This Article is From Oct 07, 2020

Sensex, Nifty Gain For Fifth Straight Session Led By Reliance Industries

In the last five trading sessions, the Sensex has rallied 5 per cent and Nifty has surged 5 per cent.

Sensex, Nifty Gain For Fifth Straight Session Led By Reliance Industries

The S&P BSE Sensex and NSE Nifty 50 indexes rallied for fifth session in a row on Wednesday led by gains in Reliance Industries, HDFC Bank, Tata Consultancy Services, HDFC and Titan. The markets opened lower but recovered soon after owing to short-covering a day ahead of the weekly expiry of index derivative contracts. The Sensex rose as much as 517 points from the day's lowest level and Nifty 50 index briefly surpassed its important psychological level of 11,750.

The Sensex ended 304 points higher to close at 39,879 and Nifty advanced 76 points to close at 11,739.

In the last five trading sessions, the Sensex has rallied 5 per cent and Nifty has surged 5 per cent.

Six of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Auto index's 1.4 per cent gain. Banking, information technology, FMCG, and private banking stocks also witnessed buying interest.

On the other hand, media, metal, pharma and realty shares witnessed selling pressure.

Mid- and small-cap shares underperformed their larger peers as the Nifty Midcap 100 index fell 0.51 per cent and Nifty Smallcap 100 index declined 0.33 per cent.

Titan was top Nifty gainer, the stock rose 4.5 per cent to close at Rs 1,254 after the company informed exchanges of sharp recovery in September quarter across its business verticals following subsequent reopening of economy from the lockdowns announced to stop the spread of coronavirus disease.

Titan's jewellery division saw a strong recovery as its division did very well in Q2, with a recovery rate of around 98 per cent (excluding sale of raw gold) in Q2, compared to the revenue of same quarter in last year.

Reliance Industries advanced as much as 4.5 per cent after its retail arm - Reliance Retail Ventures secured an investment of Rs 5,512.50 crore from Abu Dhabi Investment Authority.

Bajaj Auto, Maruti Suzuki, ONGC, Shree Cements, Wipro, UltraTech Cement, HDFC Bank, TCS, Nestle India and Infosys were also among the gainers.

On the flipside, Bajaj Finance, Bharat Petroleum, Hindalco, Tata Motors, Power Grid, Coal India, Tata Steel, NTPC and Sun Pharma were among the losers.

The overall market breadth negative as 1,598 shares ended lower while 1,077 closed higher on the BSE.