Nifty hits new record in volatile trading, Sensex slips

The Uncut

Mumbai. In a volatile trade, the benchmark NSE index Nifty closed at a new peak for the third consecutive session on Friday, but the record-breaking BSE Sensex fell slightly below the 80,000 mark. The market was full of ups and downs. The market was in a significant loss for most of the session, but the situation improved a bit with buying in the last hour.

At the end of trading, the BSE benchmark index Sensex based on 30 shares closed at 79,996.60, down 53.07 points or 0.07 percent. However, the National Stock Exchange (NSE) index Nifty closed at its new all-time high of 24,323.85 with a marginal gain of 21.70 points or 0.09 percent.

On a weekly basis, the Sensex registered a total gain of 963.87 points or 1.21 percent this week. Nifty also managed to gain a total gain of 313.25 points. Siddharth Khemka, retail research head of Motilal Oswal Financial Services, said, “Nifty remained in the negative zone throughout the day. But due to the rise in the last half hour of the session, it closed with a slight gain.” Among the stocks included in the Sensex group, the shares of State Bank of India, Reliance Industries, Hindustan Unilever, NTPC, Larsen & Toubro, Nestle India, Power Grid, ITC, JSW Steel and Sun Pharmaceuticals registered a rise.

On the other hand, shares of HDFC Bank, Titan, Mahindra & Mahindra, IndusInd Bank, UltraTech Cement, Tata Motors, HCL Technologies and Asian Paints declined. Shares of Reliance Industries, the country’s most valuable company in terms of capitalization, rose nearly three percent to Rs 3,197.65 per share, which is its highest level in 52 weeks. With this, the total market capitalization of Reliance increased by Rs 48,723.54 crore to Rs 21,51,562.56 crore.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market traded with mixed trends, with the banking sector dominating. The concern increased further as the deposit growth of top banks declined quarter-on-quarter in the June quarter.” Nair said that mid-cap and small-cap stocks performed better and the respective BSE indices touched an all-time high.

Shares of apparel company Raymond rose more than nine percent. The company’s shares saw a jump after the announcement of separating the real estate business. The BSE Smallcap index rose 0.70 percent while the Midcap index rose 0.75 percent. Other Asian markets closed with a mixed trend. European markets were trading with gains. Markets were closed on Thursday on the occasion of Independence Day in the US. Global oil benchmark Brent crude fell 0.09 percent to $87.35 per barrel. According to stock market data, foreign institutional investors (FIIs) were net buyers in the capital market on Thursday. They made a net purchase of shares worth Rs 2,575.85 crore.

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