Home Market Sensex jumps 203 points to 38,897; Nifty zips past 11,730

Sensex jumps 203 points to 38,897; Nifty zips past 11,730

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NEW DELHI: The domestic market soared to new highs on Tuesday propelled by strong trading in other markets the world over. Most Asian markets ended higher for the day on hopes of ease in trade tensions globally. Besides buying emerged ahead of F&O expiry.

World stocks rose to a six-month high, lifted by investor optimism that a US-Mexico deal to overhaul the North American Free Trade Agreement (NAFTA) will go some way to averting a global trade war, Reuters reported.

BSE Sensex ended the session at a record close of 38,896.63, up 202.52, or 0.52 per cent. Three stocks ended lower on BSE for every two stocks that settled higher, hinting at a bearish biasness.

Vedanta emerged to be the biggest Sensex gainer followed by Adani Ports, Reliance Industries, Maruti, Axis Bank, HDFC. YES Bank was the top index loser with a fall of over 3 per cent. The 30-share index hit an intraday high of 38,938.91.

The 50-share index Nifty closed at a record high of 11,738.50, up 46.55 points, or 0.40 per cent. 21 stocks in the index settled higher although 29 ended the day in the red.

The rally in the Nifty index was led by gains metals, financials, auto and IT. Nifty Metals index jumped 1.82 per cent to 3,597.20.

Steel stocks gained amid reports that domestic crude steel output increased by 5.4 per cent to 61.8 million tonnes (MT) in the first seven month of the calendar year 2018.

However, losses in PSU Bank stocks capped gains for the domestic market. Nifty PSU Bank index lost 1.52 per cent to close at 3,234.

Reliance Industries ended the session above the Rs 1,300-level at Rs 1,318.20, up 2.06 per cent.

"For the second straight session, the equity benchmark indices scaled to a new record high of 11,760, tracking positive global cues. The momentum continued on the back of optimistic US-Mexico trade agreement. The broader market indices exhibited mixed trend where BSE Midcap ended with losses of 0.4 per cent while BSE Smallcap, gained 0.4 per cent", said Jayant Manglik, President, Religare Broking.

With indices trading at record highs, some profit taking cannot be ruled out. In the near term, market participants would keep close watch on macro data (GDP data), global developments and currency movement as it would provide further direction to the market, Manglink added as a word of caution for the investors.

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