Moneycontrol
Last Updated : Aug 28, 2018 06:37 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Sensex, Nifty continue bull run; metals surge, banks drag

The strong surge was also on the back of a rally in index heavyweights such as Reliance Industries. The stock managed to clock Rs 1,300 in the morning and has ended at a record high.

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Looks like there is no stopping this market yet, as shares continued their bullish momentum on Tuesday. A surge in index heavyweights along with the metals space helped the market post another record high close. The Nifty has also managed to end above 11,700-mark as well. Positive global cues also aided sentiment.

Apart from metals, big moves were seen among energy, IT and auto names, while banks and FMCG were the biggest laggards. Interstingly, banks had actually risen in the opening minutes, with the Bank Nifty touching a fresh record. Yes Bank was among the biggest names to drag Bank Nifty lower, even as its MD Rana Kapoor’s fresh term awaits approval by the Reserve Bank of India.

The strong surge was also on the back of a rally in index heavyweights such as Reliance Industries. The stock managed to clock Rs 1,300 in the morning and has ended at a record high.

The day began on a record high note, following good global cues as well. Selloff in banks, initially rattled the markets, but a steady growth among metals, among others, ensured that the nervousness did not last long. Among broader markets, the Nifty Midcap index ended over quarter of a percent lower.

At the close of market hours, the Sensex ended up 202.52 points or 0.52% at 38896.63, while the Nifty ended the session 46.50 points higher or 0.40% at 11738.50. The market breadth is negative as 1,168 shares advanced, against a decline of 1,504 shares, while 187 shares are unchanged.

Reliance Industries, Adani Ports, and Hindalco were the top gainers, while Yes Bank, HUL, and GAIL have lost the most.

Stocks in the news

Shares of Jet Airways ended with a gain of 4.5 percent on Tuesday despite the company reported weak numbers in the quarter ended June 2018. The company reported net loss at Rs 1,323 crore in Q1FY19 against profit of Rs 53.5 crore in the same quarter last fiscal.

Investors continued to buy Reliance Industries, as the stock ended over 2 percent higher and at a fresh record level as well.

Shares of JBF Industries locked at 5 percent upper circuit as company and KKR Jupiter Advisors (KKR) entered into a binding understanding, wherein KKR has agreed to buy out a 100 percent stake of in company's subsidiary JBF Petrochemicals.

Shares Marico fell 1. 5 percent as foreign research house BoFAML downgraded the stock to neutral from buy.

Share price of Jubilant Foodworks touched 52-week high of Rs 1,575, rising 1 percent intraday Tuesday as broking house UBS has upgraded its rating on company to neutral from sell.

Shares of Dixon Technologies rose nearly 7 percent as research house Elara Capital has initiated buy call on Dixon Technologies with a target of Rs 3,475 with a potential upside of 30 percent.

Global update

Markets in Europe were slightly higher after the US and Mexico agreed to rework their trade deal (NAFTA). Stoxx 600 was up around 0.1 percent.

Meanwhile, Asia markets were higher on Tuesday, following positive handover from Wall Street nt he back of US-Mexico deal. The Nikkei 225 ended the trading day largely flat, closing at 22,813.47
First Published on Aug 28, 2018 04:09 pm
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