Sunday, June 20, 2021
Home Business Nifty hits record high of 15,436 as RIL jumps 6% - Times...

Nifty hits record high of 15,436 as RIL jumps 6% – Times of India


Mumbai: A strong rally in Reliance Industries boosted sentiment on Dalal Street on Friday with the Nifty closing 98 points higher at 15,436 — an all-time high. Decreasing new daily Covid-infection numbers boosted confidence for investors.
On the BSE, The sensex closed 308 points up, at 51,423, just about 2% from its all-time peak of 52,517 recorded in mid-February. After trading sideways for several weeks, RIL on Friday closed 6% higher at Rs 2,095. Surprisingly of the 30 sensex stocks, a majority, 18, closed lower, indicating how skewed the market was during the session.
According to Joseph Thomas of Emkay Wealth Management, the buoyancy in the market stemmed from improving pandemic related conditions — broad indications that it has actually peaked out. “This gives greater certainty about the future in terms of the likely relaxation of lockdown conditions in the major cities across the country, and also a faster return to normalcy. There is also a renewed vigour in the massive vaccination efforts, as many state governments have started inviting bids to supply vaccines to ensure universal immunization, and as the realisation that only such efforts would ultimately kill the virus is taking roots.” Going ahead, on the domestic front the RBI’s monetary policy meeting next week, the rate of rollout of vaccines in various states and also the number of new daily infections would decide the market’s direction.
The outlook of the foreign fund managers relating to India would also have some impact on the market’s direction, dealers said. So far, foreign portfolio investors have been net sellers in the domestic stock market at about Rs 3,400 crore, marking May as the second consecutive month to witness net outflow, CDSL data showed.





Source link

RELATED ARTICLES

Saudi Aramco representative may be on Reliance board? – Times of India

NEW DELHI: Saudi Aramco chairman and Governor of the Kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, may be inducted on the board...

SEBI asks PNB Housing to halt Rs 4,000 cr preferential issue of shares – Times of India

MUMBAI: The Securities and Exchange Board of India (SEBI) has directed PNB Housing Finance to stall the proposed preferential issue of shares worth...

Air India has time till mid-July to challenge Cairn lawsuit – Times of India

NEW DELHI: Air India has time till mid-July to challenge the lawsuit filed by Britain's Cairn Energy PLC demanding that a US federal...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Saudi Aramco representative may be on Reliance board? – Times of India

NEW DELHI: Saudi Aramco chairman and Governor of the Kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, may be inducted on the board...

How to Book COVID-19 Vaccine via Paytm App

Looking for an easy way to book COVID-19 vaccine? You can use Paytm. The Paytm app can help you book COVID-19 vaccine...

SEBI asks PNB Housing to halt Rs 4,000 cr preferential issue of shares – Times of India

MUMBAI: The Securities and Exchange Board of India (SEBI) has directed PNB Housing Finance to stall the proposed preferential issue of shares worth...

How to Transfer Contacts From Android to iPhone

Switching from an Android phone to an iPhone can be a daunting experience. It's a whole different ecosystem, one that is more...

Recent Comments