Categories: Business

Sensex scales all-time high; auto, IT stocks shine

MUMBAI: Building on previous three-session gains, the BSE benchmark Sensex on Tuesday added another 185 points to hit an all-time closing high of 39,056.65 and the NSE Nifty ended above the key 11,700-level on intense buying in auto, IT and banking stocks amid RBI rate cut hopes and robust global sentiment.

The 30-share Sensex started on a positive note at 38,988.57 and swung between a high of 39,121.69 and a low of 38,846.96. During the course, it also set its new intra-day record by touching 39,121.69. The gauge finally settled the day at 39,056.65, 184.78 points or 0.48 per cent higher, marking its highest ever closing.

Similarly, the NSE Nifty opened higher at 11,711.55 and rose to a high of 11,729.35. It closed at 11,713.20, up 44.05 points or 0.38 per cent.

On the benchmark Sensex setting a new record, BSE CEO Ashishkumar Chauhan told PTI, “It is a matter of pride for BSE that Sensex has completed 40 years. It was the first real time index of India and caught imagination of investing public. Till date, it remains the barometer of India’s stock markets in public imagination.”

He further said that over the last 40 years, it has given CAGR of over 17 per cent which is the highest returns of any asset class in India.

Among the Sensex constituents, Tata Motors topped the chart by rallying for a second session in a row, surging over 8 per cent. In the last two days, the auto maker’s shares have risen by nearly 16 per cent.

Other top gainers were Bharti Airtel, TCS, Bajaj Finance, PowerGrid, IndusInd Bank, HDFC and State Bank of India — rising as much as 5 per cent.

Bucking the overall trend, Bajaj Auto, Sun Pharma, Vedanta, Tata Steel, HCL Tech and HDFC Bank shares slipped due to profit-booking. Most of these shares have been outperformers over the last few sessions.

Sectorally, realty, telecom, auto and IT emerged as prominent gainers.

On the other hand, oil and gas, FMCG and basic materials indices were in the red.

Analysts said inflow of foreign liquidity in expectation of rate cut from the RBI and revival in earnings will provide stability in the market.

The RBI’s rate setting panel on Tuesday started its 3-day deliberations for the first bi-monthly monetary policy of 2019-20 amid expectations of a cut in key lending rate by another 25 basis points to boost economic activities.

Investors are keenly awaiting the outcome of the RBI’s first bi-monthly monetary policy review meeting. Experts believe that hopes of interest rate cut by the Reserve Bank have also aided the recent rally in domestic equities.

nt

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