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Nifty begin at fresh record highs, banks surge; Future Retail up 6%
Banks and metals are leading the charts among sectoral indices, while pharmaceuticals, FMCG, and infrastructure are following them.
Shares of Future Retail soared 6 percent on Monday morning as investors reacted to a report that Google and Paytm were looking to buy a stake worth Rs 3,500-4,000 crore in the firm.
The stock touched an intraday high of Rs 552.00 and an intraday low of Rs 540.00.
According to a report in The Economic Times, the internet giant and e-wallet major are likely to form a consortium to buy 7-10 percent stake in Future Retail. This more puts the group in competition against Amazon, which has also reportedly submitted a term sheet to buy the same stake in the firm, the publication reported, citing sources.
It’s a good start to this Monday morning on D-Street as equities rode on positive global sentiment. The Sensex and Nifty have hit fresh record highs. The 50-share index is also trading above 11,600.
Banks and metals are leading the charts among sectoral indices, while pharmaceuticals, FMCG, and infrastructure are following them. There is strong growth in midcaps seen as well, with the Nifty Midcap gaining around a percent. source- www.moneycontrol.com
The Sensex is up 204.70 points or 0.54% at 38456.50, while the Nifty is up 62.60 points or 0.54% at 11619.70. The market breadth is positive as 447 shares advanced, against a decline of 120 shares, while 61 shares were unchanged.
Broad dollar strength has been one of the major factors that led to weakness in major Asian currencies and rupee has been one of the weakest of the pack. Data released by RBI showed FX reserves for the week ended August 24 remained more or less unchanged compared to previous week at USD 400.84 billion.
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