Sensex hits new high: RIL first Indian firm to cross Rs 8 lakh-crore market capitalisationhttps://indianexpress.com/article/business/market/sensex-hits-new-high-ril-first-indian-firm-to-cross-rs-8-lakh-crore-market-capitalisation-5321977/

Sensex hits new high: RIL first Indian firm to cross Rs 8 lakh-crore market capitalisation

However, the rupee plunged 30 paise to close below the 70-mark against the US currency due to renewed worries about a hike in US interest rates amid global trade war jitters.

 Business news, Reliance Industries, RIL shares, BSE Sensex, NSE Nifty, rupee value, sensex, sensex record high, sensex rises, stock market, indian express
BSE Sensex jumped 51 points to a fresh closing peak of 38,336.76, while the broader NSE Nifty rose 11.85 points to record 11,582.75.

Riding on a rally in the stocks of Reliance Industries (RIL) which became the first Indian company to reach a market capitalisation of Rs 8 lakh crore, the BSE Sensex jumped 51 points to a fresh closing peak of 38,336.76, while the broader NSE Nifty rose 11.85 points to record 11,582.75.

However, the rupee plunged 30 paise to close below the 70-mark against the US currency due to renewed worries about a hike in US interest rates amid global trade war jitters.

RIL shares rose 1.86 per cent to hit a record high of Rs 1,269.70. Its market capitalisation hit a record Rs 804,691 crore. The 30-share Sensex opened strong and scaled an all-time (intra-day) high of 38,487.63 in early trade. However, it succumbed to profit booking to slip to 38,227.36, before finally ending at 38,336.76 points, up 51.01 points, or 0.13 per cent. It bettered its previous record closing of 38,285.75 reached on August 21. The gauge has now gained 673.20 points in four sessions.

The domestic currency ended at 70.11 per dollar, a loss of 30 paise or 0.43 per cent over the previous close. In intra-day trade, the rupee had fallen to a session low of 70.17 per dollar

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“This was the 25th time this year calendar year that the Nifty has hit a new high. The market’s resilience was commendable coming after a near 5 per cent rise in crude oil over the last two days coupled with a depreciation of the rupee. Pharma sector continued to do well for the second day running while the IT stocks also edged up. Bank Nifty closed lower in the weekly expiry,” said V K Sharma, head private client group and capital market strategy at HDFC Securities.

Dealers said persistent buying by both foreign and domestic investors offset concerns related to the rupee and global trade. The rupee once again breached the 70-mark against the US dollar amid robust demand for the greenback. On the global front, the US slapped tariffs on another $ 16 billion of Chinese imports, which Beijing vowed to retaliate. Construction major L&T was the biggest gainer among the Sensex components, spurting 2.30 per cent, after the company said its board has approved a Rs 9,000-crore share buyback plan.

On the sectoral front, the BSE IT index jumped 1.16 per cent, followed by FMCG 1.12 per cent, capital goods 1.01 per cent, teck 0.91 per cent, energy 0.88 per cent, healthcare 0.81 per cent, power 0.66 per cent, infrastructure 0.42 per cent, realty 0.37 per cent and oil and gas 0.01 per cent. While metal fell 1.54 per cent, bankex 0.83 per cent, PSU 0.53 per cent, consumer durables 0.11 per cent and auto 0.11 per cent.

The broader markets too displayed a mixed trend, with the mid-cap index rising 0.20 per cent while the small-cap gauge shed 0.14 per cent. Globally, Asian shares ended mixed amid fresh escalation in the Sino-US trade dispute.