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Sensex scales new peak on US-China trade deal
Settles higher by 413 pts at 41,352; Nifty ends at record level of 12,165
Mumbai: Market gauges Sensex and Nifty hit new milestones on Tuesday as investors cheered easing trade war tensions and sustained foreign fund inflows.
After touching an all-time intra-day high of 41,401.65, the 30-share BSE Sensex settled 413.45 points, or 1.01 per cent, higher 41,352.17 -- its fresh closing peak.
Similarly, the broader 50-scrip NSE Nifty soared to its new intra-day high of 12,182.75 before ending 111.05 points, or 0.92 per cent, up at 12,165 -- a record closing level.
On the Sensex, metal stocks drove the rally riding on US-China trade deal optimism. Telecom, financial and IT stocks too boosted the index gain.
Sectorally, BSE telecom, metal, teck, basic materials, IT and finance rallied up to 3.28 per cent. While BSE consumer durables, healthcare, realty and energy indices fell up to 0.68 per cent. Broader BSE midcap and smallcap indices surged up to 0.66 per cent.
"Positive global sentiments buoyed by easing trade war tensions between the US and China continue to pump market.
Economic growth remains on the lower side while risk appetite of investors are gradually improving on expectation of further steps from the government in the upcoming budget to revive consumption and attract investments," Vinod Nair, Head of Research at Geojit Financial Services, said.
Also, the Indian market will await outcomes of Wednesday's GST Council meet. Investor sentiment was also buoyed by sustained foreign fund inflows.
On a net basis, foreign institutional investors bought equities worth Rs 728.13 crore, while domestic institutional investors sold shares worth Rs 796.38 crore, data available with stock exchange showed on Monday.
The positive mood of the markets was also aided by the RBI Governor's statement about Central bank's further accommodative stance in terms of policy rate provided if there is a need.
On the currency front, the Indian rupee traded almost flat. Brent futures, the global oil benchmark, slipped 0.17 per cent to $65.23 per barrel.
