Markets

Sensex rallies 200 points to hit fresh high; Nifty above 12,000

Market benchmark BSE Sensex jumped over 200 points to hit its lifetime high of 40,676 in early session on Thursday led by gains in index heavyweights HDFC, ITC and RIL, as positive domestic cues boosted investor sentiment.

The 30-share index was trading 202.93 points, or 0.50%, higher at 40,672.71.

Similarly, the broader NSE Nifty rose 50.20 points, or 0.42%, to 12,016.25.

Top gainers in the Sensex pack included IndusInd Bank, SBI, ITC, HDFC, RIL, Axis Bank and Bajaj Finance, advancing up to 3%.

On the other hand, Tata Steel, Vedanta, ONGC, Hero MotoCorp, Tata Motors, Yes Bank and Bajaj Auto fell up to 2%.

In the previous session, the 30-share Sensex settled at a fresh closing peak, rising 221.55 points, or 0.55%, to 40,469.78, while finished at 11,966.05, showing a gain of 48.85 points, or 0.41%.

Foreign institutional investors purchased shares worth ₹1,011.49 crore in the capital market on Wednesday, while domestic institutional investors sold equities worth ₹1,117.25 crore, data available with stock exchange showed.

The government on Wednesday approved a ₹25,000 crore fund to help complete over 1,600 stalled housing projects, including ones that have been declared NPAs or admitted for insolvency proceedings, as it looks to boost growth by steering consumption in real estate and associated sectors.

According to experts, the fresh booster to the real estate sector, which will have a positive impact on other industries as well, strong corporate earnings and sustained foreign fund inflow have buoyed domestic market sentiment.

Globally, bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading on a negative note amid reports of a possible delay in the U.S.-China trade agreement.

Shares on Wall Street too ended on a weak note on Wednesday.

On the currency front, the rupee depreciated 10 paise against the U.S. dollar to trade at 71.07 in early session.

Brent futures, the global oil benchmark, slipped 0.09% to $ 61.70 per barrel.

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Printable version | Feb 21, 2020 11:32:55 PM | https://www.thehindu.com/business/markets/sensex-rallies-200-points-to-hit-fresh-high-nifty-above-12000/article29906816.ece

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