Sensex ends at record high, Nifty settles over 10,550 for first time ever


Benchmark indices ended at new closing high on Friday, tracking global equity markets on the back of robust economic data.

The S&P BSE Sensex ended at new closing high at 34,153, up 184 points while the broader Nifty50 index settled above 10,550 for the first time ever. It ended at 10,558, up 54 points.

Shares of telecommunication companies were in focus with the S&P BSE Telecom index rallying more than 3% on BSE, trading close to its record high.

Idea Cellular, Bharti Airtel, Reliance Communications (RCom), Tejas Networks, GTL, GTL Infrastructure, Aksh Optifibre and Sterlite Technologies from the telecom index have surged up to 12% on BSE in intra-day trade.

Subros hit an all-time high of Rs 347, up 11% on BSE in intra-day deal, after the company announced that it has started supply of blower for trucks to its customers include Tata Motors and Ashok Leyland.

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Sensex ends 270 points lower, Nifty below 9,850 as Infosys cracks 9%


The Sensex settled at 31,524, down 270 points, while the broader Nifty50 quoted 9,837, down 66 points at close. The BSE Midcap index settled 0.1% lower, while BSE Smallcap index shed 0.5%.

The benchmark indices snapped a three-session long winning streak, as Infosys cracked after Vishal Sikka’s resignation as MD & CEO, although rivals such as Tata Consultancy Services gained.

According to a BSE filing, Sikka will be Executive Vice-Chairman while UB Pravin Rao is the Interim-MD and CEO.

Infosys saw its sharpest decline since April 12, 2013, down 9.6% to Rs 923. In intraday trade, the stock fell as much as 13% to Rs 884.

But the domestic markets still logged their sixth weekly gain in seven, though they remained below the record highs hit on August 2.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1,534 shares declined and 1,002 shares rose. A total of 122 shares remained unchanged.

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Repost: We are at the start of a bull market, it is going to make us forget 2003: Rakesh Jhunjhunwala


The original interview with Rakesh Jhunjhunwala appeared on The Economic Times and is available here.

In an exclusive interview with ET Now, Rakesh Jhunjhunwala, Partner, Rare Enterprises, says markets could correct any time it is going to correct more time wise rather than price wise. Edited excerpts
ET Now: I want to start with something which I picked up on my WhatsApp couple of days ago and it says that there is a strong market rumour that a big bull, which is you, has informed his close circle of friends and his associates that markets have topped out and now we may see a significant correction going forward. Have you told your friends anything like this?

Rakesh Jhunjhunwala: My opinion especially in oil, I think $60 for oil is not to be crossed. Onshore oil costs $3 and the fracking capacity is 10%, 15% of oil capacity in America. The whole world has still not even started and in lot of other countries there are not so many as might have been concerns as there are in America. Third thing is with lower prices, OPEC countries are compelled to produce more because of the cost. So I think personally oil prices at $60 is a line which is not going to be crossed, it is a prediction, I reserve the right to be wrong but it is my opinion that to cross it is very, very difficult. Even in other metal areas, I am not very bullish on prices. I think metal prices in general may have topped out.
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Top 6 Investing Mistakes of All Times


This post originally appeared here and is by Mastermind, Sana Securities.

Meeting with individual investors over the years has taught me much about investing mistakes. No matter how you classify investors (i.e. fundamental, technical or confused), the mistakes they make are almost invariably identical.

While some mistakes are the result of simply not knowing what to do, many are the results of either (i) losing interest; or (ii) getting overly greedy or fearful, particularly when the tide turns. In either case, much money is lost when people assume things will simply take care of themselves.

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