Sensex Pares Gains After Hitting Fresh High, Nifty Above 11,100

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Sensex Pares Gains After Hitting Fresh High, Nifty Above 11,100

The S&P BSE Sensex and the NSE Nifty50 pared most early gains by the afternoon session on Tuesday. After opening at 36,859.39, the Sensex hit a fresh all-time intra-day high of 36,902.06. The Nifty was firmly above 11,100 as it hit a high of 11,141.45 level. But at 1:03 pm, the Sensex traded at 36,756.79, with a gain of 38.19 points or 0.10 per cent while the Nifty was at 11,102, up 17.25 points or 0.16 per cent. The Sensex last hit an intra-day high of 36,443.98 and the Nifty’s previous intra-day high was of 11,171.55 hit on January 29.

At 1:08 pm, Grasim, Hindalco, Indiabulls Housing Finance, UltraTech Cement and Zee Entertainment Enterprises Limited were leading the pack of Nifty gainers. Twenty nine out of 50 Nifty stocks traded with gains.

Experts attributed the early gains to strong global cues.

“Investor sentiment has got a boost as globally all markets are positive. Also, good results from ACC supporting all materials have also added to the gains,” said AK Prabhakar, Head of Research at IDBI Capital. ACC reported a net profit after tax at Rs. 329 crore in April-June as compared to Rs. 326 crore in the corresponding quarter last year. The stock traded 1138 per cent higher on the NSE.

The Nifty Metal index led the gains as all 15 stocks advanced in trade.

According to provisional figures for Monday’s trade on the NSE, foreign portfolio investors bought net equities worth Rs. 259.37 crore and domestic institutional investors followed suite to buy shares worth Rs. 124.82 crore. The Sensex had hit a record close of 36,178 and the Nifty had settled at a six-month high on Monday.

In Asia, Shanghai shares seemed to get a boost from news Beijing would adopt a more “vigorous” fiscal policy, including company tax cuts. Chinese blue chips rose 1.6 per cent to a one-month high, while MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.47 per cent. Japan’s Nikkei edged up 0.5 per cent even as a disappointing reading on local factory activity suggested that threat of a trade war was starting to bite, according to a report by news agency Reuters.

Written by Anik

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