Sensex registers record closing high as Reliance, HDFC Bank lift markets

Sensex registers record closing high as Reliance, HDFC Bank lift markets

NEW DELHI: After an initial selloff on the RBI’s warnings of increase in bad loans, buying returned on Dalal Street in the second half of the day led by Reliance Industries and HDFC Bank.

The market has been driven primarily by foreign institutional investors in the last few months, as they have reallocated funds to emerging markets due to a drop in the dollar. However, along with this, volatility has also crept up.

The 30-share Sensex pack advanced 247.79 points or 0.50 per cent to 49,517.11. Its broader peer, NSE Nifty added 78.70 points or 0.54 per cent to 14,563.45. Both indices closed at fresh record highs.

“The pace of the market rally continued despite RBI’s caution over elevated NPA levels in 2021, supported by PSU banks and auto stocks. US bond yield has changed its trajectory to a rising trend, which could impact emerging markets in the future. But FII inflows are strong and the dollar continues to be weak due to oversupply of USD led by the high amount of fiscal stimulus,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

  • Steel Strips Wheels gains 2% after four-fold growth in Q3 profits
  • Tata Communications gains 2% after Rakesh Jhunjhunwala picks stake in Q3
  • Karnataka Bank jumps 5% post strong Q3 show
  • Tata Motors top Nifty gainer for second straight day, up 8% on JLR sales
  • Sunteck Realty rises 2% as realtor reports 7% increase in Q3 bookings

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