Sensex ends above 58K for the first time; Nifty climbs 17,300; RIL zooms 4%

Stock market update: Market behemoth Reliance Industries kept the benchmark indices afloat on Friday overpowering selling pressure in HDFC Bank, HDFC, HUL, and Bharti Airtel. The Mukesh Ambani-led company's shares hit fresh record high of Rs 2,394 apiece after they surged over 4 per cent on the BSE. READ ABOUT IT HERE

Overall, the BSE barometer of 30-shares closed above the 58,000-mark for the first time at 58,130 levels, up 277 points or 0.48 per cent. It's 50-share counterpart, meanwhile, marched 89 points higher, or 0.52 per cent, to settle above 17,300 at 17,324. In the intra-day deals, the Sensex hit a new lifetime high of 58,195 while the Nifty50 index touched 17,340.

Besides, the BSE MidCap index closed 0.35 per cent higher after hitting a new peak of 24,454 in the intra-day deals while the BSE SmallCap index gained 0.41 per cent after touching a new high of 27,388. 

Market breadth was marginally in favour of buyers with shares of over 1,700 companies advancing as against shares of 1,400 companies that fell on the bourses.

4:15 PM

What could influence markets next week?

Sensex has gone past 58000 to close the day at 58128, and the Nifty too comfortably rose to 17323. The rise was witnessed across market caps and sectors, though the uptick in midcaps and small caps was a bit muted. The improving general pandemic conditions, the GDP number indicating a continuing revival in economic activity, the increased confidence in facing a potential third wave, the stress on universal vaccination, and finally, the indications from Jackson Hole address by the Fed Chief that tapering off may start as early as later this year but rate hikes may happen much later next year, are the factors which supported the rally in the markets. The developments around the US economy, the revival of activity in Europe - both in the face of rising numbers of fresh infections -would also be factors that would matter in the coming week.

-- Dr. Joseph Thomas, Head of Research, Emkay Wealth Management

4:14 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

 Despite mixed global cues, domestic equities continued to raise its bar, recording fresh highs as India continued reporting strong economic numbers. European stocks traded mixed ahead of US jobs data while concerns over economic slowdown in China fanned investor worries. The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales.

4:13 PM

Mazagon Dock jumps 5% after PM Modi says firm will partner Zvezda for construction of commercial ships

4:11 PM

Zomato surges 9%, hits new high

4:04 PM

Exide Industries zooms 6% on insurance subsidiary sale

>> Shares of Exide Industries rose on the divestment of the company's entire stake in Exide Life Insurance Company, by way of sale to HDFC Life Insurance Company for a total consideration of Rs 6,687 crore. Exide Life Insurance Company is a material wholly owned subsidiary of the Exide Industries.

3:59 PM

RIL surges 4%, market cap crosses Rs 15 trillion

>> The stock surged ahead of the launch of JioPhone Next. JioPhone Next will be packed with features like Google Assistant, automatic read-aloud of screen text, language translation, smart camera with augmented reality filters, and more. It will be available in the market from the auspicious date of Ganesh Chaturthi, September 10, 2021 -- Mukesh Ambani, Chairman and Managing Director, RIL had said in his address at the company’s AGM 2021 held on June 24, 2021.

3:56 PM

Sector Watch :: Nifty Media & Metal lead sectoral gainers

>> Auto & Realty too gain over 1% each

3:44 PM

BSE MIDCAP index gains 0.35% but underperforms Sensex

>> The index had hit a fresh peak of 24,453.88 in trade today

3:42 PM

BSE SMALLCAP index rises 0.41%, moves in tandem with benchmark

>> The index hit a new high of 27,388.48 in trade today

3:40 PM

RIL singlehandedly drives Sensex to new high

3:37 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: RIL, Titan, Bajaj Auto

>> TOP LOSERS: Bharti Airtel, HUL, HDFC Bank

3:34 PM

CLOSING BELL :: Sensex jumps 282 points, ends above 58K; Nifty tops 17,300

>> The bull run on domestic market further gathered pace as both benchmarks along with the broader markets surged to record high levels in today's session. The BSE barometer Sensex hit the 58,000 mark for the first time while Nifty crossed the 17,300 level. For the day, BSE Sensex closed at 277, up 58,130 points. It touched all-time high of 58,194.79 in intra-day deals. Nifty50 meanwhile settled at 17,320, up 86 points. It touched new peak of 17,340 today.

3:28 PM

Zomato hits new high of Rs 150, zooms 98% over issue price of Rs 76

Shares of Zomata hit a new high of Rs 150.50 as they 9 per cent on the BSE in intra-day trade on the back of heavy volumes. The stock of the online food delivery company surpassed its previous high of Rs 147.80 touched on July 27, 2021. Till 03:05 pm, a combined 102 million equity shares had changed hands on the NSE and BSE so far. READ MORE

3:20 PM

Fed likely to announce taper in November, says former Fed official

The U.S. Federal Reserve is likely to announce the tapering of its asset purchases in November and begin the process a month later, former Federal Reserve official Dennis Lockhart said on Thursday. READ MORE 

3:04 PM

Sebi tweaks investor grievance redressal mechanism framework

Capital markets regulator Sebi on Friday tweaked the framework on investor grievance redressal mechanism after receiving representation from stock exchanges.

 

The regulator has modified framework pertaining to speeding up grievance redressal mechanism and threshold limit for interim relief paid out of investor protection fund (IPF) of the stock exchange among others. READ MORE