Market Podcast: Sensex, Nifty close at record highs; banking stocks shine : Bulletin: Business Today
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Market Podcast: Sensex, Nifty close at record highs; banking stocks shine

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August 27, 2018

The Sensex and Nifty closed at fresh record highs on positive global markets after US Federal Reserve Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth.

While the Sensex closed 442 points or  1.16% higher at 38, 694 level, the Nifty ended the day at 11,691 level, rising 1.17% or 134 points.

Meanwhile, the Sensex hit an all-time high of 38,736 and Nifty rose to a record 11,700 level intra day.

Of 30 Sensex stocks, 29 closed in the green.

PowerGrid (3.64%), ICICI Bank (2.97%) and Bharti Airtel (3.93%) were the top Sensex gainers.

Sensex heavyweight Reliance Industries hit an all-time high of 1296 level amid news its telecom venture Jio beat Vodafone to become the second-largest telco by revenue market share, closing the gap with market leader Bharti Airtel on this front.

BSE mid cap and small indices gained 177 points and 117 points, respectively.

Banking and consumer durables stocks led the rally with the BSE Bankex rising 530.08 points or 1.69% and BSE consumer durables index gaining 224 points or 1.04%.

Of 19 BSE sectoral indices, 18 closed in the green.

Bank Nifty too rose to 28,264 level gaining nearly 429 points in trade today.

Positive leads from other Asian markets tracking weekend gains on the Wall Street after comments from US Federal Reserve Chairman in support of a gradual approach to raising rates bolstered trading sentiments, brokers said.

Market breadth was positive with 1451 stocks closing higher compared to 1265 stocks ending lower on the BSE.

Domestic institutional investors (DIIs) bought shares worth a net of Rs 904.75 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 75.78 crore on Friday, provisional data showed.
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