Nifty pares initial losses to close unchanged on Friday, RIL top gainer

The benchmark Nifty50 pared all its initial losses to settle the first day of the April F&O series flat as investors booked profits in recent outperformers.

However, the index along with S&P BSE Sensex logged their third straight month of gains fuelled by Bhartiya Janta Party (BJP)’s crucial victory in Uttar Pradesh and big foreign inflows in the markets to the tune of over Rs 30,000 crore so far this month.

The S&P BSE Sensex ended at 29,620, down 27 points, while the broader Nifty50 remained unchanged at 9,173. The last time the 50-share index closed unchanged on October 27, 2016 at 8615.25 level.

The broader market outperformed with the S&P BSE Midcap (up 0.8%) and S&P BSE Smallcap (up 0.7%) hitting their fresh lifetime highs for the second day in a row.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,620 shares rose and 1,121 shares fell. A total of 232 shares were unchanged.

Reliance Industries (RIL), State Bank of India (SBI), Adani Ports and and HCL Technologies from the Nifty50 index  hit their respective 52-week highs on the National Stock Exchange (NSE).

RIL was the top gainer on the Sensex and Nifty both and ended 4% higher at Rs 1320. The company’s telecom venture Reliance Jio (RJio)’s prime membership offer is set to expire today.

Shares of fertiliser companies rallied up to 16% ahead of the Union Cabinet meeting later in the day to discuss change in urea subsidy.

Madras Fertiliser, Rama Phosphates, Rashtriya Chemicals and Fertilizers (RCF) and Fertilizers and Chemicals Travancore (FACT) surged more than 10% each on the BSE.

CL Educate made a tepid debut on the bourses by listing at Rs 398 on the BSE, 21% below its initial public offer (IPO) price of Rs 502. The stock settled the trade at Rs 418, down 17%.

On the National Stock Exchange (NSE), the stock opened at Rs 402, down 20% against the issue price. It closed at Rs 422.

Here are some picks from the week gone by.


Company: Sintex Industries CMP: 105.80 Mastermind


Company: Maruti Suzuki CMP: 6035.00 Mastermind


Company: Ceat Ltd. CMP: 1327.50 Mastermind


Company: India Cements CMP: 162.45 Mastermind


Company: Indoco Remedies CMP: 249.00 Mastermind




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