Sensex maintains record run on reforms push, trade optimism; Nifty reclaims 12k

The Sensex scaled yet another lifetime peak while the Nifty closed above the key 12,000-mark after five months on Thursday as investors cheered the government's latest reforms push and progress on US-China trade negotiations. After hitting an intra-day record of 40,688.27, the BSE Sensex ended 183.96 points, or 0.45 percent up at its new all-time high of 40,653.74, tracking gains in metal, energy and banking stocks.

Similarly, the broader NSE Nifty ended with a gain of 46 points, or 0.38 percent, at 12,012.05. The index last closed above the 12,000-level on June 4 this year. Trading sentiment was bullish after the government late on Wednesday approved a Rs 25,000 crore fund for 1,600 stalled housing projects, which is expected to jumpstart consumption and give a boost to real estate and allied sectors.

Strong corporate earnings and sustained foreign fund inflows also kept domestic market sentiment upbeat, analysts said. Further, global equities turned positive after the Chinese commerce ministry said China and the US have agreed on a plan to remove import tariffs in stages, as negotiators try to craft a trade deal.

Sun Pharma was the top gainer in the Sensex pack, spurting 3.02 percent after the company swung back to black in the September quarter with a net profit of Rs 1,064.09 crore. Other winners included IndusInd Bank, RIL, ITC, Vedanta, Asian Paints, HDFC and Infosys, advancing up to 2.88 percent.

On the other hand, Yes Bank, HUL, ONGC, Tata Motors, Axis Bank, L&T and NTPC retreated up to 3.27 percent. "Reforms and earnings are the market drivers, the measures to support the realty sector augers well for the sector to outperform. The proposed measure will help to start the recovery of stalled projects and can see a ripple effect in NBFCs, banks, and cement sectors.

"On the global front, China agreed with the US for the phased removal of tariffs that have brightened hope for a trade deal and bring some cheer for markets across the globe," said Vinod Nair, Head of Research, Geojit Financial Services. Sectorally, BSE energy, metal, realty, consumer durables, telecom, and healthcare indices rose up to 0.96 percent.

On the other hand, oil and gas, capital goods, utilities, and auto fell up to 0.26 percent. Broader BSE midcap and smallcap indices followed the benchmarks to end up to 0.69 percent higher.

Bourses in Shanghai, Hong Kong, Tokyo, and Seoul settled in the positive terrain-following positive news on the US-China trade front. Markets in Europe too were trading in the green in their respective early deals.

Meanwhile, the Indian rupee appreciated 5 paise to 70.92 against the US dollar intra-day. Brent crude futures, the global oil benchmark, rose 1.38 percent to USD 62.59 per barrel.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)