Dr Reddy's Leads Nifty 50 As Markets Correct From Fresh All-Time High, Reliance Climbs On Jio Tariff Hike

On Friday, Nifty 50 fell 0.14% to 24,010.60. In the session, the benchmark index made new all time high of 24,174.

Dr. Reddy’s Laboratories outshone its peers with a 2.67% increase, closing at ₹6,402.35, up from ₹6,235.89.

Table 1: Top Five Gainers

StockCurrent PriceLast Close% Change
Dr. Reddy’s₹6402.35₹6235.92.67%
Reliance Industries₹3130.8₹3061.12.28%
SBI Life Insurance₹1491.95₹1463.451.95%
Tata Motors₹989.75₹972.11.82%

Oil and Natural Gas Corporation (ONGC) followed closely with a 2.50% gain. Reliance Industries also impressed with a 2.28% rise, driven by tariff hikes by Jio.

Conversely, IndusInd Bank faced the day's sharpest decline, dropping 2.6% to close at ₹1464.5, down from ₹1502.75.

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Top Losers

StockCurrent PriceLast Close% Change
IndusInd Bank ₹1464.5₹1502.75-2.6%
Bharti Airtel₹1444.05₹1475.80-2.15%
Axis Bank₹1265.25₹1288.95-1.84%
ICICI Bank₹1199.6₹1219.9-1.66%
Kotak Mahindra Bank₹1802.5₹1830.55-1.53%

Bharti Airtel also fell 2.15% despite announcing tariff hikes after Reliance Industries. The banking sector notably underperformed with Axis Bank, ICICI Bank and Kotak Mahindra Bank all posting declines in the session.

Talking about the session’s performance, Deepak Jasani, head of retail research, HDFC Securities said, “Nifty snapped its four-day record run to end lower on June 28. At close, Nifty was down 0.14% or 33.9 points at 24010.6. Cash market volumes on the NSE fell 18% to Rs.1.44 lakh cr. Broad market indices ended in the positive even as the advance decline ratio improved to 1.20:1.”

Vinod Nair, head of research, Geojit Financial Services said, “India's optimism about the upcoming budget and upgrade in GDP forecasts continues to provide momentum in the market. Large caps are in favour due to the come back of FIIs. However, profit booking ensued at the end of the week, at higher levels, in financials especially private banks, which dragged the market down after the recent rally.”.

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