Driven by positive global cues as well as a good start to earnings season, backed by TCS, pushed the markets to fresh records on Thursday. Investors looked to cash in on the bullish momentum as buying was visible across sectors. Having said that, the Street closed off the day's high points.
The Sensex slipped over 100 points after notching record high.The Nifty, meanwhile, managed to cross 11,000-mark for the first time since February 1 and maintained the momentum through the afternoon. It closed above the psychological 11K-mark.
At the close of market hours, the Sensex ended up 282.48 points or 0.78% at 36548.41, while the Nifty was up 74.90 points or 0.68% at 11023.20. Here are the top five trends:
Fresh milestones for indices
related news PayPal tells woman her death violated account policies, apologises Canadian farmer puts 6-year-old McDonald��s burger, fries for sale on eBay In pictures: The spectacular aircraft that flies like a plane and takes off like a helicopterAmid the news, the markets have witnessed a new record highs. The 30-stock Sensex ended 248.48 points up at�36548.41, while the 50-stock Nifty crossed the 11k mark for the first time after February 2018 marking a close at slightly above the mark at 11,023.20.
RIL re-visits USD 100-billion m-cap club
A key highlight of the markets was a huge surge in the shares of oil-to-telecom giant, Reliance Industries as it crossed a market capitalization of USD 100 billion after a decade.
The figure now stands at Rs 6.85 lakh crore. The company had previously crossed the same benchmark in 2008 when the rupee was close to 40 to the dollar. This makes the company in line with TCS as the only two Indian companies to have entered the billion dollar club.
The stock has witnessed a 13 percent growth post the Annual General Meet (AGM) held on July 5. Analysts and market participants remain bullish on the stock.
Crude prices cool off
With tension escalating in the US-China Trade War and Libya's talk on new crude facilities, shares of global oil major, Brent Crude saw its biggest drop on Wednesday.
The major beneficiaries have been oil marketing companies (OMCs). Shares of Bharat Petroleum Corporation Limited, Hindustan Petroleum Corporation Limited and Indian Oil Corporation gained between 1 to 3 percent on Thursday.
Aviation stocks take off
Shares of Indian aviation companies were also gainers in the market with crude oil prices falling globally. The shares major aviation companies like Jet Airways, SpiceJet, and Interglobe Aviation (IndiGo) surged up gaining 3 to 6 percent in the markets.
Midcaps witness selling pressure
The bears managed to take over the bulls as Nifty mid-cap ends in red. The Nifty mid-cap ticked on a high note and managed to gain 1 percent in the morning trading session. But selling pressure across segments resulted in the index turning flat at the closing hours eventually ending in red. The index has been one of the top losers of the day.
First Published on Jul 12, 2018 05:50 pm
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