Moneycontrol
Last Updated : Jul 24, 2018 05:28 PM IST | Source: Moneycontrol.com

An evening walk down Dalal Street | Sensex, Nifty end at record closing highs; midcaps close on a strong note

The Sensex closed up 106.50 points or 0.29% at 36825.10, while the Nifty was up 49.50 points or 0.45% at 11134.30

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Continuing its bullish momentum from Monday, led by gains in midcaps, the market end the day on a strong note. The Sensex and Nifty managed to close at a record high.

It was a good start to the day, with the 30-share index clocking a fresh record in the opening minutes of trade, led by gains in midcaps as well as metals, pharmaceuticals, and infrastructure names. Cement and automobiles too managed to lift the market.

The Nifty also clocked 11,100 and traded comfortably above the mark for a greater part of the day. The Street did manage to give up some gains in the afternoon, only to recover in the last hour, led by a comeback of sorts among major sectoral indices. Buying was back in the last hour across the sectors that were in the green. Midcaps, too, added to their gains.

The Sensex closed up 106.50 points or 0.29% at 36825.10, while the Nifty was up 49.50 points or 0.45% at 11134.30. The market breadth is positive as 1,940 shares advanced, against a decline of 675 shares, while 150 shares were unchanged.

Metals ended the day with gains of around 3 percent, followed by infrastructure, pharmaceuticals, and PSU banks. The Nifty Midcap index managed to end over a percent higher.

Larsen & Toubro, Vedanta, Grasim and Hindalco were the top gainers, while Kotak Mahindra Bank and Hero MotoCorp lost the most.

Stocks in news

Shares of ACC gained 13.6 percent after it posted a higher-than-expected 1.2 percent rise in second-quarter profit on Monday, helped by a fall in expenses. Brokerage houses have largely cheered the company’s results, citing better realisations as well as modest cost inflation.

Idea Cellular gained 7.3 percent as investors placed bet on the company agreed to pay, ‘under protest’, Rs 7,249 crore to DoT for its merger with Vodafone.

Bajaj Auto remained under pressure and hit a fresh 52-week low of Rs 2,616 as brokerage houses also turned cautious on the entire two-wheeler space, saying the competition is likely to intensify which could lead to price war. Hero MotoCorp hit a fresh 52-week low of Rs 3037.10. It closed 1.4% lower at Rs 3117.

Larsen & Toubro Infotech gained 4 percent as company posted strong numbers in the quarter ended June 2018. The company's net profit was up 24.7 percent at Rs 361 crore. The dollar revenue was up 3.5 percent at USD 319.9 million and rupee revenue rose 7.7 percent at Rs 2,155.7 crore.

Century Plyboards added 5 percent on the back of robust Q1FY19 (April-June) numbers. The company's Q1 net profit increased by 33 percent at Rs 45.4 crore against Rs 34 crore in the same quarter last fiscal.

Global update

Markets in Europe were higher and bounced back from weak sentiment in the last session. Stoxx 600 was up by 0.85 percent.

Meanwhile, in Asia, shares were higher, with China standing out. Investors kept an eye on weakening yuan. The Shanghai Composite jumped 1.62 percent to close at 2,905.94.
First Published on Jul 24, 2018 03:48 pm
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