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Sensex at fresh life high
Stocks kept the record-breaking touch intact for the third day as the Sensex on Monday closed at a fresh life high of 31,109, while the Nifty settled above 9,600 for the first time ever as ample liquidity gave buying a lift. Since a few overseas markets were closed, there were not too many triggers, which put a lid on the stocks\' advance. Amid all this, concerns over high valuations remained.
Mumbai: Stocks kept the record-breaking touch intact for the third day as the Sensex on Monday closed at a fresh life high of 31,109, while the Nifty settled above 9,600 for the first time ever as ample liquidity gave buying a lift. Since a few overseas markets were closed, there were not too many triggers, which put a lid on the stocks' advance. Amid all this, concerns over high valuations remained.
Muted earnings from some blue-chip companies, including Sun Pharma, Tech Mahindra and Reliance Communications, created discomfort. But sustained buying saved the day as they brushed aside yet another missile launch by North Korea.
Opening weak,
the 30-share Sensex slid below the 31,000 -mark on a string of weak quarterly earnings, but quickly bounced to yet another intra-day lifetime high of 31,214.39. It closed up 81.07 points, or 0.26 per cent, at a new peak of 31,109.28, breaching its previous record of 31,028.21, reached on May 26. During the day, the Sensex swung almost 345 points both ways. The index has now rallied 807.64 points in the three straight sessions.
The broader 50-share NSE Nifty settled higher by 9.80 points, or 0.10 per cent, at 9,604.90, a new peak, beating its previous record closing of 9,595.10 recorded on Friday. Intra-day, the index touched an all-time high of 9,637.75. “Liquidity is extending its gain to consumer-oriented stocks and sectors. This positive trend can continue in the near term, given strong domestic inflows even though valuation is high due to attractive outlook for earnings growth in future,” said Vinod Nair, Head of Research, Geojit Financial Services.
The benchmark indices extended gains for the third straight session to end at fresh closing highs, but the midcap and smallcap indices snapped two-session long rally to finish lower. The breadth, indicating the overall health of the market, remained weak. On the BSE, 1,799 shares declined and 861 shares rose. A total of 191 shares were unchanged.
