Sensex rallies 222 points to close at fresh high of 40,470, Nifty up 49 points; ICICI Bank, Infosys among top gainers

Equity benchmark BSE Sensex jumped 222 points to settle at its new lifetime high of 40,469.78 on Wednesday, led by robust gains in bank stocks

Press Trust of India November 06, 2019 16:15:10 IST
Sensex rallies 222 points to close at fresh high of 40,470, Nifty up 49 points; ICICI Bank, Infosys among top gainers
  • Equity benchmark BSE Sensex jumped 222 points to settle at its new lifetime high of 40,469.78 on Wednesday, led by robust gains in bank stocks

  • Similarly, the broader NSE Nifty briefly reclaimed the 12,000 level, before finishing at 11,966.05, showing a gain of 48.85 points, or 0.41 percent

  • Top gainers in the Sensex pack included ICICI Bank, Infosys, HDFC, IndusInd Bank, Tata Motors, Kotak Bank, Axis Bank, L&T, Yes Bank and HUL, spurting up to 2.64 percent

Mumbai: The BSE Sensex resumed its record-setting run on Wednesday -- rallying 222 points to its new lifetime high of 40,469.78 -- as investors accumulated banking and financial stocks amid hopes of more reform measures to boost growth.

After opening on a choppy note, the 30-share Sensex touched an all-time intra-day high of 40,606.91 in late-afternoon trade. It finally ended 221.55 points, or 0.55 percent, higher at 40,469.78. The previous closing high was 40,301.96, hit on 4 November (Monday).

Similarly, the broader NSE Nifty briefly reclaimed the 12,000 level, before finishing at 11,966.05, showing a gain of 48.85 points, or 0.41 percent.

Benchmark indices have been on a rising spree on the back of strong earnings, hopes for another economic booster from the government and positive cues from global markets, experts said.

Speaking late on Tuesday, Finance Minister Nirmala Sitharaman said the government is working on steps to resolve the issues being faced by realty sector, which has a spillover effect on many industries.

Top gainers in the Sensex pack included ICICI Bank, Infosys, HDFC, IndusInd Bank, Tata Motors, Kotak Bank, Axis Bank, L&T, Yes Bank and HUL, spurting up to 2.64 percent.

Sensex rallies 222 points to close at fresh high of 40470 Nifty up 49 points ICICI Bank Infosys among top gainers

Representational image. Reuters.

On the other hand, Bharti Airtel, RIL, Bajaj Finance, ONGC, HCL Tech, ITC and Sun Pharma slipped up to 3.31 percent.

"Market clocked a new high based on a commitment from the FM to speed up reforms in the near future. Realty and financials outperformed in expectation of new measures while metal stocks gained owing to easing the global trade war.

"Better results from index heavyweights kept expectation high for earnings growth, influencing investors to stay in the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectorally, BSE realty, bankex, finance, metal, IT, industrials and capital goods indices rose up to 2.59 percent.

On the other hand, consumer durables, telecom and energy tumbled up to 5.30 percent.

Broader BSE midcap index rose 0.15 percent, while smallcap ended 0.36 percent lower.

Globally, bourses in Hong Kong, Tokyo and Seoul settled higher, while Shanghai ended in the red.

Exchanges in Europe were trading on a mixed note in their respective early deals.

Meanwhile, the Indian rupee depreciated by 28 paise to 70.97 against the US dollar intra-day.

Brent crude futures, the global oil benchmark, fell 0.81 percent to $62.45 per barrel.

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