Post Session: Fabulous Friday For Markets; Sensex Hits 31,000 For The First Time Analysis For May 26

Posted By: Religare
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The Indian equities continued gaining streak for the second day, with benchmarks Sensex and Nifty closing at record high in a broad-based rally, as investors gave thumbs-up to Narendra Modi-led NDA government's three years in office. Adding to it, reports of increase in pre-monsoon showers across the India, which gives a glimpse of the arrival of monsoon 2017 sooner-than-later, also gave a lift to market sentiment. The market rally was also supported by sustained fund inflows and strong corporate earnings by frontline bluchip such as ITC, HPCL. ITC jumped 3 per cent after FMCG major reported a 12.13 per cent growth in its standalone net profit at Rs 2,669.47 crore for the fourth quarter ended March 31, 2017, helped by spurt in revenue from cigarette segment.

The 30-share barometer SENSEX closed at a new high of 31028.21, up by 278.18 points or by 0.9 percent, and then NSE Nifty settled at 9595.1, up by 85.35 points or by 0.9 per cent.

In the bullish trade, Sensex touched an intraday high of 31074.07 and intraday low of 30745.57, while the NSE Nifty touched intraday high of 9604.9 and intraday low of 9495.4.

Post Session: Fabulous Friday For Markets; Sensex Hits 31,000 For The First Time

HPCL rallied over 11 per cent after the state-run oil marketing company reported a 31.04 per cent growth in its standalone net profit at Rs 1,818.79 crore for the fourth quarter ended March 31, 2017.

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 511.80,+5.46%), ITC Ltd. (Rs. 308.65,+2.99%), Power Grid Corporation of India Ltd. (Rs. 203.80,+2.57%), Reliance Industries Ltd. (Rs. 1335.80,+2.53%), Adani Ports & Special Economic Zone Ltd. (Rs. 346.95,+1.82%), among others.

On the flip side, Sun Pharmaceutical Industries Ltd. (Rs. 568.55,-3.93%), Cipla Ltd. (Rs. 491.60,-2.48%), Lupin Ltd. (Rs. 1111.90,-2.29%), Tata Consultancy Services Ltd. (Rs. 2579.30,-1.55%), Dr. Reddy's Laboratories Ltd. (Rs. 2411.70,-0.64%), were among the top losers on the BSE.

Among the sectors, all the indices ended in green, barring healthcare, while metal and oil&gas stocks emerged as top gainers, rising as much as 3.4 per cent and 2.08 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 3032, shares advanced were 1926 while 905 shares declined and 201 were unchanged.

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