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:
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.
Broader market indices ended flat, underperforming their headline peers. Nifty Smallcap rose 0.04 per cent and Nifty Midcap declined 0.28 per cent. Nifty 500, the broadest index on NSE, ended up 0.33 per cent.
Coforge, City Union Bank, Mphasis, Balrampur Chini Mills, Kalpataru Power and CSB Bank were top gainers from midcap and smallcap indices, climbing in the range of 2-9 per cent.
PNB Housing, Vakrangee, Wockhardt, Adani Total Gas, Varun Beverages and Vodafone Idea were major losers from the broader market space, falling in the range of 3-5 per cent.
The sectoral matrix on NSE was mixed. Nifty IT jumped the most, 2.79 per cent, followed by Nifty Private Bank and Nifty Metal. Nifty PSU Bank was the top loser, down 1.4 per cent. Nifty Media followed with a 1.14 per cent drop.
Market breadth was in favour of losers as 1,454 stocks ended in the green while 1,746 counters settled with cuts. As many as 405 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 20 scrips hit 52-week lows, mostly from the microcap space. About 425 stocks hit upper circuit limits and 280 lower circuit limits.
European markets were trading higher at the last count. London-based FTSE was up 0.31 per cent while Paris and Frankfurt declined 1 per cent and 0.78 per cent, respectively. In Asia, barring Thailand and Indonesia, which ended about 0.4 per cent lower, all markets ended in the green.
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
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.
Broader market indices ended flat, underperforming their headline peers. Nifty Smallcap rose 0.04 per cent and Nifty Midcap declined 0.28 per cent. Nifty 500, the broadest index on NSE, ended up 0.33 per cent.
Coforge, City Union Bank, Mphasis, Balrampur Chini Mills, Kalpataru Power and CSB Bank were top gainers from midcap and smallcap indices, climbing in the range of 2-9 per cent.
PNB Housing, Vakrangee, Wockhardt, Adani Total Gas, Varun Beverages and Vodafone Idea were major losers from the broader market space, falling in the range of 3-5 per cent.
The sectoral matrix on NSE was mixed. Nifty IT jumped the most, 2.79 per cent, followed by Nifty Private Bank and Nifty Metal. Nifty PSU Bank was the top loser, down 1.4 per cent. Nifty Media followed with a 1.14 per cent drop.
"Despite the positive bias, we’re seeing restricted participation so traders should focus more on the selection of sectors and stocks."
European markets were trading higher at the last count. London-based FTSE was up 0.31 per cent while Paris and Frankfurt declined 1 per cent and 0.78 per cent, respectively. In Asia, barring Thailand and Indonesia, which ended about 0.4 per cent lower, all markets ended in the green.
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