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Sensex scales fresh closing peak; financials lead charge

twitter-logoPTI | November 6, 2019 | Updated 17:11 IST

Mumbai, Nov 6 (PTI) The BSE Sensex resumed its record-setting run on Wednesday -- rallying 222 points to its new lifetime high of 40,469.78 -- as investors accumulated banking and financial stocks amid hopes of more reform measures to boost growth. After opening on a choppy note, the 30-share Sensex touched an all-time intra-day high of 40,606.91 in late-afternoon trade. It finally ended 221.55 points, or 0.55 per cent, higher at 40,469.78. The previous closing high was 40,301.96, hit on November 4 (Monday). Similarly, the broader NSE Nifty briefly reclaimed the 12,000 level, before finishing at 11,966.05, showing a gain of 48.85 points, or 0.41 per cent. Benchmark indices have been on a rising spree on the back of strong earnings, hopes for another economic booster from the government and positive cues from global markets, experts said. Speaking late on Tuesday, Finance Minister Nirmala Sitharaman said the government is working on steps to resolve the issues being faced by realty sector, which has a spillover effect on many industries. Top gainers in the Sensex pack included ICICI Bank, Infosys, HDFC, IndusInd Bank, Tata Motors, Kotak Bank, Axis Bank, L&T, Yes Bank and HUL, spurting up to 2.64 per cent. On the other hand, Bharti Airtel, RIL, Bajaj Finance, ONGC, HCL Tech, ITC and Sun Pharma slipped up to 3.31 per cent. "Market clocked a new high based on commitment from the FM to speed up reforms in the near future. Realty and financials outperformed in expectation of new measures while metal stocks gained owing to easing global trade war. "Better results from index heavyweights kept expectation high for earnings growth, influencing investors to stay in the market," said Vinod Nair, Head of Research, Geojit Financial Services. Sectorally, BSE realty, bankex, finance, metal, IT, industrials and capital goods indices rose up to 2.59 per cent. On the other hand, consumer durables, telecom and energy tumbled up to 5.30 per cent. Broader BSE midcap index rose 0.15 per cent, while smallcap ended 0.36 per cent lower. Globally, bourses in Hong Kong, Tokyo and Seoul settled higher, while Shanghai ended in the red. Exchanges in Europe were trading on a mixed note in their respective early deals. Meanwhile, the Indian rupee depreciated by 28 paise to 70.97 against the US dollar intra-day. Brent crude futures, the global oil benchmark, fell 0.81 per cent to USD 62.45 per barrel. PTI ANS ABM ABM

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