Sensex hits record high, Nifty scales new peak for ninth time in 2019; key reasons

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December 17, 2019 4:53 PM

The benchmark equity indices -- Sensex and Nifty -- ended on a higher note, tracking gains in metal, financial and IT stocks amid sustained foreign fund flows.

sensex, stock marketsAmong the top gainers were Tata Steel followed by Bharti Airtel, Vedanta, Tata Motors, HDFC, and Bajaj Finance.

The benchmark equity indices — Sensex and Nifty — ended on a higher note, tracking gains in metal, financial and IT stocks amid sustained foreign fund flows. After rising to record peak of 41,401.65, BSE Sensex settled 413.45 points, or 1.01 per cent, higher at its all-time high of 41,352.17. Similarly, the broader NSE Nifty rallied 111.05 points, or 0.92 per cent, to its record closing high of 12,165. Among the top gainers were Tata Steel followed by Bharti Airtel, Vedanta, Tata Motors, HDFC, and Bajaj Finance.

“While the market gains could extend in the coming sessions, we prefer to remain cautious at higher levels. We believe volatility is likely to remain high in the near term, hence investors should follow stock specific approach focusing on fundamentally sound stocks at attractive valuations. Meanwhile, investors would keep a watch on outcome of GST council meet (scheduled tomorrow) as well as continue to track global markets,” Ajit Mishra, VP – Research, Religare Broking said.

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“Bulls came back strongly and pushed the nifty to fresh all-time highs. Market breadth has been strong for past few sessions giving an early indication of the buoyancy and value in the broader markets. Nifty is headed for 12,400-12,450 in the near term. We have continued to maintain bullish stance on the markets even during the downside which has worked very well. Metal sector is likely to surprise on the upside. Immediate support is placed at 12,000 zone,” Amit Shah, Technical Research Analyst with Indiabulls Ventures said. The sustained foreign fund inflows too boosted market mood here, the experts also said. The traders were also seen optimistic ahead of Wednesday’s GST Council meet and expects some positive outcome from the same, he added.

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