RIL, HUL lift Sensex 200 pts higher, Nifty slips from day’s high; check what kept markets volatile

Sensex, Nifty

The headline indices BSE Sensex and Nifty 50 settled over half a per cent higher on Friday as both indices failed to hold on to day’s high levels. During the last hour of the session, Banks, financials and auto stocks declined. The 30-share index Sensex finished trade at 31,642, after falling nearly 450 points from day’s high. Nifty 50, on the other hand, ended the session at 9,251, falling from intraday high of 9,383. The broader markets largely underperformed the frontline indices. S&P BSE MidCap index settled flat at 11,424, while the BSE SmallCap index slipped half a per cent or 49 points to end at 10,639. “Various news flows viz., stake sale by Reliance Industries in its subsidiary Jio Platforms, block deal in HUL, government’s decision to increase the tax on retail fuel etc., influenced the market movements. Hopes of a stimulus package along with exit from lockdown have been supporting the markets,” Pankaj Bobade, Head – Fundamental Research, Axis Securities, said.

HUL top Sensex gainer: HUL was the top Sensex gainer with a growth of 4.29 per cent. Sun Pharma, Nestle India, Tech Mahindra and Reliance Industries (RIL) were among other gainers on the 30-share Sensex.

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Financials drag: NTPC was the top Sensex laggard, down 4 per cent, followed by M&M, Axis Bank, IndusInd Bank and State Bank of India (SBI), with selling pressure in banking and auto counters.

Nifty Pharma jumps over 2%: Nifty Pharma and Nifty FMCG were top sectoral gainers, up 2.13 per cent and 1.92 per cent, respectively. While PSU Bank index ended with losses dragged by Punjab & Sind Bank, bank of Baroda and State Bank of India.

RIL hit Rs 10 lakh crore m-cap: RIL shares gained over 3.5 per cent after it succeeded in fundraising from another foreign company in less than weeks even in this adverse scenario. RIL announced that US-based technology company Vista Equity Partners will invest Rs 11,367 crore to pick a 2.32 per cent equity stake in Jio Platforms. In intraday trade, Reliance Industries reclaimed Rs 10 lakh crore market capitalisation mark.

Market outlook: Market participants were waiting for another economic relief package from the government amid coronavirus. “While the earnings season has been lacklustre, markets seem to be awaiting the announcement of a stimulus package from the government,” Vinod Nair, Head of Research at Geojit Financial Services, said.

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