Nifty scales new lifetime high, Sensex retreats from record to slip below 80k

Mumbai: The broader NSE benchmark Nifty advanced further to settle at an all-time high for the third straight session on Friday, while the BSE gauge Sensex retreated from the record to slip below the 80k mark, as investors were indecisive at the current levels.

In a volatile session, the broader NSE Nifty continued its record-breaking run and inched up 21.70 points or 0.09 per cent to close at its lifetime high of 24,323.85, helped by fag-end buying on select counters.

As many as 34 Nifty shares advanced, and 16 declined.

The 30-share BSE Sensex dropped 53.07 points or 0.07 per cent to settle at 79,996.60, indicating market indecisiveness.

A total of 2,242 stocks advanced, while 1,686 declined and 88 remained unchanged on the BSE.

On a weekly basis, the BSE Sensex jumped 963.87 points or 1.21 per cent, and Nifty gained 313.25 points.

“Nifty traded in negative territory throughout the day. However, recovery in the last half hour of the session helped indices to close with minor gains…” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.

Among the 30-share Sensex pack, State Bank of India, Reliance Industries, Hindustan Unilever, NTPC, Larsen & Toubro, Nestle India, Power Grid, ITC, JSW Steel and Sun Pharmaceuticals were the major gainers.

On the other hand, HDFC Bank, Titan, Mahindra & Mahindra, IndusInd Bank, UltraTech Cement, Tata Motors, HCL Technologies and Asian Paints were among the laggards.

“The domestic market traded with a mixed bias, with the heavy-weight banking sector acting as a laggard. Adding to the worry are the top lending banks, which recorded a sequential decline in deposit growth in the June quarter.

“Midcap and Small Cap outperformed, and the respective BSE indices hit an all-time high,” Vinod Nair, Head of Research at Geojit Financial Services, said.

Asian markets were closed on a mixed note on Thursday.

European markets were trading in the green in mid-session deals.

The US markets were closed on Thursday for Independence Day.

In the broader market, the BSE Smallcap gauge rose 0.70 per cent, and the midcap index climbed 0.75 per cent.

Among the sectoral indices, oil & gas surged 1.77 per cent, energy jumped 1.70 per cent, capital goods (1.55 per cent), industrials (1.48 per cent) and power (1.24 per cent).

In contrast, financial services fell 0.59 per cent, consumer durables (0.43 per cent), bank (0.18 per cent), IT (0.13 per cent), and teck (0.06 per cent).

Shares of Reliance Industries jumped nearly 3 per cent to hit a 52-week high of Rs 3,197.65 apiece.

The stock of the most valued firm by market valuation climbed by Rs 48,723.54 crore to Rs 21,51,562.56 crore.

Also, the stock of Raymond surged more than 9 per cent after the textile major said it would demerge the real estate business.

Global oil benchmark Brent crude fell 0.09 per cent to USD 87.35 a barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday, as they purchased shares worth Rs 2,575.85 crore, according to exchange data.

On Thursday, the 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. Later, the Sensex closed 62.87 points or 0.08 per cent higher at 80,049.67, its all-time closing high.

The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06 per cent to settle at a record 24,302.15.