Nifty hits record 11,045.60; Sensex hits new high of 36,052.
Sensex hit a new high of as the International Monetary Fund (IMF) remains bullish on India’s growth potential and has retained its GDP forecast for the country at 6.7 percent in 2017 and 7.4 percent in 2018.
Domestic sentiment was also buoyed by strong global cues after the US Government passed a temporary funding Bill that ended the shutdown in the world’s largest economy.
In its World Economic Outlook Update, it also estimated that the Indian economy would grow by 7.8 percent in 2019, which make the country the world’s fastest-growing economy in 2018 and 2019, the top ranking it briefly lost in 2017 to China.
At 10.10 a.m., the 30-share BSE index Sensex was up 233.64 points or 0.65 percent at 36,031.65 and the 50-share NSE index Nifty was up 73.5 points or 0.67 percent at 11,039.70.
Among BSE sectoral indices, metal index was the star-performer and was up 3.47 percent, followed by healthcare 1.27 percent, oil & gas 1.14 percent and PSU 1.1 percent.
Top five Sensex gainers were Tata Steel (+2.93%), Dr Reddy’s (+2.41%), Infosys (+1.9%), State Bank of India (+1.55%) and Sun Pharma (+1.52%), while the major losers were Asian Paints (-1.14%), Tata Motors (-0.77%), Wipro (-0.55%), HDFC Bank (-0.14%) and PowerGrid (-0.13%).
Asian stocks advanced on Tuesday after US senators struck a deal to end a three-day government shutdown, sending Wall Street’s main indexes to record highs and keeping the dollar well supported. US lawmakers had passed a short-term measure on Monday to fund the federal government through February 8.
MSCI’s broadest index of Asia–Pacific shares outside Japan rose 0.2 percent to a fresh record peak. Australian stocks climbed 0.7 percent and South Korea’s KOSPI added 0.5 percent. Japan’s Nikkei was 0.45 percent higher.
Heavyweights Reliance Industries, Infosys and HDFC were the flag-bearers, pushing up the key indices. Axis Bank rose 2.06 percent and Infosys 1.72 percent. Reliance Industries, ONGC, Coal India and Tata Steel all added up to 1.3 percent.
PNB Housing Finance, Symphony, Indiabulls Housing, Indiabulls Real Estate, NIIT, Crompton Greaves and Can Fin Homes are some of the companies which will announce their quarterly earnings on Tuesday. >