Nifty at all time new peak in volatile trades, up by 11 points

BureauUpdated: Saturday, June 01, 2019, 03:09 PM IST
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Mumbai: The market gained modestly to attain new all-time record highs after buying in key counters of banking, energy, infra and auto led the benchmark to end at 6,537.25, with a modest gain of 10.60 points at the National Stock Exchange (NSE) here today.

The Nifty also touched a new life time peak of 6,562.20 points during intra-day trade, but consolidation was order of the day in the midst of intense volatility as strong profit- booking was witnessed in IT, pharma and metal counters.

Meanwhile, Foreign institutional investors (FIIs) bought shares worth a net Rs 2,577.44 crore on last Friday, as per provisional data from stock exchanges.

Leading infra finance player IDFC was in the limelight rallying 6.71 per cent, while rate sensitive banking counters continued to surge with Kotak Bank going up by 5.74 per cent, IndusInd Bank by 5.53 per cent and Maruti gaining by 3.81 per cent. However, IT major TCS slid by 3.85 per cent and Tata Motors by 3.20 per cent.

The market opened lower amid weak Asian cues, though intense volatility was witnessed. Later, it surged to hit fresh record high, but slipped into the red during morning trades. It mostly traded lower during afternoon trades, but climbed during the later mid-afternoon and trimmed to end with modest gains.

The 50-share Nifty hovered between a high of 6,562.20 points and a low of 6,487.35 points, before closing at 6,537.25 points, showing a gain of 10.60 points, or 0.16 per cent, over its last close. Other major gainers were JP Associates, M&M, HDFC Bank, L&T, Bajaj Auto and SBI, while HCL Tech, Sun Pharma, NMDC, Coal India, Hindalco, Tata Steel, Ranbaxy and GAIL encountered profit-booking.

Turnover in the cash segment dropped to Rs 16,719.24 crore from Rs 19,150.48 crore last Friday. A total of 8,130.25 lakh shares changed hands in 78,47,588 trades, while market capitalisation stood at Rs 69,70,591 crore.

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