Moneycontrol
Last Updated : Aug 27, 2018 06:19 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Global cues, banks and metals fuel rally on D-Street; Nifty ends just below 11,700

At the close of market hours, the Sensex ended up 442.31 points or 1.16% at 38694.11, while the Nifty rose 134.90 points or 1.17% at 11692.00.

Moneycontrol News @moneycontrolcom

What a cracker of a Monday that was for the market! Bulls had it their way throughout the session, gaining with every passing hour. Benchmarks ended the day at record high levels. The Nifty managed to clock 11,700-mark as well.

Positive global cues also supported the rally as investors took note of cues coming in from Jackson Hole symposium. Jerome Powell, the US Fed Chair, has hinted at slow, but steady rate hikes ahead on the back of strong economic growth in the US as well. Along with it, likely easing tensions and softening of dollar helped the indices end well above key milestones.

Banks led the gainers’ chart as intense buying was visible across the financials space. The Bank Nifty and Nifty PSU bank index were one of the top gainers. Additionally, metals, too, were one of the strong gainers, up over 1.5 percent.

Other gainers included auto, FMCG, infrastructure and IT as well. In the broader markets, midcaps saw very good upmove. The Nifty Midcap index rose over a percent. The rupee, meanwhile, hovered around 70.01 levels.

At the close of market hours, the Sensex ended up 442.31 points or 1.16% at 38694.11, while the Nifty rose 134.90 points or 1.17% at 11692.00. The market breadth is positive as 1,431 shares advanced, against a decline of 1,282 shares, while 207 shares were unchanged.

Bharti Airtel, Power Grid Corporation, and Hindalco were the top gainers, while Sun Pharma and Bajaj Finserv lost the most.

Stocks in news:

Shares of Shriram Transport Finance Corporation added 4.7 percent as foreign research house maintained buy on the stock with a target upto Rs 1,890 per share. Jefferies has maintained buy call on stock with a target at Rs 1,890 per share.

Shares of Reliance Industries rose 1 percent as investors cheered good revenue data for its telecom business, Reliance Jio. The stock has also hit a fresh 52-week high. The stock touched an intraday high of Rs 1,291.85 and an intraday low of Rs 1,280.00.

Shares of LIC Housing Finance shed 7.7 percent despite company reported strong numbers in the quarter ended June 2018. The company's Q1FY19 (April-June) profit rose 18.4 percent to Rs 567.94 crore versus Rs 479.65 crore in the same quarter last fiscal. JPMorgan has maintained neutral rating on LIC Housing Finance with a target of Rs 520 with a potential downside of 9 percent.

Shares of Future Retail soared 4.5 percent as investors reacted to a media report which said that Google and Paytm were looking to buy stake worth Rs 3,500-4,000 crore in the firm.

Share price of Sundaram Finance rose 4 percent as company reported robust numbers for the quarter ended June 2018. The company's Q1 profit was up 26 percent to Rs 140.72 crore versus Rs 111.74 crore in the same quarter last year.

Global update

Markets in Asia ended largely positive as investors saw some cues from Chinese central banks guide to arrest yuan’s slide. Hang Seng index rose by 2.18 percent.

Meanwhile, markets in Europe were trading in the green as traders reacted to comments from Powell’s comments on tighter interest rate regime. Stoxx 600 index traded 0.26 percent higher.
First Published on Aug 27, 2018 04:02 pm
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