Sensex, Nifty On Track To Log In Seventh Day Of Gains

NDTV Profit Team

19 Mar 2019, 02:55 PM IST

Anil Ambani-promoted companies surged after he paid Ericsson a day before a top court deadline.

Domestic equity benchmarks (Sensex and Nifty) were on track to clock seventh straight day of gains led by buying interest in Reliance Industries, ITC, NTPC, State Bank of India and ONGC. The S&P BSE Sensex rose as much as 244 points and Nifty touched intraday high of 11,521. As of 2:53 pm, the NSE Nifty 50 Index traded 0.33 per cent or 37 points higher at 11,500 and the S&P BSE Sensex advanced 0.5 per cent or 182 points 38,277.

Meanwhile, Asian shares held tight ranges on Tuesday ahead of the a Federal Reserve policy meeting, but were broadly supported near six-month highs on expectations the central bank might strike a dovish tone, while fresh Brexit worries dogged the pound.

MSCI's broadest index of Asia-Pacific shares outside Japan was flat, easing back from its highest level since Sept. 21 hit earlier in the session.

Back home, shares of the Anil Ambani-promoted companies like Reliance Communications, Reliance Power, Reliance Infrastructure, Reliance Capital and Reliance Naval surged after Anil Ambani avoided jail by paying back Swedish telecom giant Ericsson a day before a Supreme Court deadline. The industrialist profusely thanked elder brother and India's richest man Mukesh Ambani for his "timely support".

Thirteen of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Healthcare Index's 0.9 per cent gain. Select energy, FMCG and telecom shares were also witnessing buying interest. On the flipside, S&P BSE Auto Index was top loser, down 0.79 per cent. Capital goods, metal and power indexes were also trading on a subdued note.

Mid- and small-cap shares were broadly outperforming their larger peers as the S&P BSE MidCap and S&P BSE SmallCap Indexes advanced 0.3 per cent each.

Sun Pharma, GAIL India, ONGC, Bharti Airtel, Indian Oil and Grasim Industries were among top gainers in the Nifty 50 basket of shares. While, Eicher Motors, Hero MotoCorp, Bajaj Auto, JSW Steel, Larsen & Toubro and Adani Ports were among the losers.

(With agency inputs)