Home >Markets >Stock Markets >Sensex registers third highest close ever as it rises for 4th day

Indian markets extended gains to the fourth day today with Sensex closing above the important level of 40,000. Better-than-expected corporate earnings from some frontline companies and expectations of tax realignment on equities have lifted the sentiment in Indian markets. The Sensex closed 220 points higher at 40,051, its third highest close ever. The broader Nifty closed at 0.50% higher at 11,844. On 3rd June 2019, the benchmark index had ended at 40,267, its highest ever close.

"Nifty remains in a structural uptrend and is expected to test 12,200-12,300 in the next few weeks. Since we witnessed a rally in the recent past some consolidation is expected in the range of 116,50-11,950. Accumulation on dips is advisable as we await for the next momentum trade to get triggered. Selective buying is advisable in the midcap space," said Sahaj Agarwal, head of derivatives at Kotak Securities.

Strong buying was seen in public sector banks with SBI, PNB and Bank of Baroda rising between 3% and 3.5%.

Market heavyweights TCS and ITC rose around 2.5% while Infosys gained 1.5% and RIL 0.8%.

Broader markets also ended higher today with BSE midcap index rising 0.36% and smallcap index 0.65%.

S Ranganathan, head of research at LKP Securities, said "BSE Sensex today regained 40,000 today led by buying in pivotals, short covering and hopes of strategic divestment in PSU stocks."

Analysts expect the US Federal Reserve to cut interest rates by 0.25 percentage point for the third time this year later in the day.

Since US President Donald Trump outlined what he called the first phase of a trade deal with China earlier this month, investors have bet on a trade truce between the two countries, driving global equities higher. (With Agency Inputs)

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edit Profile
My ReadsRedeem a Gift CardLogout