A broker laughs while speaking to a colleague, as they trade on their computer terminals at a stock brokerage firm in Mumbai. Reuters/ File photo
Indian market closed in the green for the fourth consecutive day in a row and benchmark indices rose hit fresh record highs for the second day in a row on Tuesday, supported by gains in metals, IT, and consumer stocks.
Indian market closed in the green for the fourth consecutive day in a row and benchmark indices rose hit fresh record highs for the second day in a row on Tuesday, supported by gains in metals, IT, and consumer stocks. Sensex just 48 points away from 42,000.
The S&P BSE Sensex rose 92 points to 41,952 while the Nifty50 closed 32 points higher at 12,362. Both Sensex, and Nifty ended at fresh record closing highs. Sectorally, the action was seen in FMCG, metals, Consumer Discretionary, IT, as well as auto stocks. Profit taking was seen in banks, energy, and realty stocks. Amongst the broader markets, BSE Midcap and Smallcap continued to outperform and ended with gains of 0.7-0.8 per cent.
The up-move was largely led by positive global cues over increasing optimism towards US-China trade truce. Experts are of the view the pre-budget rally is likely to take Indian markets to new highs, but traders should remain cautious as earnings could induce volatility. Investors should stay light with respect to trading positions as chances of further consolidation cannot be ruled out.
“Despite weak macro data (inflation) investors are pinning hopes on earnings recovery and sops from the Union Budget. However, we remain cautious on the markets given that the indices are at its peak levels,” Ajit Mishra, VP - Research, Religare Broking Ltd told Moneycontrol.
The Indian equity markets is set to face another volatile week ahead, as the ongoing flight of foreign funds is expected to continue on the back of latest taxation surcharge on the super rich category along with subdued quarterly earning numbers.
Strong gains by index major Infosys and Sun Pharma aided the Sensex in advancing over 160 points on Monday. Infosys hit its all-time high level with 7.2 per cent gain on the back of strong numbers in its quarterly results
Looking like the last day of the losing streak for the markets, Thursday’s trading session, however, proved no different that the developments over the past five days.
Ahead of the fourth quarter results of the IT heavyweights Infosys and TCS, and key macro data release, major equity indices ended the week on a higher note led by gains in banking stocks. The BSE Sensex closed 160.10 points or 0.41 per cent higher at 38,767.11. The broader Nifty finished 46.75 points or 0.40 per cent higher at 11,643.45. “Market turned positive despite a weak rupee as investors
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