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Sensex crosses 29k, Nifty inches towards 9k-mark; bourses hit fresh 52-week high

The Indian benchmark indices hit their respective 52-week high on strong cues from Wall Street and a rise in the Asian market following President Trump's positive first address to Congress.

BT Online | March 2, 2017 | Updated 12:25 IST
Sensex crosses 29k, Nifty inches towards 9k-mark; bourses hit fresh 52-week high

The Indian benchmark indices hit their respective 52-week high on strong cues from Wall Street and a rise in the Asian market following President Trump's positive first address to Congress.

At 10 AM, the S&P BSE Sensex was ruling 29,127, gaining 143 points while the Nifty50 was trading 8,990, up 44 points.

"This is a clear sign of strong Bull Run and hence, we have been quite vocal since last few weeks that one should not expect any major correction in the market. In fact, market is clearly poised to hit new all time highs soon," said an Angel Broking Report.

"For the coming session, 8,982 would be seen as immediate resistance; but sooner or later, we expect the Nifty to surpass this hurdle and move beyond the 9,000 mark. On the flipside, intraday supports are seen at 8,927-8,898 levels," added the report.

All the sectoral indices, led by metal, auto, oil & gas and consumer durables, were trading in positive zone with gains of up to 1.33 per cent.

Brokers said that sentiments were high largely due to a firming trend in other Asian markets after the US bourses closed at new highs in yesterday's trade. There has been a growing optimism over corporate tax cuts and other policy proposals reiterated by US President Donald Trump during his speech before the Congress.

Tata Motors added over 3 per cent becoming the top Sensex gainer after the auto major reported a rise of 2 per cent in its total vehicle sales for last month.

According to the company, its total passenger and commercial vehicle sales, including exports, in February 2017 rose to 47,573 units from 46,674 units sold in the like month of last year.

Among the losers, shares of DLF shed nearly 3 per cent after the company decided to sell 40 per cent of the stake in its rental arm DCCDL for an estimated Rs 12,500-13,000 crore to an affiliate of Singapore-based private equity firm GIC.

Other laggards included ITC, Power Grid, Sun Pharma and Dr Reddy's.

Global Markets

Among the Asian Markets, China's Shanghai Composite was trading flat, up 0.03 per cent, Hang Seng Index bucked the trend to lose 0.2 per cent and Japan's Nikkei rose 1.3 per cent to a 14-month high

Dow Jones index closed above 21,000 mark for the first time ever, indicating investors are reposing faith in US economy and aren't unduly worried about the looming interest rate hike.

(With inputs from PTI)

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