Sensex, Nifty end at fresh lifetime highs; oil, bank backed rally
NEW DELHI: The domestic equity market benchmarks Sensex and Nifty50 registered fresh record closing highs on Friday, backed by gains in oil, metal, bank and auto stocks.
The Nifty50 closed 30 points, or 0.28 per cent, up at 10,681, while the 30-share Sensex added 89 points, or 0.26 per cent, up at 34,592.
Both, Nifty50 and Sensex, hit fresh 52-week highs of 10,690 and 34,638, respectively.
However, Dalal Street lost its bullish momentum on Friday afternoon after four judges from India’s apex court raised question over the administration of the Supreme Court. Both the Sensex and Nifty50 took a plunge from their record highs in a knee-jerk response to the revelation but pared the losses to end higher.
ICICI Bank, Maruti Suzuki, Oil and Natural Gas Corporation and Reliance Industries emerged as the top gainers.
Shares of Reliance Industries gained after reports floated that the company’s telecom venture Reliance Jio Infocomm was planning to create its own cyptocurrency, JioCoin.
On the other hand, telecom stocks such as Reliance Communications, Bharti Airtel and MTNL figured among the top losers of the day.
Telecom stocks developed cold feet over concern of reduction of international termination rate (ITR) – a charge paid by international operators to local networks that receive calls. The telecom regulator may reduce ITR by almost half from the current 53 paise a minute, a move that would deal a body blow to India’s top telcos, including Bharti Airtel which receive a bulk of international calls.
ITC, Power Grid Corporation, Bajaj Auto and Wipro also figured among the losers.
Among the 50 stocks in the Nifty50 index, 22 closed the day in the green, while 28 settled in the red.
Among the sectors, Nifty Media, metal, bank and auto indices closed Friday’s session in the green.
However, Nifty Realty index declined the most among sectoral indices on NSE, with shares of Oberoi Realty plunging 4 per cent.
Overall 146 stocks hit fresh 52-week highs, compared with 4 stocks that hit fresh 52-week lows on NSE on Friday.
Globally, Asian and European stocks rose on Friday on Wall Street’s record close. China stocks rose on a bullish show by bank and consumer firms.
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Via:: Economic Times – Stocks