Reliance Industries, Nestle, Tata Steel, Bharti Airtel among top gainers & losers as market ends higher
Indian equity market ended at fresh closing high on Monday, rising for the fifth straight session despite weak sentiment in the global market. Sensex climbed 211 points to end at 62,504, its fresh record closing high. During the day, it jumped 408 points to 62,701 — its lifetime peak.
Nifty rose 50 points or 0.27 per cent to end at 18,562, its record high. During the day, the 50-stock index hit an all-time high of 18,614, rising 102 points. ┬аOf 30 Sensex stocks, 16 ended higher.
Top Gainers ┬а
Reliance Industries emerged as the biggest gainer among the Sensex firms, rising 3.48%, followed by Nestle (1.16%), Asian Paints(1.01%) , Bajaj Finserv (0.98%) , Wipro (0.86%) and ICICI Bank (0.72%) were among the top Sensex gainers.
Top Losers
Tata Steel (1.22%), Bharti Airtel (1.10%), HDFC Bank (1.08% ), HDFC (0.85%) and M&M (0.79%) were the top Sensex losers.
Shrikant Chouhan, Head of equity research at Kotak Securities said, “On the backdrop of weak market conditions, our market opened in red but after early morning correction, ┬аit bounced back sharply. Higher bottom formation on intraday charts indicates continuation of uptrend in the near future. For the trend following traders, 18400-18350/62200-62000 would be the sacrosanct support zones above which the index may hit the fresh all time high or 18605-18650/62750-63000. On the flip side, below 18350/62000 uptrend would be vulnerable. Below the same, traders may prefer to exit the long ┬аtrading positions.тАЭ
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Market breadth was positive with 2119 shares closing higher against 1386 stocks falling on BSE. 127 shares were unchanged. ┬аAuto shares were the top gainers with their BSE index rising 189 points to 29,931.
Market cap of BSE-listed firms rose to a record Rs 285.88 lakh crore. BSE mid cap and small cap indices rose 184 points and 225 points, respectively.┬а
On how to approach the market at record highs, Srikanth Subramanian, CEO, Kotak Cherry said, “Indian markets are defying global weakness and touching all-time high. This is on back of renewed interest from FIIs as Indian decoupling story continues to play out. However, one must also realise that as we continue to see better growth rates than world, our valuations too are priced at those premiums. Even long-term investors at this point should not betray discipline. One should ideally avoid any extreme movements and stick to the core asset allocation that one has defined for oneself.”
Foreign institutional investors (FIIs) turned net buyers as they bought shares worth Rs 369.08 crore on Friday, as per exchange data.
Previous session┬а
Indian equity market ended at record highs on Friday, rising for the fourth straight session, led by buying in index majors Reliance Industries, Wipro and Maruti. Sensex climbed 20.96 points to end at 62,293.64, its fresh record closing high. During the day, it jumped 175.05 points or 0.28 per cent to 62,447.73 — its lifetime peak. Nifty rose 28.65 points or 0.15 per cent to end at 18,512.75, its all-time high.
Global markets┬а
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. Equity exchanges in Europe were trading in the negative territory in the afternoon trade. Wall Street had ended mostly lower on Friday. International oil benchmark Brent crude was trading 3.11 per cent lower at $81.03 per barrel.
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