Global markets were mostly higher today on fresh optimism over the China-US trade talks
Indian markets hit new milestones today with Sensex registering new intra-day and closing highs, tracking higher global markets. The Sensex ended 529 points higher at 40,889, a new closing high. During the day, the Sensex also hit a new intra-day high of 40,931.71. Broader index Nifty settled 1.3% higher at 12,078. At day's high, Nifty rose to 12,084.50, less 20 points away its all-time high of 12,103 hit in June this year.
Bharti Airtel was the top gainer among the Sensex stocks, up 8%. Steelmaker Tata Steel rose 5%, after prices of metals rose on positive signals from Washington on China.
Financials also rallied today. IndusInd Bank, Axis Bank, HDFC, Kotak Bank and SBI gained between 2% and 3.5%. Auto stocks also rallied today with Hero MotoCorp, Tata Motors and Maruti up between 1.5% and 2.5%.
Just two stocks - Yes Bank and ONGC - among the 30 constituents of Sensex ended in the red.
The market breadth was also strong with BSE midcap and smallcap indices rising about 1.2% and 0.80% respectively.
"BSE Sensex scaled fresh record high today of 40,900 ahead of the MSCI rejig (on November 26) as hectic buying in key pivotals was witnessed. Most of the Nifty constituents across sectors like BFSI, Telecom and metals saw buying activity and short-covering too was seen in many heavyweights," said S Ranganathan, head of research at LKP Securities.
Sandeep Nayak, ED & CEO of Centrum Broking, said: "The prolonged trade war between US and China was weighing heavily on Indian indices. Positive statements made by both officials last week indicating that a trade pact is likely by the end of December 2019 are being welcomed. Moreover, FIIs are preferring emerging markets such as India as the recent easy monetary stance of Fed and ECB has improved liquidity in world markets."
Global markets were mostly higher today on fresh optimism over the long-running China-US trade talks after Beijing offered an olive branch on the key issue of intellectual property (IP), while Donald Trump hailed progress on the agreement.
China over the weekend said it would hike penalties on violations of intellectual property rights while also look at reducing the thresholds for criminal punishments of those who steal IP. The IP issue is a major sticking point for the United States in the discussions and agreement on it is seen as key to their success. (With Agency Inputs)
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