Stock market benchmark BSE Sensex extended the gains to the fifth day, tracking gains in IT and banking stocks.
Stock market benchmark BSE Sensex extended the gains to the fifth trading day, tracking gains in IT and banking stocks. After touching a fresh lifetime high of 40,392.22 (intra-day), the 30-share index settled 77.18 points or 0.19 per cent, higher at 40,129.05. NSE Nifty too surged 33.35 points, or 0.28 per cent, to end the day at 11,877.45. Yes Bank, SBI, Infosys, Tata Motors, Bharti Airtel, HCL Tech and HDFC were the top gainers. The major laggards include Tech Mahindra, Axis Bank, Tata Steel, M&M, and ICICI Bank.
“We believe in-line Q2FY20 earnings so far and positive outlook by key auto and banking players have lifted the investor sentiments. On the global front, the US Fed rate cut of 25bps and better than expected US GDP numbers for the third quarter seem to have provided some relief to the investors’ concern regarding the economic slowdown. However, going forward consolidation cannot be ruled out given the near-peak level of the markets,” Ajit Mishra Vice President, Research, Religare Broking.
“Bulls continue to march ahead pushing the index higher. Index has been trending hard for past few sessions. Market breadth has been the focal point as mid and small caps join the party. We have held our bullish stance even on down phase and have recommended going long on declines which have worked well. We continue with our bullish stance and believe index is headed for new highs soon. 11,600 is the immediate downside support,” Manav Chopra, CMT, Head Research – Equity, Indiabulls Ventures.
Meanwhile, the Indian rupee depreciated 12 paise to 71.02 against the US dollar intraday. The brent crude futures, the global oil benchmark, dropped 0.13 per cent to $60.16 per barrel.