Sensex, Nifty Shrug Off Mid Session Setback, Close At New Record Highs

RTTNews | 724 days ago
Sensex, Nifty Shrug Off Mid Session Setback, Close At New Record Highs

(RTTNews) - After soaring to new all-time highs in early trades on Tuesday, Indian benchmark indices S&P BSE Sensex and the Nifty50 pared gains and briefly fell into the red around late morning, but recovered to post fresh closing highs after volatile swings.

Stocks climbed higher on sustained inflow of foreign funds, and a positive lead from Wall Street where stocks closed higher on Monday amid expectations the Fed is nearing the end of its tightening cycle.

The Sensex, which dropped to 66,574.47 after surging to 67,007.02, ended the session with a gain of 205.21 points or 0.31% at 66,795.14. The Nifty50 ended with a gain of 37.80 points or 0.19% at 19,749.25, after hitting a new intraday high of 19,819.45.

IT bellwether Infosys, up 3.67%, contributed significantly to market's positive close. The stock rallied after the company said it has won a contract from a "strategic" client to provide AI and automation services over five years, entailing a targeted spending of $2 billion.

Heavyweight stock Reliance Industries gained nearly 1%. Asian Paints climbed 1.5% and HCL Technologies gained about 1.2%. ICICI Bank, Wipro, NTPC, Hero Motocorp, Tata Consumer Products, and Tech Mahindra posted modest gains.

State Bank of India ended lower by about 1.4%. Bajaj Finance, Titan, Sun Pharmaceutical Industries and Tata Steel also lost more than 1%. Tata Motors, UltraTech Cement and JSW Steel ended down 0.8 to 1%.

LTI MindTree Limited shares dropped 2.6% despite the company reporting a modest 4% year-on-year increase in consolidated earnings in the April - June quarter.

HDFC Life, Britannia Industries, Apollo Hospitals Enterprises, Divi's Laboratories and Coal India also ended notably lower.

ICICI Prudential Life Insurance ended 1.3% down. The insurer reported standalone net profit of Rs 207 crore for the first quarter ended June, up 33% compared to the year-ago quarter.

The market breadth was weak. On BSE, 2,011 stocks ended lower, and 1,413 stocks moved up, while 124 stocks settled flat.

read more
Bay Street Likely To Open Lower

Bay Street Likely To Open Lower

Canadian shares look headed for a weak start on Friday due to trade war concerns, although fairly firm crude oil and bullion prices may help limit the market's downside. Data showing an increase in Canadian employment in the month of June and a drop in the unemployment rate may also aid sentiment a bit.
RTTNews | 3h 46min ago
Pound Falls As U.K. Economy Contracts For Second Straight Month

Pound Falls As U.K. Economy Contracts For Second Straight Month

The British pound weakened against other major currencies in the European session on Friday, as the UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in achieving her self-imposed borrowing rules.
RTTNews | 3h 53min ago
Pound Falls Against Majors

Pound Falls Against Majors

The British pound weakened against other major currencies in the European session on Friday.
RTTNews | 4h 15min ago
Yen Retreats Amid US-Japan Trade Uncertainty

Yen Retreats Amid US-Japan Trade Uncertainty

The Japanese yen retreated from early highs against other major currencies in the European session on Friday, amid concerns on US-Japan relations in light of Trump's placement of a 25 percent tariff on Japanese exports this week, which will go into force on August 1.
RTTNews | 5h 4min ago
UK Economy Contracts For Second Straight Month

UK Economy Contracts For Second Straight Month

The UK economy shrank for the second consecutive month in May, adding challenges to Chancellor Rachel Reeves in meeting her self-imposed borrowing rules. Gross domestic product fell unexpectedly by 0.1 percent in May, following a 0.3 percent drop in April, data from the Office for National Statistics revealed on Friday.
RTTNews | 5h 35min ago
CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

CAC 40 Down More Than 1% As Trade War Concerns Hurt Sentiment

French stocks are notably lower on Friday, weighed down by losses in automobile and luxury sectors. The mood in the market is a bit bearish, in line with other major markets in Europe, amid renewed worries about tariffs.
RTTNews | 5h 42min ago