Sensex closes above 36K for first time, Nifty above 11,000; SBI, Tata Steel, ONGC top gainers
Gains in global markets after US lawmakers passed a short-term measure to fund the federal government through February 8, ending a three-day government shutdown, also boosted investor sentiment.
- Jan 23, 2018,
- Updated Jan 23, 2018 4:44 PM IST
The Sensex and Nifty closed at record highs on the back of strong third quarter earnings and huge expectations from the upcoming Union Budget by the Narendra Modi government on February 1. An International Monetary Fund (IMF) report showing India was set to regain the title as the world's fastest growing major economy in 2018-19 also boosted sentiment.
IMF on Monday revised up its forecast for world economic growth and said that it expected a strong Indian economy to offset decelerating growth in China.
Gains in global markets after US lawmakers passed a short-term measure to fund the federal government through Feb. 8, ending a three-day government shutdown, also boosted investor sentiment.
While the Sensex closed above 36,000 for the first time, Nifty too ended above 11,000, its highest ever level.
The Sensex rose 0.96% or 341 points to 36,139 level. Nifty too rose 1.07% to 11,083 level.
Nifty took nearly six months to rise from 10,000 to 11,000 points, marking the fourth shortest period for the index to cover a thousand point milestone.
SBI (3.84%), Tata Steel (3.72%) and ONGC (3.60%) were the top Sensex gainers today. On BSE, Delta Corp (10.98%) was the top gainer followed by Jindal Steel (10.28%) and Sterlite Technologies (7.59%) were the top gainers.
"Earnings so far have been positive and macro economic factors are fuelling the market movement," said Sudhakar Pattabiraman, head of research operations at MarketSmith, which is part of financial services provider William O'Neil.
Rallis India (7.10%), Can Fin Homes (5%) and Great Eastern Shipping Co (4.63%) were the top losers on BSE.
Surprisingly, market breadth was negative with 1374 stocks closing higher against 1,553 ending lower on BSE.
Midcap stocks led the charge on Dalal Street with the index rising 202 points or 1.13% to 18,078 points.
Bank Nifty too contributed to the gains and hit an all time high of 27,422 level. It closed at 27,390, a rise of 349 points.
The BSE Metal index was the top gainer among the 19 sectoral indexes rising 649 points to 15,788.
Bank stocks on BSE too led the market higher gaining 500 points to 31117 level.
The BSE consumer durables index was the sole loser among the indexes falling 78 points to 23,676.
Among stocks boosting the indexes, Infosys gained over 3 percent while Reliance Industries Ltd and State Bank of India rose 2 percent.
The Sensex and Nifty closed at record highs on the back of strong third quarter earnings and huge expectations from the upcoming Union Budget by the Narendra Modi government on February 1. An International Monetary Fund (IMF) report showing India was set to regain the title as the world's fastest growing major economy in 2018-19 also boosted sentiment.
IMF on Monday revised up its forecast for world economic growth and said that it expected a strong Indian economy to offset decelerating growth in China.
Gains in global markets after US lawmakers passed a short-term measure to fund the federal government through Feb. 8, ending a three-day government shutdown, also boosted investor sentiment.
While the Sensex closed above 36,000 for the first time, Nifty too ended above 11,000, its highest ever level.
The Sensex rose 0.96% or 341 points to 36,139 level. Nifty too rose 1.07% to 11,083 level.
Nifty took nearly six months to rise from 10,000 to 11,000 points, marking the fourth shortest period for the index to cover a thousand point milestone.
SBI (3.84%), Tata Steel (3.72%) and ONGC (3.60%) were the top Sensex gainers today. On BSE, Delta Corp (10.98%) was the top gainer followed by Jindal Steel (10.28%) and Sterlite Technologies (7.59%) were the top gainers.
"Earnings so far have been positive and macro economic factors are fuelling the market movement," said Sudhakar Pattabiraman, head of research operations at MarketSmith, which is part of financial services provider William O'Neil.
Rallis India (7.10%), Can Fin Homes (5%) and Great Eastern Shipping Co (4.63%) were the top losers on BSE.
Surprisingly, market breadth was negative with 1374 stocks closing higher against 1,553 ending lower on BSE.
Midcap stocks led the charge on Dalal Street with the index rising 202 points or 1.13% to 18,078 points.
Bank Nifty too contributed to the gains and hit an all time high of 27,422 level. It closed at 27,390, a rise of 349 points.
The BSE Metal index was the top gainer among the 19 sectoral indexes rising 649 points to 15,788.
Bank stocks on BSE too led the market higher gaining 500 points to 31117 level.
The BSE consumer durables index was the sole loser among the indexes falling 78 points to 23,676.
Among stocks boosting the indexes, Infosys gained over 3 percent while Reliance Industries Ltd and State Bank of India rose 2 percent.