Sensex jumps 413 points to close at record high of 41,352, Nifty hits lifetime peak too; Tata Steel, Airtel among top gainers
Market benchmarks Sensex and Nifty soared to new peaks on Tuesday, driven by gains mainly in metal, financial and IT stocks amid firm global cues and sustained foreign fund inflows
After surging to its record intra-day peak of 41,401.65, the 30-share BSE barometer settled 413.45 points, or 1.01 percent, higher at its all-time high of 41,352.17
Similarly, the broader NSE Nifty rallied 111.05 points, or 0.92 percent, to its record closing high of 12,165
Tata Steel was the top gainer in the Sensex pack, surging 4.38 percent, followed by Bharti Airtel 4.37 percent, Vedanta 3.50 percent, Tata Motors 3.03 percent, HDFC 2.46 percent and Bajaj Finance 2.39 percent
Mumbai: Market gauges Sensex and Nifty hit new milestones on Tuesday as investors cheered easing trade war tensions and sustained foreign fund inflows.
After touching an all-time intra-day high of 41,401.65, the 30-share BSE Sensex settled 413.45 points, or 1.01 percent, higher 41,352.17 -- its fresh closing peak.
Similarly, the broader 50-scrip NSE Nifty soared to its new intra-day high of 12,182.75 before ending 111.05 points, or 0.92 percent, up at 12,165 -- a record closing level.
— CNBC-TV18 (@CNBCTV18Live) December 17, 2019
#MarketAtClose | HDFC twins, Infosys & TCS contribute nearly 50% to Nifty gains. HDFC Bank at highest level in almost a month, contributes nearly 80% to Nifty Bank gain pic.twitter.com/tQgvEatAFx — CNBC-TV18 (@CNBCTV18Live) December 17, 2019
On the Sensex, metal stocks drove the rally riding on US-China trade deal optimism. Telecom, financial and IT stocks too boosted the index gain.
Tata Steel was the top gainer in the Sensex pack, surging 4.38 percent, followed by Bharti Airtel 4.37 percent, Vedanta 3.50 percent, Tata Motors 3.03 percent, HDFC 2.46 percent and Bajaj Finance 2.39 percent.
On the other hand, Sun Pharma fell 1.37 percent, M&M 0.63 percent, Bajaj Auto 0.56 percent and HUL 0.48 percent.
Sectorally, BSE telecom, metal, teck, basic materials, IT and finance rallied up to 3.28 percent.
While BSE consumer durables, healthcare, realty and energy indices fell up to 0.68 percent.
Broader BSE midcap and smallcap indices surged up to 0.66 percent.
"Positive global sentiments buoyed by easing trade war tensions between the US and China continue to pump the market. Economic growth remains on the lower side while risk appetite of investors are gradually improving on the expectation of further steps from the government in the upcoming budget to revive consumption and attract investments," Vinod Nair, Head of Research at Geojit Financial Services, said.
Also, the Indian market will await the outcomes of Wednesday's GST Council meeting.
Investor sentiment was also buoyed by sustained foreign fund inflows.
On a net basis, foreign institutional investors bought equities worth Rs 728.13 crore, while domestic institutional investors sold shares worth Rs 796.38 crore, data available with the stock exchange showed on Monday.
The positive mood of the markets was also aided by the RBI Governor's statement about the central bank's further accommodative stance in terms of policy rate provided if there is a need.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended significantly higher, while those in Europe were trading on a mixed note.
On the currency front, the Indian rupee traded almost flat.
Brent futures, the global oil benchmark, was slipped 0.17 percent to $65.23 per barrel.
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Bajaj Finserv was the top gainer in the Sensex pack, rising around 4 percent, followed by Bajaj Finance, Reliance Industries, IndusInd Bank and Axis Bank