Markets

Sensex, Nifty hit lifetime peaks; metal, financial stocks hog limelight

Sustained foreign fund inflows too boosted market mood. | File

Sustained foreign fund inflows too boosted market mood. | File   | Photo Credit: Paul Noronha

The domestic market scaled record peaks following positive cues from global equities that rallied on optimism over U.S.-China trade truce

Market benchmarks Sensex and Nifty soared to new peaks on Tuesday, driven by gains mainly in metal, financial and IT stocks amid firm global cues and sustained foreign fund inflows.

After surging to its record intra-day peak of 41,401.65, the 30-share BSE barometer settled 413.45 points, or 1.01%, higher at its all-time high of 41,352.17.

Similarly, the broader NSE Nifty rallied 111.05 points, or 0.92%, to its record closing high of 12,165.

Tata Steel was the top gainer in the Sensex pack, surging 4.38%, followed by Bharti Airtel 4.37%, Vedanta 3.50%, Tata Motors 3.03%, HDFC 2.46% and Bajaj Finance 2.39%.

On the other hand, Sun Pharma fell 1.37%, M&M 0.63%, Bajaj Auto 0.56% and HUL 0.48%.

According to experts, domestic market scaled record peaks following positive cues from global equities that rallied on optimism over U.S.-China trade truce.

“The positive mood of the markets was also aided by the RBI Governor’s statement about Central Bank’s further accommodative stance in terms of policy rate provided if there is a need,” said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers.

The traders were also seen optimistic ahead of Wednesday’s GST Council meet and expects some positive outcome from the same, he added.

Sustained foreign fund inflows too boosted market mood here, experts said.

On a net basis, foreign institutional investors bought equities worth ₹728.13 crore, while domestic institutional investors sold shares worth ₹796.38 crore, data available with stock exchange showed on Monday.

Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended significantly higher, while those in Europe were trading on a mixed note.

On the currency front, the rupee appreciated 3 paise against the US dollar to 70.96 (intra-day).

Brent futures, the global oil benchmark, was slipped 0.17% to $65.23 per barrel.

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Printable version | Feb 28, 2020 6:58:11 PM | https://www.thehindu.com/business/markets/sensex-nifty-hit-lifetime-peaks-metal-financial-stocks-hog-limelight/article30329597.ece

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