Benchmark indices ended at fresh record closing high today, backed by ICICI Bank, Reliance Industries and HDFC.
The 30-share BSE Sensex was up 88.90 points at 34,592.39 and the 50-share NSE Nifty gained 30.10 points at 10,681.30, but Midcap index underperformed.
Investors, however, remained wary as four senior sitting judges of the complaint that Supreme Court as administration of the country’s top court was not in order.
KEI Industries shares rallied 10 percent as Motilal Oswal has initiated coverage with Buy rating on the stock and target price at Rs 537, implying potential upside of 44 percent as the company is expected to be major beneficiary of key government initiatives.
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Benchmark indices ended at record highs on Friday as Public sector banks continued their rally. The indices hit fresh highs at intra-day deals too with Nifty50 climbing to 10,461 and Sensex touching 33,726 levels.
Investor sentiment has been upbeat in India with the government’s recent announcement of a recapitalisation plan for banks.
The broader NSE Nifty ended 0.3% up at 10,452 to end the week 1.2% higher while Sensex ended 0.3% higher at 33,685, to post a weekly gain of 1.6%.
About 1,429 shares advanced against 1,316 declining shares on the BSE.
Tata Power Co Ltd reported an about 44 per cent slump in quarterly profit, hurt by lower income from its power generation business, missing analysts’ forecasts.
Shares of Amtek Group companies – Amtek Auto, Metalyst Forgings and Castex Technologies – have locked in their respective upper limit of circuit breaker on the BSE after Bharat Forge said that it has participated in the process of acquiring Amtek Auto.
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