Sensex crosses 36K, Nifty above 11,000 level; Tata Steel, Infosys, SBI top gainers

Continuing their bull run for the fifth straight day, the Sensex and Nifty scaled their fresh all-time highs today on back of healthy third quarter earnings and the upcoming Union Budget on February 1.

Nifty scaled the 11,000 mark for the first time on Tuesday.  The Sensex was not too far behind with the index hitting the key 36,000 mark for the first time ever.

While the Sensex was trading 180 points higher at 35,978, Nifty was up 53 points at 11,019 level.

Market heavyweights Reliance Industries and TCS were trading 1.34% and 0.06 percent higher, respectively. The Nifty hit an all time high of 11,030 level intra day in early trade. The Sensex hit an all-time high of 36,017 level.

Deepak Jasani, Head- Retail Research at HDFC Securities said, "Nifty touched 11000 in trade today, gaining the last 1000 pints in about 6 months. The Sensex rose to touch 36,000 mark gaining the last 1000 points in 4 days. The bull run in the equity markets continues in India. The turnaround in the Industrial/economic growth in October 2017 along with big policy announcements related to Bank recap and Bharatmala led to a good upmove in Oct 2017. In Jan 2018, we are witnessing FIIs returning to the buy side in a big way after a break. The forthcoming Budget could aid in determining the future direction of markets from hereon".

The record rise in indices comes a day after IMF said India is projected to grow at 7.4 per cent in 2018 as against China's 6.8 per cent, making it the fastest growing country among emerging economies. The acceleration in India's growth rate ahead comes after the slowdown last year due to demonetisation and the implementation of GST.

Axis Bank ( 2.27%) , Infosys (1.84%) and Reliance Industries were the top gainers on Sensex.

A steep fall in provisions for bad assets has helped the third-largest private sector lender Axis Bank to report a 25.34 per cent growth in December quarter net at Rs 726.44 crore on Monday.

Asian Paints (0.80%), Tata Motors (0.49%),  and Wipro (0.22%) were the top Sensex losers. 

On BSE, Jindal Steel (9.01%), Reliance Naval (5.68%) and Reliance Communications 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.

Market breadth was positive with 1442 stocks rising against 731 falling on BSE. 75 stocks were unchanged.

On the BSE, all 19 sectoral indices were trading in green. Metal index (533 points), oil and gas index (192 points) and bankex (190 points) were the top gainers.

Global markets

Asian stocks advanced on Tuesday after U.S. senators struck a deal to end a three-day government shutdown, sending Wall Street's main indexes to record highs and keeping the dollar well supported.

US lawmakers passed a short-term measure on Monday to fund the federal government through February 8.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent to a fresh record peak.

Australian stocks climbed 0.7 percent and South Korea's KOSPI added 0.5 percent. Japan's Nikkei was 0.45 percent higher.