Sensex jumps 184 points to hit new high of 40,654, Nifty reclaims 12,000-mark; Sun Pharma, RIL among top gainers

  • Equity benchmark BSE Sensex rose 184 points to scale a fresh closing peak of 40,654 on Thursday, tracking gains in metal, energy and banking stocks as positive domestic and global cues enthused investors

  • Similarly, the broader NSE Nifty ended with a gain of 46 points, or 0.38 percent, at 12,012.05

  • Top gainers in the Sensex pack included Sun Pharma, IndusInd Bank, RIL, ITC, Vedanta, Asian Paints, HDFC and Infosys, advancing up to 3.02 percent

Mumbai: The Sensex scaled yet another lifetime peak while the Nifty closed above the key 12,000-mark after five months on Thursday as investors cheered the government's latest reforms push and progress on US-China trade negotiations.

After hitting an intra-day record of 40,688.27, the BSE Sensex ended 183.96 points, or 0.45 percent up at its new all-time high of 40,653.74, tracking gains in metal, energy and banking stocks.

Similarly, the broader NSE Nifty ended with a gain of 46 points, or 0.38 percent, at 12,012.05. The index last closed above the 12,000-level on June 4 this year.

Trading sentiment was bullish after the government late on Wednesday approved a Rs 25,000 crore fund for 1,600 stalled housing projects, which is expected to jumpstart consumption and give a boost to real estate and allied sectors.

Strong corporate earnings and sustained foreign fund inflows also kept domestic market sentiment upbeat, analysts said.

Further, global equities turned positive after the Chinese commerce ministry said China and the US have agreed on a plan to remove import tariffs in stages, as negotiators try to craft a trade deal.

 Sensex jumps 184 points to hit new high of 40,654, Nifty reclaims 12,000-mark; Sun Pharma, RIL among top gainers

BSE building. Reuters image.

Sun Pharma was the top gainer in the Sensex pack, spurting 3.02 percent, after the company swung back to black in the September quarter with a net profit of Rs 1,064.09 crore.

Other winners included IndusInd Bank, RIL, ITC, Vedanta, Asian Paints, HDFC and Infosys, advancing up to 2.88 percent.

On the other hand, Yes Bank, HUL, ONGC, Tata Motors, Axis Bank, L&T and NTPC retreated up to 3.27 percent.

"Reforms and earnings are the market drivers, the measures to support realty sector augers well for the sector to outperform. The proposed measure will help to start the recovery of stalled projects and can see a ripple effect in NBFCs, banks and cement sector.

"On global front, China agreed with US for phased removal of tariffs that has brightened hope for a trade deal and bring some cheer for markets across the globe," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE energy, metal, realty, consumer durables, telecom and healthcare indices rose up to 0.96 percent.

On the other hand, oil and gas, capital goods, utilities and auto fell up to 0.26 percent.

Broader BSE midcap and smallcap indices followed the benchmarks to end up to 0.69 percent higher.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul settled in the positive terrain following positive news on the US-China trade front.

Markets in Europe too were trading in the green in their respective early deals.

Meanwhile, the Indian rupee appreciated 5 paise to 70.92 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, rose 1.38 percent to $62.59 per barrel.

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Updated Date: Nov 07, 2019 19:50:15 IST