Markets end higher for the third straight session on sustained buying by fund and retail investors amid weak global cues. Shares of Reliance contributed the most to the rise on the Sensex after LIC increased its stake in the company.
Provisionally, the 30-share Sensex surged 133 points at 29,593 and the 50-share Nifty gains 39 points at 8,995.
Markets have gained momentum in the last hour of trading with Nifty touching record high on persistent buying mainly in healthcare, consumer durables IT and energy stocks on the back of sustained foreign capital inflows with Reliance contributing the most to the gains after LIC increased its stake in the company.
The rupee HAS depreciated by 4 paise to trade at 61.91 against the US dollar, extending Monday’s weakness due to sustained demand for the American currency from importers.
RIL has gained over 4.5% and has emerged as the top gainer after LIC increased its stake in the company by 2.09% after buying 6.78 crore shares in the open market. ONGC is up 1% while GAIL has lost 0.5%.
IT stocks are trading higher in today’s trade on the back of a depreciating rupee. TCS, Wipro and Infosys are up between 0.1-3%.
Sun Pharmaceuticals has gained 3% in intra-day deals after the company said it will acquire the opiates business of GlaxoSmithKline (GSK) in Australia. GSK’s opiates business, including related manufacturing sites in Latrobe (Tasmania) and Port Fairy (Victoria). Dr Reddys Lab and Cipla have gained between 2-3%.
Among capital goods stocks, L&T has gained 0.7%. The construction arm of L&T has won orders worth Rs 2,215 crore across various business segments over the last two months, according to company disclosure to BSE. BHEL has slipped nearly 1% on profit taking.
ITC continues its slide on the Sensex and is down nearly 1% after the budget proposed a hike in the excise duty in cigarette. HUL is down 0.7%.
Coal India dropped nearly 5% after the stock turned ex-dividend for Rs 20.70 per share today.
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