Sensex soars 593 points, ends above 55,400; Nifty at 16,529; IT stocks dazzle
Large-cap stocks staged a spectacular rally on Friday, and lifted benchmark indices to fresh all-time highs. Tata Consumer Products (up 4 per cent) emerged as the top gainer, followed by TCS, LT, HCL Tech, Tata Steel, HDFC Bank, Bharti Airtel, Infosys, Wipro, HDFC, RIL, and ITC.
Overall, the S&P BSE Sensex went past the 55,400-mark for the first time and hit a new milestone of 55,488 in the intra-day trade. Meanwhile, the broader 50-share index on the NSE surpassed the 16,450-mark and rallied ahead to hit an all-time high of 16,543.6.
By close, both the indices were quoting at 55,437 and 16,529 levels, up 593 and 165 points, respectively.
On the contrary, broader indices underperformed and ended mildly lower. The MidCap and SmallCap indices slipped 0.06 per cent and 0.01 per cent, respectively.
Shares of Bharti Airtel hit a new record high of Rs 638.60, up 2.5 per cent on the BSE in the intra-day trade on Friday, after the company announced the closure of its agreement with Reliance Jio Infocomm to transfer the ‘Right to Use’ of Airtel’s 800 MHz spectrum in three circles to Jio. The stock surpassed its previous high of Rs 629.15, touched on Thursday, August 12, 2021 in the intra-day trade.
HCL Technologies’ market capitalisation (market-cap) touched Rs 3 trillion for the first time on Friday, becoming the fourth Indian information technology (IT) firm to achieve this milestone after Tata Consultancy Services (TCS), Infosys and Wipro. Shares of HCL Tech hit a fresh record high of Rs 1,118.55, up 2 per cent on the BSE in intra-day trade, surpassing its previous high of Rs 1,101 touched on Thursday in intra-day deal. At 11:03 am, with a Rs 3.03 trillion market-cap, HCL Tech stood at 13th position in the overall market-cap ranking.
Shares of Larsen & Toubro (L&T) hit a record high of Rs 1,648.40, up 1.6 per cent on the BSE in intra-day trade on Friday, after the company’s heavy engineering arm won an order for Oxidation Reactor from Technip Energies-India. However, the company has not yet disclosed order size. The stock surpassed its previous high of Rs 1,647 hit on July 22, 2021.
Shares of Globus Spirits were locked in the upper circuit for the fifth straight trading day, up 5 per cent at Rs 941, also its new high on the National Stock Exchange (NSE) on Friday after the promoter and institutional investors bought a stake in the company through the open market. In the past one week, the stock of breweries & distilleries company has rallied 28 per cent, as compared to a 1.5 per cent gain in the Nifty50 index.
Here are some picks from the week gone by.
