of HDFC Bank, HDFC and HUL, among others, limited the index’s gains. Without RIL, the sensex would likely have closed in the red, dealers said.
According to Siddhartha Khemka, head of financial services at Motilal Oswal (retail research), liquidity in the domestic market has been strong in recent days, with net purchases of foreign funds of over Rs 6,000 crore over the past few days. of the last four sessions. “In addition, strong service PMI data and healthy TPS collection figures have boosted market sentiment,” Khemka said.
Writing in a post-trade note, Khemka referred to India’s services PMI for August – at 56.7, up from 45.4 in July – indicating the fastest growth in over 18 months, while the GST collection remained above Rs 1 lakh-crore for the second consecutive month at Rs 1.12 lakh crore, also for August.
Apart from sensex shares, HDFC Life Insurance has announced that it will buy back the promoters of Exide Life Insurance for Rs 6,687 crore through a mix of cash and shares. HDFC Life stock, however, closed 3.2% lower as market participants felt the price was on the rise. On the other hand, Exide Industries closed up 6.3%.
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