reliance industries: High & higher: Street has a one-way ticket

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reliance industries: High & higher: Street has a one-way ticket

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India’s stock benchmarks closed at record levels on Wednesday, tracking the strength in global markets, after expectations of additional stimulus from China lifted sentiment. Reliance Industries, ICICI Bank, SBI and Hindustan Unilever contributed to the gains as investors continued to pump money into bluechips, while ignoring mid- and small-cap shares.

The Sensex gained 221.76 points, or 0.59 per cent, to settle at 37,887.56 after touching an alltime high of 37,931.42. The Nifty gained 60.55 points, or 0.53 per cent, to close at 11,450 off record levels of 11,459.95. Both indices have gained 3 per cent in the last two weeks.

“With the Nifty currently going through the last leg of butterfly harmonic pattern, new highs could become the norm and market participants may wonder if they are getting fooled into some market illusion,” said Pritesh Mehta, head — technical research at IIFL. “Chart pattern analysis suggests that the rally is here to stay and sector churning is likely to be a familiar sight on Dalal Street”.

The stock market could open weaker on Thursday after US stocks faltered on Wednesday following an escalation in trade disputes between China and the US. The US said it will impose 25 per cent import duties on an additional $16 billion Chinese goods in two weeks. The fresh tensions between the two economic super powers has poured cold water on optimism surrounding China’s plans to boost its economy through a stimulus.

At home, as many as 75 stocks touched 52-week highs on BSE, but 102 stocks hit their 52-week lows. Reliance Industries hit a record high after it announced the completion of the Eros International acquisition. The RIL stock gained 2.85 per cent to close at Rs 1,217.25.

The broader market underperformed the benchmarks with the BSE Midcap and BSE Smallcap indices ending flat.

The sectoral indices witnessed mixed trends with banking, consumer durables and oil & gas being the top performers whereas auto, realty and IT were amongst the top losers.

Foreign institutional investors pumped in nearly Rs 568.63 crore on Wednesday. Domestic institutions bought shares worth Rs 30.25 crore, according to BSE’s provisional numbers.

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