Sensex, Nifty Clock All-Time Highs

TCS, Infosys, Reliance Industries and HDFC Bank were the top contributors to the gain in Sensex

Domestic stock markets started Wednesday’s session on a positive note, with benchmark indices scaling new all-time highs. The S&P BSE Sensex index rose as much as 128.74 to touch a record 41,480.91 and the broader NSE Nifty benchmark climbed to an all-time high of 12,199.05, up 34.05 points from the previous close. Gains in IT stocks pushed the markets higher.

At 9:49 am, the Sensex traded 83.11 points – or 0.20 per cent – higher at 41,435.28 while the Nifty was up 27.35 points – or 0.22 per cent – at 12,192.35.

Twenty nine stocks on the 50-scrip index traded higher at the time. Top percentage gainers were Tata Motors, Tata Steel, Tech Mahindra, TCS and JSW Steel, up between 0.23 per cent and 1.26 per cent higher. 

On the other hand, HUL, GAIL, Yes Bank, UltraTech Cement and UPL – trading between 0.44 per cent and 1.27 per cent lower – were the top laggards on the Nifty index.

TCS, Infosys, Reliance Industries and HDFC Bank were the top contributors to the gain in Sensex. 

Equities in other Asian markets camped out at 18-month peaks on Wednesday having climbed for five straight sessions. MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent to its highest since June last year. Japan’s Nikkei dipped 0.3 per cent, and off a 2019 top.

Infosys shares were in focus after California Attorney General Xavier Becerra said the company will pay the state $800,000 (nearly Rs 56 crore) to resolve allegations of misclassification of foreign workers and tax fraud. In the settlement, Infosys denied the allegations and asserted of no wrongdoings.

The GST Council, chaired by Finance Minister Nirmala Sitharaman, will conduct its 38th meeting on Wednesday. 

Economists, analysts, corporates and market participants will look out for any major announcements on GST rates after the conclusion of the 38th meeting of the top decision-making body of the indirect tax regime.

The 38th meeting of the GST Council comes at a time when the government is staring at a widening fiscal deficit due to shrinking GST collections.

The Sensex had ended 413.45 points – or 1.01 per cent – higher at 41,352.17 and the broader Nifty settled at 12,165.00, up 111.05 points – or 0.92 per cent – from the previous close, after rising to all-time highs of 41401.65 and 12,182.75 during the session tracking strong gains in Asian peers.