You are here: Home » PTI Stories » National » News
Business Standard

Sensex, Nifty continue record breaking run; RIL breaches Rs 10 lakh cr M-cap mark

Press Trust of India  |  Mumbai 

Benchmark stock indices extended their record-breaking run for the second day on Thursday, propped up by gains in index heavyweights ICICI Bank and Reliance Industries, which became the first Indian firm to breach the Rs 10-lakh crore market valuation mark.

The 30-share Sensex rose to an all-time high (intra-day) of 41,163.79 before setting up by 109.56 points or 0.27 per cent at 41,130.17 -- its record closing high.

The broader NSE Nifty closed at a fresh life-time high of 12,151.15, up by 50.45 points or 0.42 per cent over the previous close.

Reliance Industries (RIL) became the first Indian company to settle above the Rs 10 lakh crore market valuation mark, ending 0.65 per cent higher.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Market stayed positive despite expiry led volatility & the announcement of GDP data tomorrow as investors got a sense that increasing global liquidity will provide support in every consolidation."

The government's efforts to maintain fiscal prudence and stimulus measures may help to extend the breadth of the rally, he added.

IndusInd Bank was the top gainer in the Sensex pack, rising 2.68 per cent.

ICICI Bank closed with gains 2.68 per cent amid reports that the lender may file a plea with market regulator Sebi to settle charges of violation of listing disclosure norms involving former CEO and MD Chanda Kochhar and Videocon group. Also, the lender announced the sale of its 7.8 per cent stake in Shree Benzophen Industries for around Rs 9,00,000.

Yes Bank, Tata Steel, SBI, TCS, L&T and Infosys also advanced.

On the other hand, Hero MotoCorp, HDFC twins, Bajaj Auto, Tata Motors and Maruti settled with losses.

Sustained inflow of foreign investment and short-covering amid the expiry of November derivatives contracts also contributed to the rally, traders said.

"For the month of November so far, foreign inflows in the cash segment have totalled USD 2 billion, while FII positioning in index futures has turned to net long after a gap of six months. Moreover, FII stock futures positions are also expected to have the highest-ever month-ending net long position. This points to a strong external flow environment, and historically, such instances have led to follow-on strength in the market in December as well," S Hariharan - Head - Sales Trading, Emkay Global Financial Services.

Broader BSE midcap and smallcap indices rose up to 0.97 per cent.

BSE telecom, metal, realty, teck and capital goods indices rose up to 3.49 per cent. BSE auto index ended in the red.

Asian markets closed with losses after China said it was ready to take "firm countermeasures" against the United States after President Donald Trump signed a law supporting pro-democracy protesters in Hong Kong, putting a dampener on hopes of an early trade truce over tariffs. Stocks in Europe were trading on a negative note.

On the currency front, the rupee depreciated 27 paise against the US dollar to 71.62. Brent crude, the global oil benchmark, fell 0.62 per cent to USD 62.62 per barrel in futures trade.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, November 28 2019. 17:35 IST
RECOMMENDED FOR YOU