Closing Bell: No stopping the bulls! Sensex ends above 38,000 for first time, Nifty at all-time closing high; banks fuel rally
After clocking a fresh milestone of 38,000, the Sensex has managed to end the day above this mark. The Nifty, too, isn’t very far behind and ended above 11,450-mark. The levels are new all-time closing highs for both the indices.
Banks led the rally for equity benchmarks, with major gains coming in from PSU banks. Investors are hopeful of stellar June quarter numbers from State Bank of India on Friday and hence placed big bets on the stock. This fuelled the upmove in banks in general. Additionally, buying counters were also buzzing in ICICI Bank and Axis Bank, which helped the market climb to new highs on Thursday.
Metals also offered some support to the market, with the Nifty Metal index ending over a percent higher. Gains in Vedanta boosted the index. A strong upmove was visible among midcaps as well, as the midcap index ended higher by over half a percent.
At the close of market hours, the Sensex ended up 136.81 points or 0.36% at 38024.37, while the Nifty closed higher by 21.60 points or 0.19% at 11471.60. The market breadth was, however, narrow as 1,336 shares advanced, against a decline of 1,327 shares, while 148 shares were unchanged.
ICICI Bank, Axis Bank and SBI were the top gainers, while Bharti Airtel, ONGC and Titan were the top losers.
HEADLINES OF THE DAY
Results to be announced tomorrow :- AB Capital,Acrow India,Allcargo,Andhra Bank,Apollo Hospital,Balaji Telefilm,Bosch,CG Power,DCM,DLF,Emami Paper,Endurance Techn,GAIL,Glenmark,Hindalco,IGL,Lux Industries,NCC,NHPC,Nitco,PC Jeweller,Rupa and Comp,SBI,Sun TV Network,UCO Bank,Union Bank,Vakrangee,Voltas.
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Bitcoin takes a hit: Nine out of top 10 cryptocurrencies nosedived on Wednesday following it to on Thursday losing as much as 15% from the level 24-hours-ago. Bitcoin dropped below $6,500 in the period, a cue followed by other major coins.
The crucial resistance for Nifty spot is now seen at 11500 and above this 11650 Support for the immediate term is now placed at 11380 next support will be 11200.
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