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    Stock Market Highlights: Sensex jumps 307 points; Nifty ends at record high led by banks, metals

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    Stock Market Highlights: Sensex jumps 307 points; Nifty ends at record high led by banks, metals

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    Stock Market Highlights: Indian equity indices ended higher Friday with the Nifty posting a record closing high led by gains in financials and metal stocks. Strong global cues and falling COVID-19 infection rates boosted sentiment. Broader markets underperformed benchmarks with the midcap and smallcap indices ending lower. Except for pharma and IT, all other sectoral indices ended in the green.

    Stock Market Highlights: Sensex jumps 307 points; Nifty ends at record high led by banks, metals
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    • Ajit Mishra, VP - Research, Religare Broking

      Markets started the new expiry with modest gains and made a new record high as well. After witnessing a gap-up opening, the index traded in a narrow band but managed to settle around the day’s high. It was the healthy buying in heavyweights like Reliance and HDFC Bank which helped the index to maintain the positive bias. Markets reclaimed the record high after three months and Reliance's performance was the major highlight today. Going ahead, we expect this trend to continue with intermediate corrective phases. Traders should align their positions in line with the move and avoid contrarian trades.

    • Sugandha Sachdeva, VP- Commodity & Currency Research, Religare Broking

      The strength in the Indian rupee has been accentuated as the domestic equities have scaled to record highs, tracking international markets and improved sentiments back home due to a steady decline in COVID-19 cases. Furthermore, weakness in the greenback is acting as a tailwind for the rupee-dollar exchange rate. Markets are now eyeing the gradual re-opening of the domestic economy, which is aiding the rally in the local unit. However, with rising price pressures and strong economic data from the US, there is a lot of chatter around the tapering of massive bond purchases by the US Fed in its forthcoming meetings. This may hurt risk appetite to some extent and lead to a rebound in the Dollar Index. That said, the 72.20 mark is capping gains in the Indian rupee and would remain a sacrosanct level to watch out for in the near term.

    • Deepak Jasani, Head of Retail Research, HDFC Securities

      Nifty closed the week 1.72% higher for the second consecutive week. The upmove in this week has been gradual and the advance-decline ratio turned negative on May 28 after 5 days. This suggests some much-needed profit-taking in the broader market has occurred. Nifty after closing at the all-time high could consolidate the recent gains before inching up higher. US markets are shut on Monday and hence Indian markets will not have their performance to track over Monday and Tuesday. Nifty could over the next few days rise towards 15600 while 15300-15327 band could offer support.

    • Rahul Gupta, Head Of Research- Currency, Emkay Global Financial Services

      Next week is going to be very eventful for USDINR, with the RBI MPC outcome and the US NFP data. RBI MPC will continue to maintain its accommodative stance but the focus will be on the outlook of the central bank over the spill-over effect of the second wave of COVID-19 on economic growth.  So we can expect some volatility in spot ahead of that. Technically, there has been a sharp fall in USDINR spot and we expect the new trading range to be 72-73.

    • Rupee At Close | The Indian rupee ended higher by 15 paise at 72.43 per dollar, amid buying in the domestic equity market. The local currency opened 10 paise higher at 72.48 per dollar against previous close of 72.58 and traded in the range of 72.32-72.49.

    • Nirali Shah, Head of Equity Research, Samco Securities

      Nifty50 index crossed lifetime highs and closed the week on a positive note. However, this week’s upmove was slow and lacked strength. It is likely the benchmark index could face resistance at higher levels. The bulls are getting tired as the index is trading much higher than its mean levels. Hence, a brief corrective dip cannot be ruled out. 15,160 is the immediate support level for Nifty.

      Developments surrounding inflation continue to be on everyone’s watch. The opening up of our economy will have a hold over how the demand shapes up. The true picture of the damage by the second wave will only be visible in the June quarter results but until then management commentaries will continue to guide the Street. With no concrete triggers in place yet, markets continue to look for a strong reason to advance towards the unknown atleast in the near-term. Therefore, investors should seek selective bets, and wait for corrective moves before investing for long term.

    • Here are key stocks that moved the most on May 28
      From Sun Pharma to Reliance Industries, here are some of the stocks that moved the most on May 28.Get latest Market online at cnbctv18.com
      Stock Market Highlights: Sensex jumps 307 points; Nifty ends at record high led by banks, metals
    • Market This Week | Market gains for 2nd straight week; Sensex & Nifty up nearly 2% each. Nifty Bank up 1.5% & Midcap index a little over 1%.

    • Market At Close | Sun Pharma to Nifty loser after a mixed set of Q4 earnings.

    • Market At Close | Market breadth favours declines; advance-decline ratio at 2:3

    • Market At Close | Nifty ends at a record high, led by Reliance & HDFC Bank. Broader markets underperform with Midcap index closing flat.

    • Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments

      The markets have been in a jubilant mood since the start of trade today. It has closed well above the resistance of 15,300 and should be headed higher to levels closer to 15,600. As long as 15,000 holds, traders can utilize any dip to accumulate long positions for higher targets.

    • Highlights of market performance this week

      - Market Gains For 2nd Straight Week; Sensex & Nifty Up Nearly 2% Each

      - Nifty Bank Up 1.5% & Midcap Index A Little Over 1%

      - Media, PSU Bank & IT Index Top Gaining Indices This Week

      - Grasim, IOC, SBI, Wipro & Tech Mahindra Top Nifty Gainers

      - NTPC, Sun Pharma, HUL, Bharti Airtel & JSW Steel Are Top Nifty Losers

    • Market At Close | Here are the highlights of today's market performance

      - Nifty Ends At Record High, Led By Reliance & HDFC Bank

      - Reliance Contributes Nearly 90% To Nifty’s Rise Of 98 Points Today

      - Broader Markets Underperform With Midcap Index Closing Flat

      - Sensex Gains 340 Points To 51,456 & Nifty 98 Points To 15,436

      - Nifty Bank Rises 46 Pts To 35,141 While Midcap Index Slips 10 Pts To 25,706

      - Market Breadth Favours Declines; Advance-Decline Ratio At 2:3

      - Reliance Surges 6% On Positive Cues w.r.t Petchem Business

      - M&M Gains More Than 4% From Lows On Strong Q4 Internals

      - Steel Stocks Close In The Green But Off Opening Highs

      - Sun Pharma To Nifty Loser After A Mixed Set Of Q4 Earnings

      - Just Dial, L&T Fin, Canara Bank, L&t Fin Top Midcap Gainers

    • Closing Bell | Indian equity benchmark indices ended higher Friday with the Nifty posting a record closing high tracking gains in Asian peers as falling COVID-19 infection rates boosted sentiment. The Sensex ended 307.66 points, or 0.60 percent higher at 51,422.88, while the Nifty gained 97.80 points, or 0.64 percent, to settle at a record closing high of 15,435.65. Broader markets underperformed benchmarks with the midcap index ending marginally lower and smallcap index down 0.7 percent.

      Among sectors, the Nifty Energy index rose around 1.5 percent while auto, financial services, metal and FMCG sectors were also in the green. However, Nifty Pharma lost over a percent and Nifty IT down 0.2 percent for the day. On the Nifty50 index, Reliance Industries, Adani Ports & SEZ, Grasim Industries, M&M and Coal India were the top gainers while Sun Pharma, Shree Cement, Bajaj Finserv, Dr Reddy's Laboratories, and Bajaj Finance led the losses.

      The midcap index ended lower. Selling was seen in pharma and IT indices.

    • Market Watch: Prakash Diwan, Market Expert

      Reliance could start contributing from its Jio stable as well, so we will probably see decent numbers on retail, refining has taken off, gas is kind of contributing on the exploration and production (E&P) side so probably Reliance is the one that could lead to these new highs of it. So even for long term investors who have been buying into Reliance at lower levels, this could be the indication and you could be about Rs 2,450-2,500 on the stock very soon.

    • Glenmark Pharma Q4FY21 preview: Street expects 3% revenue growth

      Glenmark Pharma is expected to have revenue growth of around 3 percent and margins at 19 percent versus 16.8 percent year on year (YoY) in its fourth-quarter performance report. The street is working with a profit of Rs 254 crore odd. Growth is expected to be supported by both Indian as well as active pharmaceutical ingredient (API) business. India is estimated to grow 14 percent partly benefiting from COVID-19. The US business showing continued recovery from Q3 levels because the US is estimated to grow to around USD 112-114 million in terms of sales as compared to USD 105-106 million that they did in Q3 aided by drugs such as migraine drug as well as blood pressure. Margins expected to improve. Read here.

    • Pidilite expects raw material inflation to cool off in H2FY22

      Pidilite Industries entered the Rs 1 lakh crore market cap club this week and the stock has been trading above Rs 2,000 apiece. In an interview with CNBC-TV18, Bharat Puri, MD of Pidilite Industries, in the current situation the biggest challenge for the company has been commodity inflation but he does expect the situation to better in the second half of the current fiscal. “In our belief, the large part of that inflation is because of local factors. We believe that in the second half of the year raw material and commodity prices both will start easing,” he said in an interview with CNBC-TV18. “In the second half of the year, we will see softening of the prices. So we are waiting and watching but hopeful,” he added. Read here.

    • Shilpa Medicare | The company said Jadcherla unit in Telangana has received GMP certification from Russian regulator. No critical, major and minor observations were found during GMP inspection process.

    • What's Buzzing: High polymer prices put spotlight on IOC, RIL

      The rise in the petrochemical segment and the polymer prices have the spotlight on Reliance Industries Ltd (RIL) and Indian Oil Corporation (IOC). According to global brokerage house Jefferies, polymer prices have touched a decade-high level on the back of strong downstream demand and the demand is coming from sectors like auto, durables, consumer goods, medical supplies and that is leading to the highest spreads for polymers. It also said that polyester spreads to remain under pressure due to capacity addition. Read here.

    • Market Watch: Hemen Kapadia, KRChoksey Securities

      - Buy L&T Financial Holdings with a stop loss of Rs 86 and a target of Rs 101.

      - Buy Dr Lal Pathlabs with a stop loss of Rs 2,780 and a target of Rs 2,950.

      - Buy Kotak Mahindra Bank with a stop loss of Rs 1,780 and a target of Rs 1,855.

    • Ipca Laboratories Q4FY21 | The company’s net profit rose 87.6 percent to Rs 161.3 crore from Rs 86 crore and revenue grew 3.8 percent to Rs 1,114.7 crore from Rs 1,073.8 crore, YoY. EBITDA increased 35.9 percent to Rs 228.9 crore from Rs 168.5 crore, while EBITDA margin expanded by 485 bps to 20.54 percent from 15.69 percent, YoY.

    • Kalyan Jewellers says hallmark will increase shift from unorganised to organised players

      Kalyan Jewellers’ executive director Ramesh Kalyanaraman said hallmarking will increase the shift from unorganised to organised players in the market. “The shift from unorganised to organised, the momentum which we saw in Q4 was accelerated in Q4 itself because people wanted to come to standalone stores and with hallmarking coming in, the acceleration is going to go up further,” Kalyanaraman told CNBC-TV18 in an interview. The remark comes a day after the company reported earnings for the March-ended quarter and saw a strong performance on a low base. Profit after tax (PAT) was aided by lower finance cost in Q4 but margins contracted impacted by a decline in the studded segment. Read here.

    • Cryptocurrency Price Today: Bitcoin, Ether, Dogecoin retreat

      The cryptocurrency market rebounded in early morning trade on Friday, but it was again trading in red at 12:00 IST. The hype around Paypal helped the market rebound a bit yesterday and today morning…
      Stock Market Highlights: Sensex jumps 307 points; Nifty ends at record high led by banks, metals
    • Glenmark Pharma Q4FY21 preview: Street expects 3% revenue growth

      Glenmark Pharma is expected to have revenue growth of around 3 percent and margins at 19 percent versus 16.8 percent year on year (YoY) in its fourth-quarter performance report. The street is working with a profit of Rs 254 crore odd. Growth is expected to be supported by both Indian as well as active pharmaceutical ingredient (API) business. India is estimated to grow 14 percent partly benefiting from COVID-19. The US business showing continued recovery from Q3 levels because the US is estimated to grow to around USD 112-114 million in terms of sales as compared to USD 105-106 million that they did in Q3 aided by drugs such as migraine drug as well as blood pressure. Margins expected to improve.

    Stock Market Highlights: Indian equity indices ended higher Friday with the Nifty posting a record closing high led by gains in financials and metal stocks. Strong global cues and falling COVID-19 infection rates boosted sentiment. Broader markets underperformed benchmarks with the midcap and smallcap indices ending lower. Except for pharma and IT, all other sectoral indices ended in the green.

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