Sensex Hits All-Time High Amidst Hopes Of Economic Reforms

Agencies
Wednesday, 6 November 2019

The BSE Sensex rallied 222 points to hit a new all-time high of 40,469.78 on Wednesday as investors accumulated banking and financial stocks in hope that reform measures will be announced to boost growth. 

Mumbai: The BSE Sensex rallied 222 points to hit a new all-time high of 40,469.78 on Wednesday as investors accumulated banking and financial stocks in hope that reform measures will be announced to boost growth. 

According to a report from PTI, the 30-share Sensex touched this mark of 40,606.91 in late-afternoon trade, but finally ended 221.55 points, or 0.55 per cent, higher at 40,469.78. The previous closing high was 40,301.96, hit on November 4 (Monday). Similarly, the broader NSE Nifty briefly reclaimed the 12,000 level, before finishing at 11,966.05, showing a gain of 48.85 points, or 0.41 per cent. 

Experts feel that hopes of another economic booster from the government coupled with positive cues from global market might have led this rising spree. On Tuesday, Finance Minister Nirmala Sitharaman had said the government is working on steps to resolve the slowdown in business faced by Real Estate sector, which has a spillover effect on many other industries. 

Top gainers in the Sensex pack included ICICI Bank, Infosys, HDFC, IndusInd Bank, Tata Motors, Kotak Bank, Axis Bank, L&T, Yes Bank and HUL, spurting up to 2.64 per cent. On the other hand, Bharti Airtel, RIL, Bajaj Finance, ONGC, HCL Tech, ITC and Sun Pharma slipped up to 3.31 per cent. "Market clocked a new high based on commitment from the FM to speed up reforms in the near future. Realty and financials outperformed in expectation of new measures while metal stocks gained owing to easing global trade war. 

"Better results from index heavyweights kept expectation high for earnings growth, influencing investors to stay in the market," said Vinod Nair, Head of Research, Geojit Financial Services. Sectorally, BSE realty, bankex, finance, metal, IT, industrials and capital goods indices rose up to 2.59 per cent. On the other hand, consumer durables, telecom and energy tumbled up to 5.30 per cent. Broader BSE midcap index rose 0.15 per cent, while smallcap ended 0.36 per cent lower. 

Globally, bourses in Hong Kong, Tokyo and Seoul settled higher, while Shanghai ended in the red. Exchanges in Europe were trading on a mixed note in their respective early deals. Meanwhile, the Indian rupee depreciated by 28 paise to 70.97 against the US dollar intra-day. Brent crude futures, the global oil benchmark, fell 0.81 per cent to USD 62.45 per barrel. 

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