Stock Market Today: Nifty Logs Best F&O Series This Year; Crosses 24,000-Mark
Both Nifty and Sensex recorded their intraday highs of 24,087.45 points and 79,396.03 points respectively.
KEY HIGHLIGHTS
Rupee Strengthens Against US Dollar
-The local currency strengthened by 11 paise to end at 83.46 against the US dollar.
-It closed at 83.57 on Wednesday.
Source: Bloomberg
Nifty Logs Best F&O Series This Year; Crosses 24,000-Mark: Closing Bell
Benchmark equity indices saw a third day of record close today. The Nifty claimed its psychologically crucial 24,000-mark and rose the most in an F&O series this year.
Both Nifty and Sensex recorded their intraday highs of 24,087.45 points and 79,396.03 points respectively.
The Nifty closed at 24044.50 points, up 0.74% or 175.70 points and the Sensex closed at 79243.18, higher by 0.72% or 568.93 points. Intraday, both the indices rose 0.92%.
Index heavy constituents are doing well, but the broader market is starting to bleed, said Vikram Kasat, head of advisory at Prabhudas Lilladher. "Staying extremely stock-specific and nimble is the current requirement as a trader."
Nifty50 has formed 4th consecutive strong bullish candle which indicates overstretched upmove; buying on dips will be an ideal strategy, according to Aditya Gaggar director of Progressive Shares. "Now, the immediate hurdle is placed at 24,240 while a level of 23,800 will act as strong support."
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Shares of Infosys Ltd., Reliance Industries Ltd., Tata Consultancy Services Ltd., UltraTech Cement Ltd., and NTPC Ltd. contributed the most to the gains.
While those of Larsen & Toubro Ltd., HDFC Bank Ltd., Shriram Finance Ltd., ICICI Bank Ltd., and Sun Pharmaceutical Industries Ltd. weighed on the index.
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Most sectoral indices were higher at close with Nifty IT leading.
Market breadth was skewed in favour of sellers. Around 2,366 stocks declined, 1,529 stocks rose, and 113 stocks remained unchanged on BSE.
Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.17% higher and Smallcap ended 0.57% lower.
On BSE, 15 sectors advanced, and five declined out of 20. The S&P BSE IT was the top performing sector, and the S&P BSE Industrial was the worst performing sector.
Zee Entertainment Has 22.2 Lakh Shares Change Hands In Block
Zee Entertainment Enterprises Ltd. had its 22.2 lakh shares change hands in a block trade.
Buyers and sellers are unknown.
Source: Exchange filing
UltraTech Cement Buys 19.44% Stake In India Cements
UltraTech Cement has acquired 19.44% stake of India Cements at Rs 267 per share.
The company is to buy additional 3.4% stake in India Cements at Rs 285 per share.
Source: Exchange filing
