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Business News » India News

Sensex, Nifty surge to record close as ITC, banking stocks rally

The Sensex closed up 0.95 per cent at 37,336.85 after hitting a record high for a fourth straight session, the broader Nifty ended 0.99 per cent higher at 11,278.35 after hitting an all-time high of 11,283.40.

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Sensex, Nifty surge to record close as ITC, banking stocks rally
Market breadth, indicating the overall health of the market, remained positive. Image source: Pixabay
Written By: ZeeBiz WebTeam
Updated: Fri, Jul 27, 2018
04:44 pm
ZeeBiz WebDesk
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The Sensex and Nifty jumped to record closing highs on Friday, driven by gains in heavyweight ITC on the back of strong quarterly results, while banks extended rally after lenders lined up to enrol for a scheme for faster bad-loan resolution.

The Sensex closed up 0.95 per cent at 37,336.85 after hitting a record high for a fourth straight session, the broader Nifty ended 0.99 per cent higher at 11,278.35 after hitting an all-time high of 11,283.40. In the broader market, the BSE Midcap and the BSE Smallcap indices added 0.9 per cent each.
 
Market breadth, indicating the overall health of the market, remained positive. On the BSE, 1,674 stocks rallied, 951 stocks declined, while 165 stocks remained unchanged. 

For the week, the Nifty gained 2.44 per cent, its biggest gain since the week ending March 17, 2017. The Nifty Bank index climbed to its highest close at 27,634.40 while the public sector bank index gained 10.4 per cent in the week.

Reliance Industries closed 1.73 per cent higher while ICICI Bank ended 2.64 per cent firmer ahead of quarterly results later in the day.

"Indian market Indices continued its dream run for the fifth consecutive day in a row for the Sensex and second consecutive day in a row for the Nifty. A visible difference was improvement in market breadth and participation coming across from a plethora of sectors and market capiatlisation. The market highs coinciding with the in line or better than earnings season so far is an encouraging factor," said Devang Mehta, Head – Equity Advisory, Centrum Wealth Management. 

"Markets are clearly enthused by seeing the earnings trajectory of a mere single digit earnings growth over the past few years to a double digit growth in the past few quarters & now accelarating towards a still higher growth with underperforming sectors also coming to the fore. Earnings growth was the biggest missing link in the past few years where macros were supportive. The reverse now holds true where we have seen deteriorating macros but the much elusive earnings growth seem to be finally back," he added.

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The top gainers on the Sensex were ITC, Tata Motors (DVR), Tata Motors, Tata Steel and ICICI Bank, while Power Grid, Adani Ports, Coal India, Tata Consultancy Services and Maruti Suzuki were the major losers.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 2,453.57 crore, while domestic institutional investors (DIIs) sold equities worth Rs 2,716.04 crore yesterday, provisional data showed. 

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TAGS:
SensexNifty
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