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Sensex extends record run; Nifty hits 11,700
August 28, 2018
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MUMBAI: The key Indian equity indices − S&P BSE Sensex and the NSE Nifty50 − crossed the psychological marks of 36,700 points and 11,700 points for the first time on Monday before closing the day’s trade just below the landmark levels.

Supported by firm global cues, the Sensex and the Nifty 50 touched their all-time high levels of 38,736.88 points and 11,700.95 points respectively and also settled at record closing levels.

Healthy buying was witnessed in banking, consumer durables and IT stocks, analysts said. The S&P BSE banking index surged around 530 points during the day.

At 3.30 pm, the wider Nifty50 on the National Stock Exchange provisionally closed at 11,691.95 points, higher by 134.85 points or 1.17 per cent from its previous close of 11,557.10 points. The benchmark BSE Sensex, which had opened at 38,472.03 points, closed at 38,694.11 points, higher by 442.31 points or 1.16 per cent from its previous close of 38,251.80 points. It touched an intra-day low of 38,416.73 points.

The top gainers on the Sensex were Bharti Airtel, Power Grid, ICICI Bank, State Bank of India, and Infosys, while Sun Pharma was the only loser during the day.

Sensex and Nifty closed at new peaks on Monday, led by strong buying in banking, and metal stocks. Global market sentiment was also upbeat as investors welcomed US Federal Reserve’s “gradual approach” to raising rates.

Sensex

The BSE Sensex surged over 442 points to close at its life-time high of 38,694.11 and the broader NSE Nifty ended at a fresh record of 11,691.95, rising 134.85 points. Both the benchmarks Sensex and Nifty recorded their biggest single-day gains of 442.35 and 134.85 points, respectively, in nearly five months. On April 5 this year, the 30-share Sensex had rallied 577.73 points and the Nifty 50 had jumped 196.75 points.

Last week, US Federal Reserve Chairman Jerome Powell had said that a “gradual approach” to interest rate hikes would be in the best interest of the US economy and jobs generation, helping Wall Street boost sentiment at the week’s close. Asian shares too ended higher and European markets were firm in their early deals, tracking Friday’s gain on the US markets.

Global markets also reacted positively to the People’s Bank of China announcement that it was tweaking its methodology for the fixing of the yuan’s daily midpoint as part of efforts to stabilise the currency market. Sentiment also got a boost on buying by domestic institutional investors (DIIs) and fresh foreign fund inflows, giving push to the market uptrend. Buying momentum was so strong that all the sectoral indices, except realty, ended in the positive terrain.

The 30-share Sensex, after opening on a strong footing, continued its upward march to scale an all-time high of 38,736.88, breaking its previous (intra-day) record of 38,487.63 hit on August 23. It lost some ground on profit-booking and finally ended 442.31 points, or 1.16 per cent, higher at 38,694.11, going past its previous record close of 38,336.76 reached on August 23. The gauge had lost 84.96 points in previous session on Friday.

The NSE Nifty too breached the 11,700-mark for the first time to touch a new high of 11,700.95 before settling 134.85 points, or 1.17 per cent, higher at 11,691.95.

Agencies

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