Domestic Equity Indices Rose to Fresh New Highs, Sensex Gains 270

Domestic Equity Indices Rose to Fresh new Highs, Sensex Gains 270

MUMBAI, India – Domestic equity indices opened majorly positive on Monday, allowing it to reach new record levels today following stronger cues in both global and domestic markets.

The Nifty index rose to its all-time high of 12,337 points, while the BSE Sensex index climbed to its fresh lifetime high at 41,893 points.

The BSE Sensex index previously rallied, gaining 293.69 points to reach its record peak at 41,893.21 points. Later, it traded 0.60% higher, adding 250 points to reach 41,848.29 points.

Among the top gainers for Monday includes Sun Pharma, Infosys, HCL Tech, ITC, ICICI Bank, Tata Steel, and Kotak Bank. Meanwhile, HDFC, Maruti, and TCS were seen trading lower. Early in the session, Infosys was seen trading 4% higher following a healthy profit for the quarter ending in December. Its share price increased by 30 points, going up from its previous close at Rs 738.25 to Rs 767.85 today.

On Monday, sectoral stocks were all trading in green territory, with the IT index was the top gainer after adding 1%. It was then followed by each of the 0.50% increase for the realty sector index and the PSU Banking.

Meanwhile, in the global market, shares paused as it nears its 19-month record gains ahead of the schedule for the signing of the trade deal between the US and China. Moreover, the decline in oil prices has further increased the sentiments in the market.

In the domestic front, the overall market sentiment was mostly optimistic following the increase in November’s IPP, allowing it to reach its 3-month high. Infosys stated on Friday that its FY20 guidance remains strong, marking the start of the earnings season in December.

Back on stocks, as of 11:15 AM, BSE’s YES Bank recorded a heaping 8% decline, going down from its previous close at Rs 44.80 to today’s Rs 41.2. On January 10, the lender announced that its Audit Committee’s independent director and chairman, Uttam Prakash Agarwal, has resigned, following Agrawal stating that the lender’s corporate governance standards are deteriorating.

Meanwhile, early in the session, the Rupee is showing an optimistic performance after opening higher at 70.82 against the US dollar. Compared to its previous close of 70.94 against the dollar on Friday, it registered a 12 paise rise and is looking for a positive session ahead.

Gains in the market today were largely boosted by the positive quarterly results from Infosys, foreign fund inflow, excellent domestic macro data, and firm global cues. Market players further await on the scheduled release of the latest inflation numbers later in the session.

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