Indian equity benchmark indices continued their rally on Wednesday, closing at fresh record high levels, driven by foreign fund inflows and optimism in the global markets. Buying in index heavyweights Reliance Industries and ITC also helped the markets maintain their gaining momentum.
The BSE Sensex jumped 302.30 points or 0.45 per cent to settle at its new record closing high of 67,097.44. During the day, it surged 376.24 points or 0.56 per cent to reach its all-time intra-day high of 67,171.38.
The NSE Nifty climbed 83.90 points or 0.42 per cent to settle at its lifetime closing high of 19,833.15. During the day, it gained 102.45 points or 0.51 per cent to hit a new intra-day record high of 19,851.70.
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"Despite the current high levels, domestic investors have hardly lost confidence in the Indian economy. It is experiencing a broad-based rally, strengthened by encouraging domestic macroeconomic data and sustained inflows from FIIs. Although there was some initial profit booking today, the market confidently recovered, with buying observed in all major sectors except auto and IT," said Vinod Nair, Head of Research at Geojit Financial Services.
Additionally, the global market is providing comfort to the rally, in anticipation of moderation in global inflation.
Top Stocks To Watch For 20 July:
Dr Reddy’s Laboratories
The pharmaceutical major reported receiving zero observations or actions from the United States Food and Drug Administration (USFDA) at its active pharmaceutical ingredient production plant in Srikakulam. The pre-approval inspection and a routine GMP inspection was conducted during 10-19 July.
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Reliance Industries
The oil-to-telecom conglomerate will demerge its finance unit, Jio Financial Services today. Reliance Strategic Investments has appointed Isha Ambani and Anshuman Thakur as non-executive directors, and Hitesh Kumar Sethia as managing director, and CEO for three years.
Federal Bank
The private sector lender said its board has fixed a base price of Rs 132.59 per share for its impending qualified institutional placement (QIP). The bank holds the option to apply a discount of up to 5 per cent on this floor price for the issue. The bank reported a 42 per cent increase in its net profit for the June quarter to Rs 1,147 crore.
