Nifty Extends Record Breaking Led by Reliance Industries

The 50-share National Stock Exchange benchmark – Nifty 50 index – extended its record-breaking run to second straight session on Friday led by gains in Reliance Industries, which rose the most since March 11, 2020, after global research firm Jefferies recommended buying the stock for target price of ₹ 2,580. Meanwhile, declining daily Covid-19 cases also added to the bullish sentiment for equities. The Nifty 50 index rose as much as 132 points to hit record high of 15,469.65 and the 30-share Sensex rose as much as 414 points at the day’s highest point.
The Nifty ended 98 points or 0.64 per cent higher at an all-time high of 15,436 and Sensex advanced 308 points or 0.6 per cent to settle at 51,423.

India’s Covid case count rose to over 2.75 crore as 1.86 lakh more tested positive in a day. This is the lowest daily rise in 44 days. The steady dip comes as scientists are studying if the B.1.617 strain is behind the surge in the last two months.

Investors’ sentiment has improved in the recent past due to a steady decline in daily COVID-19 cases nationwide. Earlier this week, the country reported its lowest daily rise of cases in more than a month. Buying was visible across sectors as eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty PSU bank index’s nearly 1 per cent gain. Energy, infrastructure, metal, financial services and private banking shares also witnessed buying interest.

Reliance Industries was top Nifty gainer, the stock rose as much as 6.4 per cent, its biggest single day gain in over fourteen months, to hit an intraday high of ₹ 2,105 after reports suggest that global research firm – Jefferies – has recommended buying Reliance Industries for target price of ₹ 2,580 per share