Sensex at all-time high, Nifty scales 12000 mark
Sensex touched a record high of 40520.67 points, up 0.7%, while Nifty was trading at 12001, up 0.7%Better-than-expected earnings, fresh hopes of stimulus from government and continued foreign fund inflows also improved sentiment
Benchmark 30-share Sensex touched a fresh all-time high, while the 50-share Nifty on Wednesday hit the 12000-mark for the first time in five month led by gains in Infosys and banking stocks. Better-than-expected earnings, fresh hopes of stimulus from government and continued foreign fund inflows also improved sentiment.
Sensex touched a record high of 40520.67 points, up 0.7%, while Nifty was trading at 12001, up 0.7%.
Infosys gained 2.7% after chairman Nandan Nilekani said the company will take necessary steps if investigation into whistleblower complaints substantiates claims of corporate misgovernance, adding that the firm has responded responsibly and complied with applicable laws and past practices.
Globally, investors stayed on the sidelines eyeing developments around the US-China trade deal. Asian stocks were flat today, while US indices closed higher overnight. Oil prices retreated from a six-week high as investors weigh indications of expanding US crude inventories and mixed signals on the progress of trade parleys between Washington and Beijing.
IIFL Securities expects more consolidation in domestic equities today even as buy on dips remains the clear mandate for the Nifty.
Meanwhile, Bharti Airtel fell 3%, Vodafone Idea dropped 6.7%, while Reliance Industries declined 0.5% after Bloomberg reported that the government has refused to waive $13 billion in past dues from these companies. The government expects the operators to pay up dues within 90 days as ordered by the apex court last month.
Titan Co Ltd was down 9.3% after the company reported a muted 1.83% year-on-year rise in its standalone profit to ₹320.16 crore for the September quarter.
Realty stocks traded higher as finance minister Nirmala Sitharaman on Tuesday said the Centre was working with the Reserve Bank of India to tweak existing laws to make them conducive for the real estate sector. Sobha Ltd rose 5.1%, Indiabulls Real Estate 5%, DLF 4.2%, Godrej Properties 3.4%, Prestige Estate 1.8%, and Suntech advanced 1.8%.
Sun Pharma gained 1.4% after the company announced it has entered into a licensing agreement with AstraZeneca UK Ltd. (AstraZeneca) to introduce certain novel ready-to-use (RTU) infusion oncology products in China.
PC Jeweller climbed 10% as the Securities and Exchange Board of India has disposed off adjudication proceedings against the company, accepting settlement charges of ₹19.1 lakh in relation to share buyback.
"Some of the positive factors like decent earnings season so far, better-than-expected festive sales, hopes of stimulus from the government and continued FIIs inflow continue to maintain optimism in the market. On the Global front as well – markets are continuing their positive movement on the hope of US-China phase 1 trade deal negotiation," said Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.
"While the markets consolidate near its peak, the positive momentum should continue for a while. With absence of any major events, focus would continue to be on the results season with stock specific action likely over the next few days," Khemka added.
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