Sensex Rallies to Record 58,000 Level on Reliance’s Green Vision

Nifty shoots past 17,323 as most heavyweights stay positive, Rupee ends in green against Dollar

Sensex Rallies to Record 58,000 Level on Reliance’s Green Vision
Sensex Rallies to Record 58,000 Level on Reliance’s Green Vision
PTI - 03 September 2021

The BSE Sensex scaled a historic high of 58,000 for the first time on Friday, buoyed by a rally in market heavyweight Reliance Industries, as investors remained in risk-on mode amid positive macroeconomic data and sustained foreign fund inflows.

Rising for the second straight day, the 30-share benchmark climbed 277.41 points or 0.48 per cent to its lifetime closing high of 58,129.95. It touched an intra-day record of 58,194.79. The Sensex has taken just three sessions to go from the 57,000 level to 58,000 level. The index closed at fresh all-time highs in five of the previous six sessions.

Similarly, Nifty advanced 89.45 points or 0.52 per cent to its all-time closing peak of 17,323.60. During the session, it touched a record of 17,340.10. It was a scintillating week for the benchmarks, with the Sensex rallying 2,005.23 points or 3.57 per cent, while the Nifty surged 618.40 points or 3.70 per cent.

Reliance Industries was the top gainer in the Sensex pack on Friday, darting up 4.12 per cent after its Chairman Mukesh Ambani outlined an ambitious green energy roadmap, including a ‘1-1-1 Vision’ to bring down the cost of hydrogen to under $1 per kg in one decade.

Titan, Tata Steel, Bajaj Auto, Maruti, Dr Reddy’s and Asian Paints were the other prominent winners, spurting up to 2.59 per cent. Maruti Suzuki closed 1.06 per cent higher even as the country’s largest carmaker announced a recall of 1,81,754 units of various models to replace faulty motor generator units.

HUL, Bharti Airtel, HDFC twins and IndusInd Bank were among the laggards, skidding up to 1.18 per cent.

“Despite mixed global cues, domestic equities continued to raise the bar, recording fresh highs as India continued reporting strong economic numbers. European stocks traded mixed ahead of US jobs data while concerns over economic slowdown in China fanned investor worries. The Indian Service PMI data rose to 56.7 in August from 45.4 in July on account of reopening of several establishments and improving demand that boosted sales,” said Vinod Nair, Head of Research at Geojit Financial Services.

India’s services sector expanded in August at the fastest pace in one-and-a-half years amid strong inflows of new work and improved demand conditions, a monthly survey showed. Domestic equities extended gains mainly led by rebound in metal and automobile stocks, said Binod Modi, Head of Strategy at Reliance Securities.

Buying remained visible in mid-cap and small-cap stocks, while volatility index inched up 2 per cent.

“Nifty gained around 3.5 per cent this week mainly led by revival in FII flow following dovish commentary from Fed Chairman Jerome Powell in Jackson Hole Symposium last week and sustained domestic flows, while around Rs 10 lakh crore was accumulated in investors’ wealth during the week,” he said.

BSE energy, oil and gas, metal and consumer durables indices jumped as much as 3.60 per cent, while telecom, finance, FMCG and bankex ended with losses. Broader BSE mid-cap and small-cap indices rose up to 0.41 per cent.

Global equities were mixed ahead of the US payrolls data, which would provide clues on the Fed’s tapering timeline. Bourses in Shanghai and Hong Kong ended with losses, while Seoul and Tokyo were positive. Equities in Europe were largely trading with gains in mid-session deals.

International oil benchmark Brent crude rose 0.51 per cent to $73.40 per barrel.

The Indian rupee settled with a marginal gain of 4 paise at 73.02 against the US dollar.

Foreign institutional investors remained net buyers in the capital market on Thursday as they purchased shares worth Rs 348.52 crore, as per exchange data.

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