The season of record highs is back on D-Street.
Benchmark indices Nifty and Sensex hit fresh record highs Today within 1/2 hour of opening trade led by gains in banking and auto stocks. Hopes of a possible rate cut by the RBI along with firm cues from the global markets kept the market healthy today.
Today may be strengthening rupee which was trading 13 paise higher in the following sustained inflows by foreign institutional investors.
The euphoria sustained even as The Asian Development Bank downgraded economic growth forecasts for India and Southeast Asia for 2019. ADB’s latest Asian Development Outlook report said GDP in India will probably increase 7.2 % this year, down from a December forecast of 7.6 %.
At around 9:30 am, the BSE sensex was up 168.80 pnts, or 0.43 % at 39,225.45. While NSE Nifty rallied 43.65 pnts, or 0.37 % at 11,756.85.
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Among Nifty stocks, 32 stocks advanced while 18 declined.
In the Sensex pack, 23 stocks traded Positive while 7 in the Negative. Tata Steel topped the leaderboard surging, 1.61 %, as S&P Global Ratings revised Tata Steel’s outlook to positive on expectations of stable steel prices, reduced chances of acquiring bankrupt Bhushan Power & Steel and the divestment of its low margin European business.
The index made merry led by strong contribution from banking stocks like HDFC BankNSE 0.26 %, Kotak Bank, IndusInd BankNSE 2.26 % and SBI. The major drags were InfosysNSE -1.21 % and HUL.
Furthermore, BSE Midcap and BSE Smallcap too rose in line with benchmark Sensex, rising 0.50 % and 0.45 %, respectively.
On the BSE sectoral front, barring IT, Oil & Gas and Teck all other sectors showed bullish mood. Consumer Durables was the biggest gainer, up 1.09 % led by Rajesh Expo, Titan and Voltas.
Meanwhile, Foreign portfolio investors (FPIs) bought Rs 543.36 crore worth of domestic stocks on Tuesday, data available with NSE suggested. DIIs were net sellers to the tune of Rs 437.70 crore, data suggested.
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