Markets on a roll! Sensex hits record close; Nifty ends above 11,000; Reliance Industries top gainer
Vinod Nair, Head of Research, Geojit Financial Services
Market maintained its upward streak in expectation of earnings growth and decline in oil prices. Besides, the prospects of trade talks between US & China influenced global peers to rebound after the recent sell off. Oil price declined to recent low while rupee appreciated easing the concern of an expected rise in June CPI inflation to 5.29%.
Sensex hits all-time high in intraday trade
The 30-share barometer, after opening on a strong footing, gathered momentum to touch an all-time intra-day high of 36,699.53. However, it shed some ground on profit-booking, before finally finishing at 36,548.41, up by 282.48 points, or 0.78 per cent -- surpassing its previous record closing of 36,283.25 hit on January 29. The gauge has now gained 973.86 points in five sessions.
The broader NSE Nifty index also reclaimed the 11,000-mark, touching a high of 11,078.30 before ending at 11,023.20, up 74.90 or 0.68 per cent. This is its highest closing since January 31, when it had ended at 11,027.70.
Reliance Industries stock soared today to enter the $100 billion market-cap club again. This is for the first time in a decade. Reliance Industries stock hit all-time high on Thursday. RIL had first crossed the $100-billion market value in October 2007 when the rupee was at 39.5 to a dollar. The Mukesh Ambani-owned oil-to-telecom conglomerate achieved this feat 3 months after Tata Consultancy Services became India’s first information technology (IT) major to breach the $100-billion mark in market capitalisation.
Markets At Close
The Sensex rallied over 282 points to end at a record high of 36,548.41 today on robust buying in energy, oil and gas and banking stocks. Oil-to-telecom conglomerate Reliance Industries jumped 4.42 pr cent to hit its all-time closing high, re-entering the $100 billion market cap club.
US president Donald Trump on Tuesday raised the stakes in its trade dispute with China, imposing 10 per cent tariffs on a list of $200 billion worth of Chinese imports. The move sent the global markets lower, prompting China to warn it would retaliate. Investors fear an escalating trade war between the world’s two biggest economies could hit global growth and damage sentiment. However, Indian stock market maintained calm. The benchmark indices Sensex and Nifty ended higher, bucking the global trend. We have compiled a list of sectors and specific companies where good money could be made as trade war escalates:
Buy Nifty with a stop loss of 10,900 and a target of 11,000-11,025-11,050. Sell Nifty in the range of 11,025-11,050 with a stop loss of 11,100 with a target of 11,000-10,975.
Nifty Outlook By Motilal Oswal
Nifty index opened flattish and remained range bound for the most part of the trading session. It failed to hold its gains but has been making higher highs - higher lows from last four trading sessions. It formed a Spinning Top candle on a daily chart which indicates that bears are trying to defend psychological 11000 zones. Now till it holds above 10880 it could extend its gains towards 11000 then life time high of 11171 while on the downside supports are seen at 10835 then 10770 levels.
Sun Pharma: Sun Pharma said its arm DUSA has filed trade secret misappropriation and tortious interference claims in an ongoing patent infringement lawsuit against Biofrontera. DUSA Pharmaceuticals Inc has filed the claims "in an ongoing patent infringement lawsuit against Biofrontera Inc, Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AG in the United States District Court for the District of Massachusetts", Sun Pharmaceutical Industries said in a statement.