Business

Sensex crosses 41,000-mark

more-in

But profit booking in some stocks pulls indices down

Indian benchmark indices touched new highs on Tuesday, with the Sensex breaching the 41,000-mark for the first time ever, before closing marginally in the red on account of profit booking in select heavyweights.

The 30-share Sensex opened at 41,022.85, before touching a high of 41,120.28 during the morning session. The broader Nifty also touched a new high of 12,132.45 during the first hour of trading.

However, profit booking in stocks such as Bharti Airtel, TCS, Infosys, L&T, Maruti Suzuki India and Power Grid Corporation pulled down the indices to end the day in the red.

The Sensex closed at 40,821.30, down 67.93 points, or 0.17%. The Nifty lost 36.05 points or 0.3% to settle the day at 12,037.70.

The overall market breadth was also negative — in line with the fall in the benchmarks — with over 1,400 stocks in the red as against 1,081 gainers. Market participants attributed the initial rally to a strong trend in the global markets and also consistent buying by foreign portfolio investors.

“The market touching the all-time high is a clear reflection of expectation of continued reforms by the government, especially with regard to critical issues such as disinvestment and labour reform,” Prakarsh Gagdani, chief executive officer, 5Paisa.com, a discount broking firm, said.

“Since lot of money has been sitting on the sidelines, and considering the fact that there has been improvement in margins for most corporates in the last quarter, market sentiment for next six months is quite positive,” Mr. Gagdani added.

Data show that overseas investors bought Indian shares worth ₹2,000 crore on Tuesday with the total flows for the current month pegged at over ₹20,000 crore.

Why you should pay for quality journalism - Click to know more

Related Topics Markets Business
Recommended for you
This article is closed for comments.
Please Email the Editor

Printable version | Dec 6, 2019 12:55:25 AM | https://www.thehindu.com/business/sensex-crosses-41000-mark/article30090094.ece

Next Story