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Sensex ends above 58K for the first time; Nifty climbs 17,300; RIL zooms 4%

The BSE MidCap index closed 0.35 per cent higher after hitting a new peak of 24,454 in the intra-day deals

MARKET LIVE: Sensex gains 250 pts, holds 58K; RIL m-cap tops Rs 15-trn mark

Stock market update: Market behemoth Reliance Industries kept the benchmark indices afloat on Friday overpowering selling pressure in HDFC Bank, HDFC, HUL, and Bharti Airtel. The Mukesh Ambani-led company's shares hit fresh record high of Rs 2,394 apiece after they surged over 4 per cent on the BSE. READ ABOUT IT HERE

Overall, the BSE barometer of 30-shares closed above the 58,000-mark for the first time at 58,130 levels, up 277 points or 0.48 per cent. It's 50-share counterpart, meanwhile, marched 89 points higher, or 0.52 per cent, to settle above 17,300 at 17,324. In the intra-day deals, the Sensex hit a new lifetime high of 58,195 while the Nifty50 index touched 17,340.

Besides, the BSE MidCap index closed 0.35 per cent higher after hitting a new peak of 24,454 in the intra-day deals while the BSE SmallCap index gained 0.41 per cent after touching a new high of 27,388.

Market breadth was marginally in favour of buyers with shares of over 1,700 companies advancing as against shares of 1,400 companies that fell on the bourses.

4:15 PM

What could influence markets next week?

Sensex has gone past 58000 to close the day at 58128, and the Nifty too comfortably rose to 17323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted. The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed Chief that tapering off may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets. The developments around the US economy, the revival of activity in Europe - both in the face of rising numbers of fresh infections -would also be factors that would matter in the coming week.

-- Dr. Joseph Thomas, Head of Research, Emkay Wealth Management

4:14 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

Despite mixed global cues, domestic equities continued to raise its bar, recording fresh highs as India continued reporting strong economic numbers. European stocks traded mixed ahead of US jobs data while concerns over economic slowdown in China fanned investor worries. The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales.

4:13 PM

Mazagon Dock jumps 5% after PM Modi says firm will partner Zvezda for construction of commercial ships

4:11 PM

Zomato surges 9%, hits new high

4:04 PM

Exide Industries zooms 6% on insurance subsidiary sale

>> Shares of Exide Industries rose on the divestment of the company's entire stake in Exide Life Insurance Company, by way of sale to HDFC Life Insurance Company for a total consideration of Rs 6,687 crore. Exide Life Insurance Company is a material wholly owned subsidiary of the Exide Industries.

3:59 PM

RIL surges 4%, market cap crosses Rs 15 trillion

>> The stock surged ahead of the launch of JioPhone Next. JioPhone Next will be packed with features like Google Assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters, and more. It will be available in the market from the auspicious date of Ganesh Chaturthi, September 10, 2021 -- Mukesh Ambani, Chairman and Managing Director, RIL had said in his address at the company’s AGM 2021 held on June 24, 2021.

3:56 PM