Market Wrap: Sensex closes at all-time high of 40,653, Nifty ends above 12K; metal, realty stocks lead gains : Bulletin: Business Today
Business Today
 

Sensex ends at all-time high of 40,653, Nifty above 12K

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November 7, 2019





Benchmark indices climbed to record high levels gaining 0.40% each by the closing bell today, backed by strong global equities after China said it agreed with the US to roll back tariffs imposed during their prolonged trade war. While Sensex made its highest closing at 40,653, Nifty ended above 12K mark at 12,016 for the first time after June 2019, backed by gains in industry heavyweight HDFC.

Top Nifty gainers included Sun Pharma, IndusInd Bank, Bharti Infratel, Hindalco Industries and JSW Steel, while UPL Ltd, YES Bank, GAIL, BPCL and Cipla were the top losers.

China and the US have agreed to cancel in phases the tariffs imposed during their prolonged trade war, the Chinese commerce ministry said.

US-China trade development not only lifted broader market sentiments but also led metal indices to rally, with JSW Steel shares rising 10% post the announcement, followed by 4% rise in Vedanta and 2.38% rise in Hindalco shares. This was followed by Tata Steel that traded up nearly 5% from day's low and later rose 0.43%.

Globally, markets were upbeat after China agreed for the phased removal of tariffs with the US. US Futures gained 137 points or 0.5%, coupled with European stocks that rose for the fifth straight session on Thursday and hit their highest in four years.

This caused Sensex to breach the earlier record high level of 40,676 to further scale another fresh all-time high of 40,688. Nifty made an intraday high to 12,021.40, 81 points short of the all time high of 12,103.05 hit on June 3.

Earlier, Sensex and Nifty started the day on positive note, backed by gains in realty indices after Cabinet approved the formation of a bailout fund worth Rs 25,000 crore to complete stalled housing projects. Following the announcement, shares of real estate developers surged with the BSE Realty index rising to the highest level in nearly four months.

Index heavyweights that posted their quarterly results during market hours included Sun Pharma, Adani Transmission, BASF India, HPCL, IPCA Labs and VIP industries. DLF, Thomas Cook, Aditya Birla Capital, United Breweries, Indraprastha Gas, GSK Consumer Healthcare and Power Grid Corporation will announce their Q2 earnings later in the day.
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