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Home / Business / Sensex, Nifty end at record highs

Sensex, Nifty end at record highs

The Sensex closed above the 41000-mark at 41020.61; the broader Nifty rose 63 points to finish at a new peak of 12100.70
While the Sensex opened marginally higher at 40979.39 and hit a high of 41075.76, it subsequently remained range-bound

Our Special Correspondent   |   Mumbai   |   Published 27.11.19, 07:39 PM

The benchmark indices continued their record breaking run with both the Sensex and the Nifty closing at new life-time highs on expectations of a trade deal between the US and China.

While the 30-share Sensex closed above the 41000-mark at 41020.61, the broader Nifty rose 63 points, or 0.52 per cent, to finish at a new peak of 12100.70.

The rally, which was led by the banking, auto and IT stocks, came also on expectations of more measures from the government to push growth and another rate cut from the Reserve Bank of India (RBI) next month.

Apart from positive global cues, the sentiment was supported by inflows from both foreign portfolio investors and domestic institutions.

According to Vinod Nair, head of research at Geojit Financial Services, the mood is cheerful on hopes that the government will consider a new auto scrappage policy, while metal stocks gained on optimism surrounding a US-China trade deal. He added that rate sensitive stocks such as banks did well in the expectation of a rate cut by the RBI.

While the Sensex opened marginally higher at 40979.39 and hit a high of 41075.76, it subsequently remained range-bound. However, the sentiment improved towards the last 90 minutes of trade and the gauge settled at 41020.61, a gain of 199.31 points, or 0.49 per cent.

Only six counters in the Sensex pack ended in the red and the gainers were led by Yes Bank, whose shares rose 7.65 per cent. It was followed by the SBI, which rose 2.43 per cent after SBI Cards filed its IPO papers with Sebi. Kotak Bank was up 1 per cent, and IndusInd Bank, 0.64 per cent

“The market sentiments remain positive on the global front with the likely settlement of the first phase of a deal between the US and China.

“On the domestic side, strong FII inflows have provided the much needed support to the market in the absence of any major triggers.

“While the current momentum is likely to continue for a while, we expect some volatility ahead of the monthly F&O expiry on Thursday and the second quarter GDP data to be released on Friday,’’ Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services, said.

Sectorally, BSE auto, oil and gas, basic materials, metal, energy and healthcare indices ended up to 1.22 per cent higher. Most of the Asian markets were up on expectations of the US-China trade deal. Hong Kong gained 0.2 per cent, Tokyo rose by 0.3 per cent and Sydney by 0.9 per cent. However, Shanghai settled lower.

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