Benchmark indices extended gains and hit record high levels in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 198.75 points or 0.43% at 46,865.21. The Nifty 50 index advanced 57.95 points or 0.42% at 13,740.65.
The S&P BSE Sensex hit a record high of 46,873.71 while the Nifty hit a record high of 13,742.40 in early afternoon trade. Investors reacted positively to comments from the U.S. Federal Reserve that it will continue to support the economy. Federal Reserve Chairman Jerome Powell also said on Wednesday that stock prices are not necessarily highly priced given how low interest rates are. Meanwhile, negotiators in Washington are shaping a new $900 billion coronavirus stimulus bill that is said to include a second stimulus check.
Navin Fluorine jumped 4.8% to Rs 2,618.50 after the chemicals maker announced that its board has approved capital expenditure for setting up of a multi-purpose plant (MPP) with an outlay of Rs 195 crore.
The capex will be undertaken by it s wholly owned subsidiary, Navin Fluorine Advanced Science (NFASL) at Dahej, Gujarat and will be funded through a mix of internal accruals and debt. The company said its new capacity is expected to come on stream during H1 of FY23 and will create opportunities for new products in life science and crop science sectors in the specialty chemicals business.
Commenting on the development, Radhesh Welling, MD of Navin Fluorine International said, This investment will lay foundation for the next phase of growth of our Specialty Chemical business. It will help us enhance our product offerings and strengthen our customer relationships along with providing building blocks for future growth.
Domestic equity benchmarks came off record high levels in late trade and ended with decent gains on Thursday. Strength in financial stocks offset losses in IT, FMCG and auto shares. The barometer index, the S&P BSE Sensex, added 223.88 points or 0.48% to 46,890.34. The Nifty 50 index advanced 58 points or 0.42% to 13,740.70. Both the indices attained record closing high levels.
The S&P BSE Sensex hit a record high of 46,992.57 while the Nifty hit a record high of 13,773.25 in afternoon trade.
HDFC (up 2.92%), HDFC Bank (up 2.17%), Bajaj Finance (up 2.74%) and Reliance Industries (up 0.46%) were major market movers.
Investors reacted positively to comments from the U.S. Federal Reserve that it will continue to support the economy. Federal Reserve Chairman Jerome Powell also said on Wednesday that stock prices are not necessarily highly priced given how low interest rates are. Meanwhile, negotiators in Washington are shaping a new $900 billion coronavirus stimulus bill that is sai