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Last Updated : Nov 28, 2019 04:21 PM IST | Source: Moneycontrol.com

Taking Stock: RIL steals the limelight! Sensex & Nifty50 hit fresh record highs

The final tally on D-Street – the S&P BSE Sensex rose 109 points to 41,130 while the Nifty50 closed with gains of 50 points to end at 12,151.15.

 
 
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The S&P BSE Sensex and Nifty50 hit fresh record highs on the expiry day of November series, but Reliance Industries (RIL) stole the limelight as it became the first Indian company to surge past Rs 10 lakh crore market capitalisation.

Reliance Industries which hit a fresh record high of Rs 1,584, closed with a market capitalisation of Rs 10.27 lakh crore, surpassing the Rs 10 trillion mark.  The company has become so big that its current m-cap is similar to 19 Nifty companies, or 35 PSUs and banks.

In dollar terms, its m-cap stood at $140 billion, higher than Total SA's $127.96 billion and way higher compared to BP's $99.57 billion. ($1= Rs 71.46).

Close

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 109 points to 41,130 while the Nifty50 closed with gains of 50 points to end at 12,151.15.

Markets remained volatile throughout the trade but bulls managed to push the index back in green towards the close of the session with handsome gains. Benchmark indices recorded their fresh closing highs as well for the second consecutive day in a row.

Positive commentary from the finance minister on Wednesday, F&O expiry, buying by foreign investors and fall in yields which signals a continuation of Reserve Bank of India’s accommodative stance in its next policy meeting in December are some of the factors which aided the sentiment.

Investors would watch out for big macro triggers such as infrastructure output data for October, and GDP data for the September quarter on Friday.

"Market stayed positive despite expiry led volatility & the announcement of GDP data tomorrow as investors got a sense that increasing global liquidity will provide support in every consolidation,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“Factors like benign oil prices and fall in yields signals that RBI will continue to maintain its accommodative stance until the economy enters into a revival path. Additionally, Govt’s efforts to maintain the fiscal prudence and stimulus measures may help to extend the breadth of the rally,” he said.

Top Nifty gainers: JSW Steel (up 4.3 percent), UPL (up 5.08 percent), and Bharti Infratel (up 13.89 percent)

Top Nifty losers: HDFC (down 1.1 percent), Hero MotoCorp (down 2.2 percent), and Zee Entertainment (down 2.6 percent)

Stocks and sectors:

Sectorally, the S&P BSE Telecom index rose 3.4 percent, followed by the S&P BSE Metal index which was up 2.1 percent, and the S&P BSE Public Sector index was up 1.2 percent.

On the losing front, the S&P BSE Auto index was down 0.2 percent.

In the broader market space, the S&P BSE Midcap index was up 0.97 percent, and the Smallcap index rose 0.45 percent.

Long Buildup: Shriram Transport, Nestle India, IndusInd Bank

Short Buildup: Tech Mahindra, Dr Reddy’s Laboratories, Shree Cement

Stocks in news:

Balaji Amines share price rose 7 percent on November 28 after the company received environmental clearance for setting up a plant at Solapur, Maharashtra.

Tata Communications share price surged more than 6 percent on November 28 after the company signed an agreement with the Kacific Broadband Satellites Group.

RBL Bank ended over 3 percent higher on November 28 after the company said its board is going to consider fundraising on November 30.

Autoline Industries share price was locked in 10 percent upper circuit on November 28 after it signed an agreement with Kinetic Green for e-cycles.

Metals stocks rallied 2-4 percent on November 28 amid likely hike in prices and positive vibes from US-China trade talks. JSW Steel, Tata Steel, Jindal Steel & Power, SAIL, etc. gained 2-4 percent with Nifty Metal index itself rising 2 percent.

Technical View:

Nifty formed a small bullish candle on daily charts which resembles a Hanging Man pattern.

If the index forms a bearish candle on Friday then some more consolidation could be on the cards.

Nifty could test its critical support on short-term charts placed around 11,990 levels.

Traders are advised to book profits in the next trading session and wait for some pullback in the index before initiating fresh longs, suggest experts.

Three levels: 12099, 12158, 12200

Disclaimer: Reliance Industries Ltd, which owns Jio, is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Nov 28, 2019 04:21 pm
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