Sensex, Nifty at record closing high, Nifty Bank notches 32,000 for first time; key reasons

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Published: November 28, 2019 4:08 PM

The benchmark equity indices, Sensex and Nifty, ended the trading session at record high level on the last day of November F&O series, tracking a surge in banking and metal stocks.

Sensex, Foreign portfolio investors, Axis Asset Management Company, IDBI Capital Market Services, Nifty50, IDBI Capital Market Services, BSEWhile Sensex ended at 41,130.17, up 109.56 points, or 0.27 per cent, Nifty closed at 12,151.15, up 50.45 points, or 0.42 per cent.

The benchmark equity indices, Sensex and Nifty, ended the trading session at record high level on the last day of November F&O series, tracking a surge in banking and metal stocks. While Sensex ended at 41,130.17, up 109.56 points, or 0.27 per cent, Nifty closed at 12,151.15, up 50.45 points, or 0.42 per cent. Yes Bank, IndusInd Bank, ICICI Bank, Tata Steel, SBI, TCS were among the major gainers in the Sensex pack. The major losers included Kotak Bank, ITC, NTPC, Axis Bank. Bharti Infratel, UPL, JSW Steel, IndusInd Bank, and ICICI Bank were among major gainers on the Nifty. Zee Entertainment, Hero MotoCorp, HDFC, HDFC Bank and Tata Motors were among major losers. About 1272 shares advanced, 1178 shares declined, and 194 shares remained unchanged. Nifty Bank notched 32,000 for the first time.

All other sectoral indices except the auto sector ended higher. BSE Midcap Index rose nearly 1 percent, while the BSE Smallcap index gained 0.4 percent. Earlier in the day, Reliance Industries crossed the m-cap of Rs 10 lakh crore and has become the first company to pull off this feat. In just five years, the company has added Rs 7 lakh crore to its market cap. The company is now the most valued firm in terms of m-cap.

“We’re eyeing 12,300 in Nifty and reiterate our preference for banking, metal and pharma counters for long trades. Upcoming macroeconomic data and global cues may result in the marginal profit taking or consolidation. Traders should utilise such opportunities to accumulate quality stocks on dips,” Ajit Mishra, VP – Research, Religare Broking.

Also read: Mukesh Ambani’s RIL crosses m-cap of 10 lakh crore; becomes first Indian company to achieve this

“We continue with our bullish stance and expect markets to gather further steam on the upside. All-time highs attract fresh liquidity and hence expect the momentum to build further. We continue with our near term target of 12,400 zone on the nifty. Traders should continue to hold their longs. Near term support is placed at 12k,” Amit Shah, Technical Research Analyst with Indiabulls Ventures said.

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