SENSEX, NIFTY HIT RECORD HIGHS AS RELIANCE SHARES RALLY

Benchmark stock market indices hit record highs in early trade on Friday, backed by gains in heavyweight stocks such as Reliance Industries Limited (RIL) and State Bank of India (SBI).

At around 10:02 am, the Sensex was up 352.39 points to 79,595.57, while the Nifty was trading 97.60 points higher at 24,142.10. In early trade, the Sensex reached an all-time high of 79,671.58, while the Nifty50 rose to 24,174.

It may be noted that the Nifty 50 and Sensex have risen 2.6% and 2.9%, respectively, so far this week. They are also headed for their biggest monthly gains since December, buoyed by positive sentiments among investors.

The top five gainers on the Nifty50 were Dr Reddy's, Coal India, SBI, ONGC, SBI Life. On the other hand, Grasim, Wipro, LTIM, HCLTech and Adani Ports were the top losers.

However, a surge in RIL shares contributed significantly to the gains on Dalal Street. Shares of the oil-to-telecom conglomerate rose nearly 2% in early trade to hit a record high after Reliance Jio Infocomm hiked tariffs.

SBI shares also rose sharply after the public sector bank raised Rs 10,000 crore via issuance of infrastructure bonds.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, "The market momentum has the potential to take the Sensex to 80,000 level. The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIl, Bharti and the leading private sector banks."

"However, corrections can happen any time since the market is in the overbought zone and DIIs are booking profits. It is interesting to note that in the tug-of-war between the FIIs and DIIs,the latter has emerged victorious whenever this happened during the last 3 years," he added.

2024-06-28T04:46:08Z dg43tfdfdgfd