Rama Krishna Sangem
Stock market bullish trends continued in spite of profit booking by some institutional investors and Sensex on July 19, Wednesday recorded a new peak of 67,097, up by 302 points. Nifty 50 closes 19,833, dropping enough indications that this bull run will go on for some more time. Trade pundits predict Sensex might touch 70,000 very soon, even before a massive course correction, which cannot be ruled out.
This optimistic atmosphere is primarily due to three factors: One, Indian domestic markets doing well, on the back of picked up monsoon, Two, slowdown in China economy and Three, continued foreign investments into key sectors as infrastructure projects gaining momentum. Interestingly, as elections near, both the Central and many state governments are loosing their purse strings, bringing funds into the market.
Equity indices were range-bound on Wednesday with benchmark indices scaling fresh lifetime highs during the day. The S&P BSE Sensex ended 302 points, or 0.45 per cent, higher at 67,097 levels, while the Nifty50 shut shop at 19,833, up 84 points or 0.42 per cent. The indices hit new record peaks of 67,171 and 19,852 in the intra-day trade.
NTPC, IndusInd Bank, Bajaj Finance, Ultratech Cement, Bajaj Finserv, ITC, SBI, BPCL, Tata Motors, Sun Pharma, and L&T were the top gainers in the large-cap space, rising between 1 per cent and 3 per cent. Hindalco, Bajaj Auto, TCS, Maruti Suzuki, Eicher Motors, Bharti Airtel, and HUL, on the flipside, fell up to 1.2 per cent.
In the broader market, the BSE MidCap and Smallcap indices outperformed the frontline indices as they gained 0.6 per cent each. Among sectors, the Nifty PSU Bank index climbed 2 per cent, followed by the Nifty Media index (up 1 per cent). The Nifty IT index ended flat with negative downtick.
Netweb Technologies
The Rs 631-crore issue was subscribed nearly 86 times till 3:30 PM on the final day of bidding. QIB portion was subscribed the most at 216 times, followed by NII (80 times), Employees (46 times), and retail 18 times). Bidding closes at 5;00 PM today.
