Sensex surges over 300 points, RIL leads gains1 min read . Updated: 25 Jun 2019, 04:00 PM IST Staff Writer
- The Nifty ended near 11,800
- Banking, energy and metal stocks led the gains
Indian ended on a strong note on Tuesday, led by gains in banking, energy and metal stocks. The Sensex ended 311 points higher at 39,434 while Nifty settled 0.83% higher at 11,796. Within the Sensex pack, RIL, Axis Bank, NTPC and Tata Steel ended over 2% higher. The other top gainers in Sensex included PowerGrid, SBI, M&M, HDFC, ICICI Bank and Bajaj Finance.
“Frontline indices had a smart pullback, after uninspiring move over previous fortnight. Markets have been building up hopes from Union budget for revival of economy," said
Jagannadham Thunuguntla, senior VP and head of research (wealth) at Centrum.
Midcap stocks also notched up gains today, with the BSE midcap index rising 0.66%.
Jayant Manglik, president of retail distribution at Religare Broking, remains cautious on Indian markets. "The near-term movement is likely to be driven by progress on monsoon as well as global developments. The G20 summit will be closely monitored, as it is likely to focus on efforts to settle the international crisis and give some indication on progress on US-China trade talks. Further, the crude oil price and currency movement will also be on market radar," he said.
Emami halts 10-day slide
Shares of FMCG player Emami were up 7% at ₹286 in noon trade. The FMCG firmon Monday said its promoters have sold an additional 10% stake in the company for ₹1,230 crore, to reduce their debt. In February, the promoters offloaded 10% stake in the firm for ₹1,600 crore. With the recent selling of shares, promoters' stake in Emami has come down to 52.73% after divesting 4.54 crore shares. According to the company, this amount is intended to be used for further reducing debt of the promoters.
Piramal Enterprises shares down 4%
Piramal Enterprises on Monday said it is planning to sell its entire holding of around 20% stake in Shriram Capital Ltd to fund growth of its financial services business.
"As part of the long-term strategy of the company to fund growth of its financial services business, the company is evaluating the feasibility of sale of the entire (effective 20 per cent) stake held by the company in Shriram Capital Ltd," Piramal Enterprises said in a regulatory filing. Shares of Piramal Enterprises were down 4% at ₹1,874.
Welspun Corp fixes record date for buyback of shares
Welspun Corp on Monday said that the company will buy back 2.8 crore shares for ₹390 crore, at a price of ₹135 apiece. The company will buy back up to 28,888,888 equity shares. The committee has fixed July 5 as the "record date" to determine the company's equity shareholders who would be eligible to participate in the buyback. Welspun Corp shares were trading 2% lower at ₹137 today.
Rupee extends gains against US dollar
The Indian rupee today strengthened against the US dollar on Tuesday even as other Asian currencies were trading mixed. The rupee traded at 69.27 a dollar, up 0.13% from its previous close of 69.35. The Indian currency had opened at 69.32 a dollar. The Indian rupee on Monday closed near 2-week high against US dollar.
Oil prices drop amid demand worries
Oil prices fell today amid concerns over the outlook for crude demand, but prices were supported after Washington announced new sanctions on Iran amid mounting tensions in the Middle East. Benchmark Brent crude futures were down 57 cents, or 0.9%, at $64.29 a barrel. They dropped 0.5% on Monday.