NIFTY50 and Sensex close at record levels, Wipro, HCL Tech and ONGC hit 52-week high; Stock Market Highlights

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The NIFTY Financial Services (+0.7%) index closed higher today, with REC Ltd (+2.6%) and Chola Finance (+2.6%) being the top gainers, while HDFC Life (-3.5%) and Bajaj Finance (-2.4%) being the top losers.

The NIFTY Midcap 100 index (+0.6%) closed higher today. Meanwhile, NIFTY Smallcap 100 Index (+0.4%) closed in the green today.

The BANK NIFTY (+0.9%) index closed in the green. Gains in HDFC Bank (+2.3%), ICICI Bank (+0.6%), State Bank of India (+1.1%) and Kotak Mahindra Bank (+0.9%) supported the index.

India’s benchmark indices – NIFTY50 (+0.9%) and SENSEX (+1.0%) closed at record levels. Out of the NIFTY50 universe, 35 stocks closed in green. Strong buying traction in tech stocks like Wipro, HCL Tech, Infosys after the December quarter results propelled the markets higher.

The IPO of Medi Assist Healthcare Services, which offers third-party administration services to insurance companies, received a lukewarm response on the first day. The IPO is subscribed 41% so far, with the retail investor portion getting subscribed 72%. The IPO will remain open till Wednesday.

The price band for the issue has been fixed at ₹397-418 per share. The ₹1,171.58 crore issue is entirely an offer-for-sale of 2.8 crore shares.

• Shares of Oil & Natural Gas Corporation (ONGC) were among the top gainers today, rising more than 5% today. The stock currently trades at a seven-year high of around ₹235.1 per share.

• This was after the state-owned company made two significant back-to-back natural gas discoveries in a Mahanadi basin deepwater block in the Bay of Bengal.

• The first discovery, named Uktal, is in 714 metres of water depth and flows more than 3 lakh cubic metres per day of gas during initial testing.

• India is targeting raising the share of natural gas in its energy basket to 15% by 2030 from the current 6.3%. Experts believe this new gas discovery by ONGC will aid in this transition.

Shares of the sheets and pipes manufacturer rose more than 4% intraday after the company launched its qualified institutional placement to raise up to ₹200 crore. The company's board has set the floor price for the issue at ₹989.40 apiece, a discount of 10% from its closing price of ₹1,100.50 apiece on Friday.

Source: BSE