Sensex settles above 38,000 for first time, Nifty ends at fresh high; ICICI Bank, Axis Bank gain 4%

By: | Updated: August 9, 2018 5:18 PM

The Sensex of the BSE closed at yet another fresh record high on Thursday -- up 136.81 points, or 0.36% higher at 38,024.37 points -- settling above the 38,000-mark for the first time ever in Indian stock market history.

share market live, share market news in hindi, share market latest updates, share market now, share market update today, business news in hindiensex settles above 38,000 for first time, Nifty ends at fresh high; ICICI Bank, Axis Bank gain 4%.

The Sensex of the BSE closed at yet another fresh record high on Thursday, settling above the 38,000-mark for the first time in Indian stock market history. The benchmark Sensex index closed 136.81 points, or 0.36% higher, at a new record of 38,024.37 points, after scaling a fresh 52-week high of 38,076.23 points on an intra-day basis. The Nifty of the National Stock Exchange, too, hit a record intra-day high of 11,495.20 points, just inches away from the 11,500-mark. The Nifty 50 index closed Thursday’s trade 20.70 points or 0.18% higher at 11,470.70 points.

The Indian equity markets continued with their upward trajectory on Thursday led by substantial gains in banking stocks of ICICI Bank, Axis Bank and SBI, which gained up to 4.6%. ICICI Bank alone contributed 95.70 points to the Sensex index, followed by Axis Bank by 42.44 points and SBI by 30.27 points. The Nifty Bank index closed 0.92% higher at 28,320 points. According to market observers, the inflow of funds by both foreign and domestic institutional investors, along with strong corporate earnings, supported stock market sentiment.

Also read: Use stock market correction like e-commerce sale-day for big gains, says Kotak AMC MD Nilesh Shah

“Indian benchmark indices scaled new record high on the back of supportive global cues. Nifty index opened positive and made a new lifetime high. It managed to hold its gains for the entire trading session. Each and every decline is being bought in the market as supports are gradually shifting higher,” said Rahul Sharma, Sr. Technical Research Analyst, Equity99. “Now it has to continue to hold above 11,380 zones to extend its move towards 11,500 then 11600 zones while on the downside major support is seen at 11,300 then 11,280 zones.”

“Bank Nifty index too hit the record high and closed above 28,300 zones for the first time. Mid-cap and small-cap indices continuously have seen buying in quality names. On the sectoral front, banking, metal, real estates stocks and selective IT counters gained while pharma counters ended in negative territory,” he added.

Among other top gainers on the BSE Sensex index were Vedanta, NTPC, Power Grid, Coal India, Tata Steel, Infosys, Tata Motors and Adani Ports shares. Telecom major Bharti Airtel was the top loser on the domestic bourses on Thursday, with shares of the company falling over 5% during the day’s trade. Mukesh Ambani-led Reliance Industries shares closed with gains of mere 0.06% at Rs 1,217.95. On Friday, RIL shares added Rs 38.45 or 3.25% to hit a fresh all-time high of Rs 1,222 on the BSE.

Among other losers on the BSE Sensex on Thursday were ONGC, Kotak Bank, IndusInd Bank, LT, HDFC Bank, Hero MotoCorp, Asian Paints and Maruti Suzuki. Out of 2,828 companies trading on the BSE, shares of 1,351 companies gained as against 1,341 losing companies. In the global markets, European shares struggled with trade war worries, Russia’s rouble tumbled after the US imposed fresh sanctions on the country and Turkey’s lira dropped to a new low, said a Reuters report.

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