India's stock markets started on a positive note on Tuesday with the key equity indices Sensex and Nifty hitting all-new record highs. But very quickly both benchmark indices pared off the gains and fell into negative territory. Coal India shares jumped over 7%.
India’s stock markets started on a positive note on Tuesday with the key equity indices Sensex and Nifty hitting all-new record highs. The 30-share barometer Sensex rose as much as 134.73 points to hit an all-time high of 34,487.52 while the wider share indicator Nifty added 35.55 points to mark the record high of 10,659.15. Within minutes of trading activity, both the key indices fell off from their respective peaks with Nifty 50 index swinging into losses even. NSE Nifty hit a day’s low of 10,607.9 while BSE Sensex marked a day’s low at 34,343.41. Going ahead in this week, the domestic markets are likely to be steered by upcoming quarterly results season, along with the release of macroeconomic data including industrial production and inflation.
Shares of Coal India zoomed as much as 7.69% to the day’s high of Rs 310 on BSE and was the only stock with notable gains. Shares of Tata group companies such as Tata Motors and Tata Steelrose up to 1.8% in the early trade today. The broad market indices of NSE such as Nifty Next 50, Nifty Midcap 50, Nifty Mid100 Free, Nifty Sml100 Free, Nifty 100, Nifty 200, and Nifty 500 lost up to 0.6%. Among the sectoral indices of NSE, only four out of eleven were trading in green with Nifty Metal index leading the charge while Nifty IT and Nifty Media shed up to 0.5%. In the morning trades, Sensex gained 78.82 points to open at 34,431.61 whereas Nifty advanced 21.5 points to begin at 10,645.1. The global cues such as crude oil prices, combined with the direction of foreign fund flows and the rupee’s movement against the US dollar, will also impact investors’ risk-taking appetite.
The S&P 500 extended its winning streak for 2018 on Monday although its advance slowed to a crawl as the healthcare and financial sectors weighed and investors awaited the start of the quarterly earnings season, Reuters said in a report. The Dow Jones Industrial Average fell 12.87 points or 0.05% to 25,283, the S&P 500 gained 4.56 points or 0.17% to 2,747.71, and the Nasdaq Composite added 20.83 points or 0.29% to 7,157.39.
Earlier yesterday, Sensex index closed up 198.94 points or 0.58% at a lifetime high of 34,352.79 while Nifty added 64.75 points or 0.61% to conclude at a record peak of 10,623.6. The key equity indices Sensex and Nifty extended gains on the second Monday of the new year 2018 and rallied to record highs taking their respective annual returns to hold around 28-29%. In the intraday trade, the S&P BSE Sensex clocked as much as 221 points to hit a fresh all-time high of 34,374.85 while the wider 50-share index Nifty added 64.35 points to mark the record high of 10,623.2.