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July 12, 2018 02:51 PM | Business

Nifty trades over 11,000 mark; consumer, IT sector rally

The bulls are firmly in charge with the Nifty 50 reclaiming 11,000 for the first time since February 1, 2018 and the  benchmark BSE Sensex hit a fresh record high, surpassing its previous high of 36,443 recorded on January 29, 2018.

CNBC-TV18’s Mangalam Maloo reports that only 20 of the Nifty stocks have been in the green since those levels.

But, 30 of the Nifty stocks, which is 60 percent of the index, is still below the February 1 level.

Stocks that have led the Nifty to 11,000 were Reliance Industries Ltd, Kotak Mahindra Bank, HDFC Bank, Tata Consultancy Services (TCS), Infosys, Bajaj Finserv, Bajaj Finance, Hindustan Unilever (HUL) and Asian Paints.

Reliance Industries Ltd, the country’s second most valuable company, crossed the $100-billion market cap (Rs 6.86 lakh crore), joining the Tata Consultancy Services in the elite club.

However, all is not well as far as the larger segment of the index is concerned.

Private sector lender, ICICI Bank is about 22 percent lower, oil prices moving higher is not a good news for oil marketing companies and they were down 22-29 percent since February 1.

Tata Motors, Tata Steel, Vedanta and UPL have also underperformed the index.

In the midcaps, only the consumer and IT sector have performed well. Two thirds of non-index F&O stocks have been in the red.

The midcap IT stocks have been up between 30-40 percent and the consumer stocks up by 25-40 percent.

On the other hand, PC Jewellers is down 73 percent, HCC is down 70 percent and Punjab National Bank is down 55 percent.

The likes of Reliance Communication, Strides Shasun, Suzlon Energy, Balrampur Chini and Adani Power were sitting with cuts of 40-45 percent.

Disclosure: RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.
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