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Nifty ends at new closing peak of 15,436; Sensex adds 308 pts; RIL soars 6%

Broader markets, however, settled the day in the red on the back of profit-booking. The BSE Midcap index fell 0.12 per cent and the BSE SmallCap index dropped 0.48 per cent

MARKET WRAP | Markets | Sensex

SI Reporter  | New Delhi 


Stock market updates: Bulls ruled on Dalal Street on Friday, the first day of the June F&O series, as a trinity of steady decline in Covid-19 cases, announcement of unlocking in the national capital, and $6 trillion fiscal stimulus in the US held up investor confidence.

The benchmark Nifty index scaled a fresh record peak of 15,469.6 on the National Stock Exchange (NSE) today, surpassing its previous record peak of 15,432 hit on February 16. The index traded higher for the sixth consecutive session as India recorded its lowest daily count of new Covid-19 cases in 44 days. The country, on Thursday, logged 186,364 fresh virus cases while death remained below 4,000-mark. 

Add to it, Delhi Chief Minister Arvind Kejriwal announced earlier on Friday that the national capital will begin to unlock from Monday and said that construction activities and factories will be reopened from May 31.

Reading these developments as a first step towards a gradual uptick in economic activities, benchmark indices zoomed to day's high of 51,529 on the S&P BSE and record peak on the Nifty. By close, the index was quoting at 51,423 levels, up 308 points or 0.6 per cent while the was at 15,436-mark, up 98 points or 0.64 per cent. 

Reliance Industries was the biggest contributor towards the indices' rally today after the stock clocked its sharpest intra-day gain in two months and zoomed 6.4 per cent. The stock, which settled 5.9 per cent higher on the BSE, looks firm on both, fundamental and technical, grounds. Analysts at Jefferies maintained their 'buy' rating on the counter with a target of Rs 2,580 per share. READ MORE  

That apart, Grasim, Adani Ports, M&M, Eicher Motors, Coal India, HDFC, Kotak Bank, and IndusInd Bank remained the top gainers of the day, up between 1 per cent and 3 per cent. On the downside, Sun Pharma, ICICI Bank, Bajaj Finserv, NTPC, PowerGrid, Shree Cement, and Nestle India were the top laggards, down up to 4.5 per cent. 

Broader markets, however, settled the day in the red on the back of profit-booking. The BSE Midcap index fell 0.12 per cent and the BSE SmallCap index dropped 0.48 per cent. 

In terms of sectoral partcipation, the Nifty PSU Bank index gained 0.7 per cent, followed by the Nifty Private Bank index, up 0.3 per cent. On the contrary, the Nifty Pharma index slipped 1.2 per cent on the NSE.

Global markets
European shares rose to a record high on Friday as UK-exposed financial stocks gained following a hawkish comment from a Bank of England official, with the prospects of increased US fiscal spending boosting market sentiment. That apart, European economic sentiment and consumer confidence data, which is due later in the day, is also expected to show an improvement in May.

Given this, the pan-European STOXX 600 index rose 0.5 per cent to a record high of 448.55 points and was set to add about 0.8 per cent this week. German stocks also added 0.4 per cent, as the country planned to offer adolescents Covid-19 vaccine shots from early-June.

Earlier in Asia, Japan's Nikkei climbed 2 per cent, South Korea's Kospi gained 0.7 per cent, and Australia's S&P/ASX200 rallied 1.2 per cent.


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