Market hits new highs: Sensex rises 460 points; Nifty tops 18,450
Equity benchmark Sensex continued its winning streak in the seventh session on Monday, rising 460 points to a new high of life, tracking heavy buying in banking, IT and metal stocks despite a weak trend in global markets.
After touching a high of 61,963.07 during the session, the 30-share BSE index ended 459.64 points or 0.75 per cent higher at its new closing record of 61,765.59. Similarly, Nifty rose 138.50 points or 0.76 per cent to its all-time high of 18,477.05. It touched a new intra-day record of 18,543.15.
Tech Mahindra, Tata Steel, ICICI Bank, ITC, Maruti, SBI and Axis Bank were the top laggards in the Sensex pack, rising over 4 per cent. On the other hand, HCL Tech, M&M, Dr Reddy’s, Asian Paints, Bajaj Auto and Bharti Airtel were among the laggards.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market is trading at record highs despite weak trends in the global market due to disappointing Chinese GDP data and global inflationary pressures due to energy crunch.”
Chinese GDP grew by only 4.9 per cent during the July-September quarter due to lower-than-expected growth in industrial activity. However, the trend in the Indian market was bullish as PSU banks, metal, IT and energy stocks led the rally, he said.
Elsewhere in Asia, shares in Shanghai, Seoul and Tokyo ended with losses, while Hong Kong was positive. Stock exchanges in Europe were also trading in the red in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.82 per cent to $85.56 per barrel.
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