Sensex scales fresh closing high, but market breadth remains negative

The Sensex ended at record close level of 36,548, up 282.48 points, while the broader Nifty50 settled at 11,023, up 74.90 points. Earlier in the session, the BSE index hit its life-high of 36,699.53. 

Sensex scales fresh closing high, but market breadth remains negative
RIL share price rose as much as 5.8 per cent to a record high. Image source: Reuters
By ZeeBiz WebTeam
Updated: Thu, Jul 12, 2018
04:28 pm
ZeeBiz WebDesk
RELATED NEWS
Sensex, Nifty in red! Should you buy or sell today? Know from these experts, which are the best bets in equities Sensex, Nifty in red! Should you buy or sell today? Know from these experts, which are the best bets in equities
Sensex drops 222 pts, Nifty in deep in red; 5 key pointers that moved Dalal Street Sensex drops 222 pts, Nifty in deep in red; 5 key pointers that moved Dalal Street
Did you invest in any realty stock? Well, if you did, you are that much wealthier today! Shares gain between 3% to 14% Did you invest in any realty stock? Well, if you did, you are that much wealthier today! Shares gain between 3% to 14%
Auto sector on a roll! These top stocks made you very rich today; here is why Auto sector on a roll! These top stocks made you very rich today; here is why
How Assembly election results 2018 made Rakesh Jhunjhunwala richer than ever before! 16 stocks shine for ace investor; do you own any? How Assembly election results 2018 made Rakesh Jhunjhunwala richer than ever before! 16 stocks shine for ace investor; do you own any?

The benchmark indices rose for a fifth straight session on Thursday, with the Sensex posting its highest ever close, led by market heavyweight Reliance Industries. Reliance Industries, the energy-to-telecoms conglomerate led by country's richest man Mukesh Ambani, hit $100 billion in market capitalisation for a second time. 

Shares of Reliance Industries rose as much as 5.8 per cent to a record high before trimming gains to close 4 per cent higher. 

The Sensex ended at record close level of 36,548, up 282.48 points, while the broader Nifty50 settled at 11,023, up 74.90 points. Earlier in the session, the BSE index hit its life-high of 36,699.53. 

The broader market underperformed with the BSE Midcap losing 0.5 per cent, while the BSE Smallcap remained unchanged. 

Market breadth, indicating the overall health of the market, turned negative. On the BSE, 1,469 stocks declined, 1,170 stocks rallied, while 165 stocks remained unchanged. Earlier in the session, the BSE index hit its life-high of 36,699.53. For Nifty, today's closing in the highest since January 31, when it had ended at 11,027.70.

"It was an exceptional day for the equity markets as Nifty reclaimed 11,000 and gained over half a percent. The latest World Bank's report stated that India has become the world's sixth largest economy surpassing France, triggered upbeat start which further strengthened with favorable cues from global counterparts. Amid all, sectoral indices traded mixed wherein Energy topped the gainers list but pressure on broader front turned the market breadth negative," said Jayant Manglik, President, Religare Broking.

"Things have started falling in place with upbeat start of the earnings season however global negatives i.e. trade war scenario and crude oil price may continue to cause trouble in between. While almost the sectoral indices are contributing to the rally, PSU banks, metal and media are still reeling pressure. We reiterate our "buy on dips" advice on Nifty and suggest focusing more on stock selection," he added.

WATCH ZEE BUSINESS VIDEO HERE

The top gainers on the Sensex were Reliance Industries, Wipro, HDFC, Larsen and Toubro (L&T) and Hindustan Unilever whereas Vedanta, Infosys, Tata Motors (DVR), Mahindra and Mahindra (M&M) and Bajaj Auto were the losers.

On the Nifty, Reliance Industries, BPCL and Bajaj Finance were the highest gainers while UPL, Vedanta and Bajaj Auto lost the most.

Meanwhile, foreign funds bought shares worth a net of Rs 636.27 crore, while domestic institutional investors (DIIs) made purchases worth Rs 15.33 crore on yesterday, provisional data showed. 

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close