Live
- They always want me to win, and now I feel lucky to have been offered a story like ‘Zebra’: Satyadev Kancharana
- ‘Democracy first, humanity first’: PM Modi in Guyana's parliament on two countries' similarities
- PKL Season 11: Telugu Titans register third straight win to top standings
- Is Pollution Contributing to Your COPD?
- NASA Unveils Underwater Robots for Exploring Jupiter's Moons
- Additional Central forces arrive in violence-hit Manipur
- AR Rahman and Saira Banu’s Divorce: Legal Insights into Common Issues in Bollywood Marriages
- 82.7 pc work completed in HPCL Rajasthan Refinery area: official
- Curfew relaxation extended in 5 Manipur districts on Friday
- Tab scam prompts Bengal govt to adopt caution over fund disbursement
Sensex scales new peak on global cues
Zooms 530 pts to close at 40,889.23; Nifty ends at 12,073.75
Mumbai: Equity benchmark Sensex surged nearly 530 points to scale a new closing peak of 40,889.23 on Monday, buoyed by renewed optimism over US-China trade deal and government's divestment measures to curb fiscal deficit.
Further, reconstruction of Sensex indices and hopes of rate cut by the Reserve Bank in the upcoming monetary policy meet also boosted investor sentiment.
Starting on a positive note, the 30-share BSE index went on to touch its record intra-day high of 40,931.71, before finally settling 529.82 points, or 1.31 per cent, higher at 40,889.23 -- its all-time closing peak.
Likewise, the broader NSE Nifty closed with a gain of 159.35 points, or 1.34 per cent, at 12,073.75 -- just shy of its lifetime closing high.
Sectorally, BSE telecom index zoomed nearly 7 per cent on the BSE, lifted by a positive sentiment in the sector in the wake of government's relief measures and plans to raise tariffs by telcos.
Following suit, the metal index too rose over 3 per cent on hopes that the US and China may strike an early deal to break the logjam in their trade war negotiations.
Besides, a sign of revival in demand, especially in auto, FMCG and other consumer driven sectors, saw respective sectoral indices rising. All sectoral indices closed with gains.
"Cues that US and China will conclude a deal by next month lifted the sentiment across the globe. Reconstruction of Sensex indices and new developments over divestment to curb fiscal deficit provided confidence in Indian market.
Expectations of further cut in interest rate by RBI, gave advantage to rate sensitive stocks," Vinod Nair, Head of Research at Geojit Financial Services, said.
Analysts are of the view that a trade pact between the US and China is likely by the end of December 2019 after positive statements made by both sides last week.
Further, they said that sentiment got a boost from FIIs preferring emerging markets such as India as the recent easy monetary stance of US Fed and ECB has improved liquidity in world markets.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo were trading up to 1.50 per cent higher. On the currency front, the rupee was flat against the $ at 71.71. Brent futures, the global oil benchmark, rose 0.11 per cent to $62.44 per barrel.
