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(Photo: PTI)
(Photo: PTI)

Sensex hits fourth straight record high

  • Sensex ends 7.62 pts up at new high of 41,681.54; Nifty advances 12.10 pts to record peak of 12,271.80
  • Gains were muted as investors turned jittery after Fitch Ratings cut India's GDP growth forecast for 2019-20

Mumbai: India’s benchmark indices climbed marginally, set for a fourth straight record-high close on Friday, as investors shrugged off economic worries ahead of the holiday season.

S&P BSE Sensex, gained 7.62 points or 0.02% to close at 41,681.54. The Nifty 50 index gained 12.1 points or 0.1% to close at 12,271.80. Gains were muted as investors turned jittery at the fag end of the session on macroeconomic concerns after Fitch Ratings cut India's GDP growth forecast for 2019-20, traders said.

Foreign investors have pumped $13.8 billion into India’s stocks this year, the biggest inflows since 2014 and driving most of the Sensex’s 16% gain, even as economic growth lingers at a six-year low.

Asian markets were trading mixed. Japan's Nikkei225 index lost 0.2%, Hong Kong's Hang Seng index gained 0.25%, China's Shanghai Composite index lost 0.4% and Korea's KOSPI index gained 0.35%.

Back home, BSE Midcap index gained 0.15% While BSE Smallcap lost 0.03%. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,273 shares rose and 1,243 shares fell. A total of 168 shares were unchanged.

Among sectoral indices, BSE Consumer Durables was the biggest gainer with 1.2% followed by BSE Telecom with 0.92% and BSE Realty gained 0.63%. However, BSE Healthcare lost 0.42%.

Shares of Mahindra & Mahindra fell 0.86% to close at 530.45 after it said Anand Mahindra will step down as Executive Chairman from 1 April, 2020. According to a filing to the exchange on Friday, Anand Mahindra with effect from 1 April, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra & Mahindra. This is in accordance with the SEBI guidelines. Pawan Goenka will be re-designated as Managing Director and Chief Executive Officer from 1 April.

Titan Company rose 3.64% to close at 1201.95 after Titan Global Retail LLC, Dubai, has been incorporated as a subsidiary company of Titan Holdings International FZCO, Dubai, which in turn is a wholly owned subsidiary of the Company.

Lemon Tree Hotels went up 3.66% to close at 62.35 after it opened its first international hotel in Dubai under the Company's brand Lemon Tree Hotel. The hotel features 114 well-appointed rooms, complemented by a multi-cuisine restaurant.

Shares of YES Bank rose nearly 2% to 50.8 despite being downgraded by rating agencies.India Ratings and Research (Ind-Ra) has downgraded YES Bank’s Long-Term Issuer Rating from “A+" to “A", owing to inadequate and slow equity infusion.

Shares of Dishman Carbogen Amcis slumped 8.67% to hit a 52-week low of 104 after the Income Tax Department conducted day-long 'search and survey operation' at the properties of the pharma major. The stock has thus fallen below its previous low of 110 on 25 October, 2019.

ABB India shares dipped 4.71% to close at 1,266.40 after the stock turned ex-date for determining the names of the equity shareholders of the Company to whom equity shares of ABB Power Products and Systems India Limited, would be issued and allotted.

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