Sensex Hits 38,000, Nifty 11,495 For First Time: 10 Points

Sensex Hits 38,000, Nifty 11,495 For First Time: 10 PointsNothing seems to be stopping the domestic equity markets as both the equity benchmarks hit fresh highs in opening trade on Thursday. The Sensex opened at 37,994.51, before hitting the 38,000 mark – its intra-day high so far is 38,076.23! The Nifty50 started at 11,493.25 level – its intra-day high so far is 11,495.20. At 1:54 pm, the Sensex traded at 38,048.40, up 160.84 points or 0.42 per cent and the Nifty50 at 11,478.05, with a gain of 28.05 points or 0.24 per cent.

  1. The top five Sensex gainers were ICICI Bank (up 4.97 per cent), State Bank of India (up 2.71 per cent), Axis Bank (up 2.70 per cent), Coal India (up 2.10 per cent), and Tata Motors (up 1.39 per cent).
  2. The top five Nifty gainers were ICICI Bank (up 4.89 per cent), Axis Bank (up 2.97 per cent), SBI (up 2.75 per cent), Coal India (up 2.19 per cent), and Hindalco (up 2.13 per cent).
  3. ICICI Bank, Infosys, SBI, Axis Bank and ITC contributed the most to Sensex’s gains.
  4. Twenty-five out of 50 Nifty stocks advanced in trade.
  5. Dyaneshwar Padwal, AVP, Technical Analyst, KIFS Trade Capital, said that Nifty will face overhead resistance near the 11,500-mark. “Bulls came back in action and marched towards the uncharted territory. The benchmark index is oscillating in an escalating channel, wherein overhead resistance is placed near the 11,500-mark. Bank Nifty is oscillating in an escalating channel wherein overhead resistance is placed near 29,000. So we may expect Bank Nifty to outperform in the coming days, he said.
  6. Meanwhile, Asian shares were subdued after a new round of tit-for-tat tariffs in the US-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the US slapped fresh sanctions on the country.
  7. MSCI’s broadest index of Asia-Pacific shares outside Japan barely budged as caution dominated. Japan’s Nikkei slipped 0.5 per cent, not helped by a shock slump in core machinery orders.
  8. Overnight on Wall Street, trade-sensitive industrial companies were the biggest drag on the Dow, with declines led by Boeing and Caterpillar Inc.
  9. The Dow fell 0.18 per cent, while the S&P 500 lost 0.03 per cent and the Nasdaq added 0.06 per cent.
  10. On Wednesday, the markets closed at fresh record highs with the Sensex ending 221 points, or 0.6 per cent, higher at 37,887 and the Nifty at 11,450 level. Provisional data from the National Stock Exchange showed that foreign portfolio investors bought net equities of Rs. 568.63 crore and domestic institutional investors of Rs. 30.25 crore. (With Reuters inputs)