Markets maintain record run, Tata stocks tumble post NCLAT order
Mumbai, December 18
Equity benchmarks closed at record highs for the second straight on Wednesday, propelled by gains in index heavyweights HDFC Bank, RIL and ITC amid supporting global cues.
After rallying to its record intra-day peak of 41,614.77, the BSE Sensex settled 206.40 points higher at its all-time closing high of 41,558.57.
Similarly, the Nifty advanced 56.65 points to its record closing high of 12,221.65.
M&M was the top gainer in the Sensex pack, surging 3.37%, followed by Sun Pharma 2.53%, Asian Paints 1.88%, ITC 1.70%, HDFC Bank 1.58% and HCL Tech 1.46%.
On the other hand, Tata Motors was the biggest loser, dropping 3.05% after the National Company Law Appellate Tribunal (NCLAT) on Wednesday ordered restoration of Cyrus Mistry as the Executive Chairman of Tata Sons. The NCLAT also held appointment of N Chandrasekaran as Executive Chairman illegal.
Other Tata group stocks including Tata Power, Tata Chemicals and Tata Global Beverages too shed up to 4.14%. HUL, SBI and Yes Bank fell 1.79% each. NTPC, PowerGrid and Bajaj Finance also ended in the red.
“Market hit record highs on expectations of measures from the Centre to support on-going economic weakness. Metals & IT stocks traded higher on hopes that easing trade tensions could ensure global growth and increase the order intakes.
“With the Budget around the corner, the government is planning to steer the ship by bringing measures to boost consumption. Investors are keenly watching the on-going GST Council meet, a rate hike is looking unlikely due to a surge in inflation while the focus will be more on revenue realisation,” said Vinod Nair, Head of Research at Geojit Financial Services. PTI
