Sensex fails to hold 38000, Nifty posts record close

Sensex fails to hold 38000, Nifty posts record close

Mumbai, Aug 17: The market ended a truncated week on a good note, as benchmark indices closed with strong gains. The Nifty ended the day at a record closing high, while the Sensex ended higher by almost 300 points. Having said that, it failed to hold 38,000-mark.
All sectors ended in the green, with maximum gains seen among banks, metals, FMCG, and pharma names, among others. Midcaps, too, saw a strong rally, rising over 1 percent.
PSU banks were the biggest gainers, possibly on reports of government nudging the RBI to relook PCA rules for banks. The Bank Nifty managed to reclaim 28,000, but is 200 points away from record close.
Stocks such as HDFC, Infosys, Maruti and Hero MotoCorp kept the Nifty away from 11,500-mark.
Interestingly, today’s gains have helped the market end on a positive note on a weekly basis. Sensex and Nifty are up 0.2-0.4 percent for the week.
At the close of market hours, the Sensex closed up 284.32 points or 0.75% at 37947.88, while the Nifty ended higher by 79.40 points or 0.70% at 11464.40. The market breadth is positive as 1,600 shares advanced, against a decline of 1,075 shares, while 168 shares were unchanged.
Stocks in news:
IL&FS Transportation Networks today said it has has signed definitive agreements with Ramky Infrastructure to acquire and sell stakes in two special purpose vehicles (SPVs). The stock rose 5.9%.
Ion Exchange hit the upper circuit in opening trade on Friday after the company reported that it has signed a contract for engineering, procurement, supply and construction of water treatment plant worth Rs 438.84 crore. The stock rose 5% and was locked in upper circuit.
Ashok Leyland share price rallied 1.5 percent after the company bagged order for double decker buses in Bangladesh.
AstraZeneca Pharma India Ltd shares jumped 7.6% after the company said that it has received marketing permission from the Drugs Controller General of India for Olaparib tablets 100 mg and 150 mg (Lynparza).
Shares of metal companies bounce back. National Aluminum Corp Ltd rose 1.1%, Vedanta Ltd 3%, NMDC 2.8%, Hindalco Industries Ltd 1.5%, Tata Steel Ltd 2.2%, Steel Authority OF India 1.8%, and Jindal Steel & Power Ltd 3.4%.
Global Update
Markets in Europe were mixed as investors stayed away from riskier assets amid crisis in Turkey. Stoxx 600 was flat.
Asian markets advanced after positive handover from Wall Street as well as easing tensions between US and China. Nikkei 225 traded up by 0.35 percent, 78.34 points, to close at 22,270.38.