Nifty reached above 18,000 for first time. What pushed nifty to make this happen? Top Indian market updates

Nifty reached above 18,000 for first time-stuffsearth

Nifty hit 18,008 at day's high. Indian business sectors hit new highs today with Nifty hitting 18,000 for first time

Nifty hit 18,041 at day's high. Indian business sectors hit new highs today with Nifty hitting 18,000 for first time as gains in Reliance Industries and banking stocks were counterbalanced by shortcoming in IT stocks after Tata Consultancy Services (TCS) announced September-quarter results. The Sensex was was up about 400 points to register a new high of 60,441

Top 10 Indian Market Updates

Reliance Industries or RIL rose 1% after the Mukesh Ambani-led company said it would buy Norwegian-headquartered solar panel maker REC Solar Holdings for $771 million and an up to 40% stake in India's Sterling and Wilson Solar.

The Nifty auto index was up 2.5% on expectations of a strong festive season while the banking index rose 1%

Jaguar Land Rover (JLR) parent Tata Motors soared as much as 8.5%, its highest since January 2018, and was the top gainer on the Nifty 50 index. The stock is up roughly 23% this month, after having gained 16% in September.

Tata Motors had Friday said that JLR's global retail orders were at record levels.

Nifty's IT index tumbled more than 4% with Tata Consultancy Services leading losses with a 6% drop on lower-than-expected earnings. 

"If Nifty can sustain 17,950 on a closing basis, the Nifty should be headed to 18200 as the next pit stop. The updated support for the week is 17800. This makes for a good risk/reward ratio and hence dips or intraday corrections can be utilized to enter fresh long positions," says Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.

The Indian rupee however fell 17 paise to 75.16 at day's low against the US dollar as rising crude prices and strength of the American currency in the overseas market weighed on investor sentiments. On Friday, the rupee had settled at 74.99 against the US dollar. Foreign institutional investors were net sellers in the capital market on Friday as they offloaded shares worth ₹64.01 crore, as per exchange data.

Global oil benchmark Brent crude futures advanced 1.43 per cent to $83.57 per barrel.

On Friday, Indian shares logged their best week in over a month after the central bank kept key interest rates unchanged as expected and promised adequate liquidity to support the economic recovery.

Meanwhile, Asian shares and U.S. stock futures inched higher on Monday as China's blue chip index rose 1%, while high oil prices kept inflation worries intact.

Post a Comment

Comments are welcomed and encouraged on Stuffsearth Website, but there are some instances where comments will be edited or deleted as follows:

Comments deemed to be spam or solely promotional in nature will be deleted. Including a link to relevant content is permitted, but comments should be relevant to the post topic.
Comments including profanity will be deleted.
Comments containing language or concepts that could be deemed offensive will be deleted. Note this may include abusive, threatening, pornographic, offensive, misleading or libelous language.
Comments that attack an individual directly will be deleted.
Comments that harass other posters will be deleted. Please be respectful toward other contributors.
Anonymous comments will be deleted. We only accept comments from posters who identify themselves.
The owner of this Website reserves the right to edit or delete any comments submitted to the 'Website's Post/Content' without prior notice. This comment policy is subject to change at any time. If you have any questions about the commenting policy, please let us know by using our 'Contact Us' form .

To Top