Bulls continued to be in the driver's seat on Wednesday amid buying in index heavyweights such as Reliance Industries (RIL), IndusInd Bank, Sun Pharma, L&T, and HDFC Bank.
The S&P BSE Sensex climbed 182 points or 0.45 per cent to settle at 40,652 with Sun Pharma (up around 6 per cent) being the top gainer. During the day, the index hit a fresh lifetime high of 40,816.38 levels; however, the index cooled off later. On the NSE, the broader Nifty50 index ended at 11,999, up 59 points or 0.49 per cent.
In the broader market, the S&P BSE MidCap index gained over 37 points or 0.25 per cent to end at 14,868 and the S&P BSE SmallCap closed at 13,414.43 levels, up 10 points or 0.07 per cent.
Sectorally, pharma stocks gained the most on the NSE, followed by media counters. The Nifty Pharma index surged over 3 per cent to 8,108 levels. The Nifty Media index, too, rallied over 3 per cent to 1,863 levels.
Buzzing stocks of the day:
Continuing its upswing, Reliance Industries (RIL) on Wednesday hit a fresh lifetime high of Rs 1,571 apiece on the BSE, up 4 per cent, thus nearing Rs 10 trillion market capitalisation (m-cap). On Tuesday, RIL became the first Indian company to cross the m-cap of Rs 9.50 trillion. The stock ended at Rs 1,547, up nearly 2.50 per cent.
Shares of select public sector undertaking (PSUs) rallied up to 20 per cent on the BSE after the Government gave ‘in-principle’ approval for strategic disinvestment of 28 Central Public Sector Enterprises (CPSEs) with sale of majority stake of Government of India and transfer of management control. The list included names such as Hindustan Petroleum Corporation (HPCL) and Dredging Corporation of India.
And, now our next segment:
The September quarter results have come to an end. Some companies surprised us with their better-than-expected numbers while others disppointed with their sub-par or poor performance. To discuss this and the outlook of FY20, today we have with us Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
Q1. How do you rate September quarter results? What were the major hits and misses?
Q2. What are your estimates for FY20 and 21?
To know the answers, listen to the podcast
First Published: Wed, November 20 2019. 17:56 IST