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Business News/ Markets / Stock Markets/  Nifty closes at record high, Sensex gains 320 points
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Nifty closes at record high, Sensex gains 320 points

BSE Midcap and BSE Smallcap index gained 1.21% and 1.41% respectively
  • Shares of Tata Motors climbed 5.12% to hit an over seven-month high of ₹190 on the BSE.
  • Shares of Steel Authority of India jumped 9.67% to close at ₹47.05. (Photo: Mint)Premium
    Shares of Steel Authority of India jumped 9.67% to close at 47.05. (Photo: Mint)

    Mumbai: India's benchmark equity indices gained for the second day in a row on Thursday, with the Nifty 50 closing at record high and Sensex surging 0.8%, tracking gains in Asian stock markets. India’s manufacturing Purchasing Managers’ Index (PMI), which rose in December, also boosted investor sentiment.

    BSE Sensex gained 320.62 points or 0.78% to close at 41,626.64, 183 points shy of its all-time high of 41,809.96. The Nifty 50 was up 99.70 points or 0.82% to close at 12,282.20.

    India’s manufacturing PMI shot up in December to 52.7, providing further evidence that the Indian economy may have bottomed out. The reading was at 51.2 in November.

    With an improvement in the performance of a number of leading indicators, including Goods and Services Tax (GST) collections, core sector industries, auto sales and non-oil merchandise exports, experts expect factory output to report modest growth in November after having contracted since September.

    Asian markets gained following the progress in US-China trade talks and as China’s central bank cut the amount of cash that banks must hold as reserves. China's Shanghai Composite index gained 1.15%, Hong Kong's Hang Seng index advanced 1.25% and Taiwan's TAIEX index was up 0.86%.

    Among sectoral indices, BSE Metal gained 2.65%, BSE Capital Goods gained 2.15% and BSE Realty index gained 1.08% . However, BSE IT index was the loser with 0.18%.

    BSE Midcap and BSE Smallcap index gained 1.21% and 1.41% respectively. The market breadth was tilted in favour of buyers. On the BSE, 1723 shares rose and 764 shares fell. A total of 176 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.

    Shares of Tata Motors climbed 5.12% to hit an over seven-month high of 190 on the BSE.

    Jindal Steel & Power surged 4.27% to close at 173.40 after the company reported 22% rise in steel & related products production to 1.61 million tonnes in Q3 FY20, compared to 1.32 million tonnes in the corresponding period last year.

    Steel Authority of India jumped 9.67% to close at 47.05 after it achieved highest ever sales in a month at 1.68 million tonnes in December 2019.

    Shares of Apollo Hospitals Enterprise jumped 4.44% to 1,490.30 per share after the Insurance Regulatory and Development Authority of India (IRDAl) approved Housing Development Finance Corporation Ltd’s bid to acquire 51.2% stake in Apollo Munich Health Insurance -- a joint venture between Apollo Hospitals and German reinsurer Munich Re Group.

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    Published: 02 Jan 2020, 04:55 PM IST
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