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Benchmark indices continue rally for seventh consecutive session

While the 30-share Sensex touched a lifetime intra-day high of 61963.07, it later ended at a new closing peak of 61765.59 – a gain of 459.64 points, or 0.75%
Representational image.

Our Special Correspondent   |   Mumbai   |   Published 19.10.21, 01:47 AM

Benchmark indices continued their rally for the seventh consecutive session and hit record highs, buoyed by optimism over the economy and good corporate results.

While the 30-share Sensex touched a lifetime intra-day high of 61963.07, it later ended at a new closing peak of 61765.59 — a gain of 459.64 points, or 0.75 per cent, led by banking, IT and metal stocks.

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Records were also set on  the NSE where the Nifty rose 138.50 points, or 0.76 per cent, to its all-time closing high of 18477.05. The index hit a new intra-day record of 18543.15.

These gains came despite weak global cues in the form of disappointing news from China and firm crude oil prices. Latest data showed that during the third quarter ended September, the world’s second-largest economy grew 4.9 per cent — down almost three percentage points from a GDP growth of 7.9 per cent in the second quarter.

Even as the period was marked by the Evergrande crisis, and restrictions on power consumption, observers warn that the declining growth trends (GDP growth in the first quarter stood at 18.3 per cent), could adversely impact the global economy as well.

Shares of PNB Housing Finance on Monday dived 5 per cent to their lower circuit limit after the company said it has aborted the Rs 4,000 crore-share sale plan to Carlyle Group and others. The stock tumbled to its lower circuit limit of Rs 607.10 on the BSE.

Meanwhile, crude prices continued to remain firm with Brent futures rising 1.11 per cent to over $85.80 per barrel. A rally in base metal prices also supported metal stocks.

The rupee ended 9 paise lower at 75.35 against the US dollar on Monday, tracking a stronger greenback against key rivals overseas and rising global crude oil prices.

CDSL glitch

Many investors were unable to execute their sell orders earlier in the day because of a technical issue with the Central Depository Services Ltd (CDSL). Investors took to social media platforms like Twitter to highlight their plight. Online brokerages such as Zerodha and Upstox later clarified that the problem was at CDSL’s end.

The issue, which took around four hours to resolve, saw investors unable to authorise their brokerages to debit shares earmarked for sale from their demat account through the TPIN-a password (provided by CDSL).



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