Business

RIL at 52-week high, Sensex touches new high

A bystander watches the stock prices displayed on a digital screen at the facade of the Bombay Stock Exchange (BSE) building, in Mumbai, Wednesday, Nov. 20, 2019. Sensex reached an all-time high at more than 40800 points.

A bystander watches the stock prices displayed on a digital screen at the facade of the Bombay Stock Exchange (BSE) building, in Mumbai, Wednesday, Nov. 20, 2019. Sensex reached an all-time high at more than 40800 points.   | Photo Credit: PTI

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The Sensex pack saw notable gains in constituents like IndusInd Bank, Sun Pharmaceutical, HDFC Bank, Maruti Suzuki and L&T.

The benchmark Sensex touched a new high of 40,816.38 during the morning session on Wednesday, primarily led by strong gains in index heavyweight Reliance Industries (RIL).

At 1.30 p.m., the 30-share Sensex was trading at 40,698.25, up 228.55 points or 0.56%. The broader Nifty was also trading above the psychological 12,000-mark at 12,002.65, up 62.55 points or 0.52%.

The gains were primarily on the back of the RIL, which touched a 52-week high of ₹1,571.85 during the morning session on reports that the telecom arm Reliance Jio will increase tariffs.

Incidentally, foreign brokerages like Morgan Stanley and Credit Suisse have a very bullish view on the stock post the tariff hike.

Apart from the RIL, the Sensex pack saw notable gains in constituents like IndusInd Bank, Sun Pharmaceutical, HDFC Bank, Maruti Suzuki and L&T.

Interestingly, investor sentiment has received a boost after reports that the government is actively looking at divestment in public sector undertakings in the coming months.

Further, foreign portfolio investors (FPIs) turning bullish on Indian equities has also acted as a catalyst in lifting investor sentiments. In November, FPIs are currently net buyers at nearly ₹13,000 crore.

In October, FPIs were net buyers at ₹12,368 crore.

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Printable version | Dec 13, 2019 5:55:51 AM | https://www.thehindu.com/business/with-ril-at-52-week-high-sensex-touches-new-high/article30025748.ece

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