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Sensex Jumped Up 192 Pts on Strong Q3 Earnings; RIL Stocks Showed 4% Growth

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The BSE benchmark Sensex continued its winning run for the fifth straight session, rallying 192 points, and the NSE Nifty inched toward the 11,000 mark, riding on strong Q3 earnings by some bluechip companies, coupled with positive global cues.

Sensex went past the 36,700-mark to scale a high of 36,701.03 (intra-day) on the back of widespread gains.

Finally, the 30-share index settled at 36,578.96, up 192.35 points, or 0.53 per cent. It touched a low of 36,351.77. The gauge had risen 533.05 points in the previous four sessions.

The Nifty touched the session high (intra-day) of 10,987.45; and finally closed the session with a rise of 54.90 points, or 0.50 per cent, at 10,961.85.

“After opening in the green, market remained in the positive territory buoyed by positive global sentiments amid signs that the US and China were closing in on a trade truce,” said Paras Bothra, President, Equity Research, Ashika Group.

Both benchmark indices were driven by strong gains in IT, teck, oil and gas, pharma and banking shares amid earnings optimism.

Sentiment remained upbeat after Reliance Industries, HDFC Bank and few others posted better-than-expected Q3 numbers last week, traders said.

Among Sensex components, the oil-to-telecom conglomerate Reliance Industries zoomed 4.36 percent to its highest in two months in its second session of gains after reporting record quarterly earnings.

Shares of HDFC Bank jumped 0.72 per cent after the private sector lender reported 20 per cent rise in net profit in December 2018 quarter.

Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management said, “It is clearly morphing into a market where strong earnings are being rewarded. Capital continues to seek growth at reasonable prices.”

As we move forward this year, the macro factors remain favourable, but stock performance is increasingly likely to be driven by earnings and fundamentals at the security level, he added.

Shares of Sun Pharmaceutical Industries rose 1.94 per cent in opening trade after it sought intervention from market regulator Sebi, alleging unfair business practices against the company.

This is the first uptick in the counter after two successive sessions of beating, wherein the stock lost as much as 13.80 per cent. Others which supported the key indices were Kotak Bank (2.42 per cent), Bajaj Finance (1.89 per cent), Infosys (1.61 per cent), Asian Paint (1.33 per cent), TCS (0.28 per cent), HUL (0.26 per cent), Tata Steel (0.22 per cent) and Vedanta  (0.13 per cent).

SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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