Sensex crosses 33,850 for first time, Nifty nears 10,500; TCS, Infosys lead, Cipla Q2 earnings ahead

Indian stock markets opened marginally higher on Tuesday following the mixed sentiments led by a number of factors such as record closing on Wall Street, optimism about the better-than-expected Q2 earnings and upcoming disclosures in the ‘Paradise Papers’ report.

Indian stock markets opened marginally higher on Tuesday following the mixed sentiments led by a number of factors such as record closing on Wall Street, optimism about the better-than-expected Q2 earnings and upcoming disclosures in the ‘Paradise Papers’ report. BSE Sensex gained 49.82 points or 0.15% to open at 33,781.01 points while NSE Nifty added 25.35 points or 0.24% to begin at 10,477.15 points. Within minutes of trading, the benchmark Sensex jumped 134.76 points to hit a yet another all-time high of 33,865.95 points while the broader Nifty 50 index advanced 33.95 points to mark a fresh record high at 10,485.75 points.

The stock of ONGC was the lead gainer on the Sensex, trading 2.57% higher at Rs 203.75. Other shares which also gained in the early morning trade include Sun Pharma, TCS, Infosys, Hero MotoCorp, HDFC, Kotak Mahindra Bank, HUL and SBI, advanced up to 1.42% while RIL, Tata Motors, Coal India slipped up to 0.82%. The stocks of heavyweight companies such as HDFC, Infosys, TCS, ONGC, HDFC Bank, Kotak Mahindra Bank contributed the most to the Sensex gains. Collectively these six stocks alone added about 110 points while the slump in RIL and ICICI Bank capped the gains.

Shares of Cipla were trading little changed, up 0.85% at Rs 660.95 on BSE ahead of the Q2 earnings release. Other major companies which are also scheduled to announce their Q2 results are BHEL, Aditya Birla Capital,  Alembic Pharmaceuticals, Castrol India, Dalmia Bharat, Future Retail, Himatsingka Seide, Jyothy Laboratories, L&T Technology Services, Liberty Shoes, Manappuram Finance, Prestige Estates Projects, Tata Coffee, Tata Investment Corporation, Teamlease Services, Thermax and VIP Industries.

US stocks climbed to record highs on Monday, helped by optimism about merger activity and as investors bet that a Republican plan to cut corporate taxes would bolster earnings, Reuters reported. All three major indexes closed at record highs. The Dow Jones Industrial Average inched up 0.04 percent to end at 23,548.42, while the S&P 500 gained 0.13 percent to 2,591.13. The Nasdaq Composite added 0.33 percent to 6,786.44.

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