All Time High: Sensex hits record closing high; Nifty rises for 7th session


Mumbai: BSE Sensex rose for a seventh straight session and scaled new closing highs on Monday, buoyed by gains in global shares, as hopes of a US-China trade deal kept investor sentiment upbeat. Better-than-expected quarterly earnings also boosted equities.

This was Dalal Street’s longest winning streak since March.

Market at a glance
Sensex climbed 0.34 per cent or 136.93 points to a record close of 40,301.96, while NSE Nifty rose 0.46 per cent or 54.55 points to 11,945.15, its highest close since July 4.

Broader market underperformed, with Nifty Midcap index ending with a loss of 0.14 per cent at 16,857 while Nifty Smallcap inched up 0.08 per cent to 5,794.

Earlier in the day, Sensex rose as much as 0.80 per cent or 318 points to a record intraday high of 40.483.21 points, while Nifty climbed as much as 0.83 per cent or 98 points to 11,989.15.

Market breadth was positive as gainers beat losers in the ratio of 1.2:1 on BSE.

BSE Metal and telecom indices led the gainers pack, as they rose 3.20 per cent and 2.11 per cent, respectively.

Half of the Sensex stocks closed higher. Financials and Infosys contributed the most to the index’s rally.

Mortgage lender HDFC rallied 2.48 per cent and contributed the most to Sensex’s gains (88 points) after its September quarter profit jumped 61 per cent to Rs 3,962 crore, and beat Street estimates.

IT major Infosys followed next with a 3.05 per cent gain (76.14 points), after the company informed bourses that it has not received any evidence to corroborate allegations by whistleblower.

Analyst views
Market traded rangebound near its resistance level as recent sharp rally pushed to premium valuation. The on-going result season is likely to cheer investors while the stability in the market will depend on govt’s thrust in collecting tax revenue to bridge the fiscal deficit. Given weak fiscal position, the outlook for further stimulus got narrowed — Vinod Nair, head of research, Geojit Financial Services

“After a decent run up over the last few sessions, some consolidation cannot be ruled out in the near term. The ongoing corporate earnings season and global developments are likely to dictate the market trend in the coming sessions. With more results scheduled in the next 1-2 weeks, stock specific volatility is likely to remain high. Hence, investors should continue to focus on selective blue chip companies.” – Ajit Mishra Vice President, Research, Religare Broking.

Global Markets

European shares touched their highest level in nearly two years on Monday on hopes that a US-China trade deal could be in the offing, while a strong earnings report by Ryanair lifted Irish stocks to a one-year high, Reuters reported.

The pan-European STOXX 600 index rose 0.5 per cent to its highest since January 2018.

Asian shares surged on Monday, with a broad regional gauge hitting more than 14-week highs, as growing optimism over U.S.-China trade talks and upbeat U.S. job data boosted global investors’ appetite for riskier assets, a Reuters report said.

MSCI’s broadest index of Asia-Pacific shares outside Japan jumped 1.08 per cent, touching its highest level since July 24, and on track for its biggest one-day gain since October 11.


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