Sensex extends record run to third day, metals lead gains1 min read . Updated: 25 Jul 2018, 03:58 PM IST
Metal stocks were in the limelight today. Tata Steel and Vedanta rose over 1%
New Delhi: The Sensex settled marginally higher today to extend its record run to third day. The Sensex ended 33 points higher at record closing high of 36,858. The Nifty ended flat 11,132, down 2 points. Earlier in the session, the Sensex climbed to a new intra-day high of 36,947. Global stock markets were mixed Wednesday after Wall Street gained on strong corporate earnings amid US-Chinese trade tensions. The rupee traded higher against the US dollar at 68.73/dollar.
Metal stocks were in the limelight today. Tata Steel and Vedanta rose over 1%. Among financials, SBI rose 1.8% while HDFC Bank and IndusInd Bank also advanced. Adani Ports and Special Economic Zone Ltd advanced 1.5% after conglomerate Adani Group said on Tuesday its coal mining volumes are expected to touch 80 million tonnes by the end of March 2021. Adani Enterprises Ltd was up 4.5%.
HDFC Ltd climbed 1% after the company said it would consider raising of external commercial borrowings up to $1.5 billion.
Among the gainers, ICICI Prudential Life Insurance rose 4.7% after brokerages forecast the insurer’s margins would expand in the following quarters.
Bharti Airtel fell over 1% after rival Idea Cellular Ltd paid the department of telecommunications on Tuesday, clearing the way for its merger with Vodafone’s Indian unit. Analysts expect highly competitive tariff plans from Idea-Vodafone that could further roil an already disrupted sector.
Cement makers reversed the last session’s gains, with UltraTech Cement Ltd down 2.6% and ACC declining 0.8%. The National Company Law Appellate Tribunal (NCLAT) today dismissed cement manufacturers’ plea, challenging the order of fair trade regulator CCI to impose a penalty of ₹ 6,700 crore for alleged cartelization.
“We’ll see a mid-cap rally if NSE crosses 11,171," said Rusmik Oza, senior vice-president (head of fundamental research) at Kotak Securities. “Because of a low base last year due to factors like GST, we are expecting good results this quarter and the next, and the market will continue its upward movement."
The BSE midcap index ended marginally lower today.
With Agency Inputs