The domestic stock markets zoomed to record high on Thursday, with the BSE Sensex surging to an intra-day high of 36,492, up by more than 200 points. The Sensex was up buoyed by the rally in the shares of RIL, SBI, Yes Bank, Maruti Suzuki and Kotak Mahindra Bank, which zoomed by more than 1.5% each in the morning trade. Notably, Nifty futures of Singapore Stock Exchange (SGX) traded 34.50 points or 0.32 per cent higher at 10,982, indicating a positive start for Nifty. The Nifty reclaimed the 11,000-mark and was trading just 2% away from record high levels.
The broader 50-share index opened above the psychological 11,000-mark at 11,006, and soon surged to an intra-day high of 11,028. 44 shares registered advances in trade, wile just 6 shares posted declines. Shares of Hindustan Petroleum, BPCL, IOC and Dr Reddy’s lab surged by more than 4% each.
Meanwhile, IT firm Cyient and PSU bank Karnataka Bank will announce their Q1 results today. Crown Tours, Talwalkars Lifestyles and Inditalia Refcon will also announce their June earnings today. HCL Technologies is set to consider a proposal for buy-back on July 12. HCL completed a buyback in 2017. HCL repurchased shares worth Rs 3,500 crore in 2017. The company has a cash and cash equivalents of Rs 9,770.35 crore as on March 2018.
Meanwhile, benchmark Brent crude oil had its biggest one-day drop in two years on Wednesday as escalating US-China trade tensions threatened to hurt oil demand, and news that Libya would reopen its ports raised expectations of growing supply. Brent crude fell $5.46, or 6.9 percent, to settle at $73.40 a barrel. The decline was the largest one-day move on a percentage basis since February 9, 2016. U.S. crude fell $3.73, or 5 percent, to $70.38 a barrel, Reuters reported.
Asian stocks remained under pressure on Thursday from fears of an escalation in the U.S.-China trade war, while the dollar stood stall after rallying against its peers amid the turmoil in broader markets. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.25 percent, according to a Reuters report.