Sensex hits all-time high, Nifty above 11,900-mark amid positive domestic, global cues; SBI, Infosys among top gainers

Market benchmark BSE Sensex has surged over 270 points to hit an all-time intraday high of 40,345 while the broader NSE Nifty crossed 11,900-mark in the morning trade tracking massive foreign fund inflow amid positive domestic and global cues.

#MarketAtRecordHigh | #Sensex hits record high, crosses earlier level of 40,312.07 hit on June 4 pic.twitter.com/CtsPmoyqFM

— CNBC-TV18 (@CNBCTV18Live) October 31, 2019

After hitting its all-time intraday high of 40,344.99, the 30-share index was trading 271.27 points, or 0.68 percent, higher at 40,323.14 at around 11.15 am, while the Nifty advanced 80.15 points, or 0.68 percent, to 11,924.25.

On 4 June this year, the Sensex had hit an all-time intraday high of 40,312. The Sensex touched the record closing high of 40,267.62 on 3 June this year.

Top gainers in the Sensex pack included SBI, Infosys, ITC, Sun Pharma, HDFC Bank and ICICI Bank, rising up to 2.64 percent. SBI rose by 4.38 percent while Infosys was up by 4.07 percent and Tata Motors by 3.20 percent.

On the other hand, Bharti Airtel, Axis Bank, M&M, PowerGrid and Yes Bank fell up to 0.92 percent.

The Nifty PSU Bank index, which tracks the country’s state-run lenders, rose as much as 2.52 percent, gaining the most among the 14 sectoral NSE indexes that were all trading in the green.

In the previous session, the 30-share Sensex ended 220.03 points, or 0.55 percent, higher at 40,051.87. The benchmark closed above the key 40,000-level after June 4, 2019. Similarly, the broader NSE Nifty jumped 57.25 points or 0.49 percent to close at 11,844.10.

Foreign institutional investors purchased a whopping Rs 7,192.42 crore in the capital market, on Wednesday, while domestic institutional investors sold shares worth Rs 185.87 crore, data available with stock exchange showed.

Besides heavy foreign fund inflow, the US Federal Reserve’s decision to cut its benchmark interest rate for the third straight time also boosted market sentiment.

Hopes of government to cut in long term capital gain tax, dividend distribution tax and the securities transaction tax too enthused domestic investors, said Ajay Menon, Managing Director & CEO – Broking & Distribution, Motilal Oswal Financial Services.

“Moreover, improved auto sales growth during the festival sessions, good quarterly results and stable oil and USDINR have added fuel in the market,” he added.

The Nifty Media index gained 1.65 percent while the Nifty FMCG index climbed over half a percent to its highest since September 2018.

The Nifty IT index rose nearly a percent after US IT services and outsourcing company Cognizant Technology Solutions Corp (CTSH.O) forecasted a rise in quarterly profit on Wednesday, but added it would shut some content moderation business, resulting in about 6,000 job cuts.

Meanwhile, and US stock futures edged higher after the US Federal Reserve cut interest rates for the third time in a row by 25 basis points as expected to keep economic expansion on track. However, the Fed hinted that there will be no further cuts unless deemed necessary.

Japan’s Nikkei moved up by 0.36 percent, Hong Kong’s Hang Seng index by 1.06 percent and South Korea’s Kospi by 0.9 percent.

But the Shanghai Composite index slipped by 0.09 percent as data showed that factory activity in China shrank for the sixth straight month in October.

The rupee, meanwhile, appreciated 6 paise against the US dollar to trade at 70.83 in early session.

Brent futures, the global oil benchmark, rose 0.35 percent to $60.45 per barrel.

— With inputs from agencies