The record rise in the benchmark equity indices -- Sensex and Nifty -- on Monday made investors wealthier by Rs 1.81 lakh.
The record rise in the benchmark equity indices — Sensex and Nifty — on Monday made investors wealthier by Rs 1.81 lakh. The rise lifted the market capitalisation (m-cap) of the BSE-listed companies to Rs 1,81,930.89 crore from Rs 1,54,55,740.67 crore. The bourses rose tracking cues in telecom, metal and auto stocks and renewed optimism over US-China trade deal. In today’s trade, Sensex zoomed 529.82 points to hit a record closing high of 40,889.23, while Nifty rose 159.35 points to 12,073.75. During the day, the Sensex also hit a fresh intraday high of 40,931.71. Nifty surged to 12,084.50, less 20 points away from its all-time high of 12,103 hit in June 2019. Analysts are of the view that a trade pact between the US and China is likely by the end of December 2019 after positive statements made by both sides last week.
“We have been maintaining our bullish stance on the nifty and have continued to maintain fresh all-time highs on Nifty above 12,100. Market has gathered momentum to hit fresh all-time highs and the rally looks sustainable as the participation is wider. In the near term, 12,000 is likely to act as near term support zone,” Manav Chopra, CMT, Head Research, Equity, Indiabulls Ventures said.
“PMI manufacturing and Q2GDP data (scheduled this week) are likely to provide direction to the markets. While globally increasing optimism for a favourable outcome of the US-China trade deal is likely to keep the sentiments positive in the short-term. Given that the markets are near an all-time high, some consolidation could be witnessed,” Ajit Mishra Vice President, Research, Religare Broking said.
Meanwhile, the rupee was flat against the US dollar at 71.71. The brent futures, the global oil benchmark, rose 0.11 per cent to $62.44 per barrel.