Market rundown by Vinod Nair, Head of Research, Geojit Financial Services: Growth and earnings outlook is showing signs of pickup which elevated the market to a new high. On the global front, ECB kept the key rates on hold while signs of ease in trade tensions between US and EU added some confidence. Notably, mid cap also participated in the rally as worst of earnings seems to be over. However valuation remain on higher side as compared to large caps. Nifty FMCG index ends 2.37% higher. Top gainers: COMPANY LATEST PREV CLOSE GAIN() GAIN(%) ITC 300.70 287.20 13.50 4.70 GODREJ INDS. 635.50 611.10 24.40 3.99 DABUR INDIA 385.25 373.30 11.95 3.20 UNITED SPIRITS 595.40 578.40 17.00 2.94 UNITED BREWERIES 1119.60 1094.80 24.80 2.27 Nifty sectoral gainers of the day BSE Sensex: ITC, Tata Motors, Tata Steel among top gainers of the day, HUL top loser Market at close The S&P BSE Sensex settled at a record high of 37,337, up 352 points, while the broader Nifty 50 index settled at a record of 11,278, up 111 points. RITES hits highest level since listing; stock zooms 20% Shares of railways consultancy firm RITES has zoomed 20% to Rs 267, its highest level since listing on July 2, 2018. Thus far in the current week, the stock rallied 38% from Rs 194, as compared to 2.3% rise in the S&P BSE Sensex. RITES, the first state-owned firm to hit the initial public offering (IPO) market in the current fiscal, was trading 44% higher against its issue price of Rs 185 a share. It touched a low of Rs 190 during intra-day deal on July 2. READ MORE
The S&P BSE Sensex settled at a record high of 37,337, up 352 points, while the broader Nifty 50 index settled at a new high of 11,278, up 111 points.
Among other gainers, Reliance Industries was among the top contributors to the NSE index, up over 1.5 per cent ahead of its quarterly results later in the day. The oil-to-retail conglomerate will also report results of its telecom arm Reliance Jio.
Nifty Bank index also hit an all-time high, ending 0.8% higher for the day. IDFC Bank, Federal Bank, and Axis Bank were the top gainers in the pack, up between 2 per cent to 2.6 per cent