Markets

Sensex, Nifty soar to fresh lifetime highs; Tata Motors drops over 3%

BSE Sensex settles 206.40 points, or 0.50%, higher at its all-time closing high of 41,558.57; NSE Nifty advances 56.65 points, or 0.47%, to its record closing high of 12,221.65

Equity benchmarks Sensex and Nifty surged to fresh highs on December 18, tracking gains in index heavyweights HDFC Bank, RIL and ITC amid unabated foreign fund inflows.

After rallying to its record intra-day peak of 41,614.77, the 30-share BSE Sensex settled 206.40 points, or 0.50%, higher at its all-time closing high of 41,558.57.

Similarly, the broader NSE Nifty advanced 56.65 points, or 0.47%, to its record closing high of 12,221.65.

M&M was the top gainer in the Sensex pack, surging 3.37%, followed by Sun Pharma 2.53%, Asian Paints 1.88%, ITC 1.66%, HDFC Bank 1.58% and Tech Mahindra 1.51%.

On the other hand, Tata Motors plunged 3.05% after the National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered restoration of Cyrus Mistry as the Executive Chairman of Tata Sons. NCLAT also held appointment of N. Chandrasekaran as Executive Chairman illegal.

Other Tata group stocks including Tata Power, Tata Chemicals and Tata Global Beverages too fell up to 4.14%.

HUL, SBI and Yes Bank fell 1.79% each. NTPC, PowerGrid and Bajaj Finance also ended in the red.

Besides stock-specific action, sustained foreign fund inflows boosted market mood here, traders said.

On a net basis, foreign institutional investors bought equities worth ₹728.13 crore, while domestic institutional investors sold shares worth ₹796.38 crore on December 17, data available with stock exchange showed.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a mixed note, while those in Europe saw tepid trading sentiment.

On the currency front, the rupee depreciated 6 paise against the U.S. dollar to 71.05 (intra-day).

Brent futures, the global oil benchmark, was fell 0.76% to $65.58 per barrel.

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Printable version | Feb 28, 2020 5:52:48 PM | https://www.thehindu.com/business/markets/sensex-nifty-soar-to-fresh-lifetime-highs-tata-motors-drops-over-3/article30339029.ece

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