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Sensex closes at fresh record high, Nifty breaches 11,500 mark for first time

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Sensex closes at fresh record high, Nifty breaches 11,500 mark for first time

While the Sensex touched an all-time high of 38,340 breaching the previous peak of 38,076 reached on August 9, Nifty crossed the 11,500 mark for the first time ever to hit a new high of 11,565 level. Nifty's previous record high stood at 11,495 points reached on August 9.

The Sensex and Nifty scaled fresh peaks in trade today on gains in large cap stocks such as L&T, Tata Motors, ONGC and Reliance Industries. In global markets too, stocks rose after investors welcomed signs of progress in resolving the trade dispute between US and China.

While the Sensex touched an all-time high of 38,340 breaching the previous peak of 38,076 reached on August 9, Nifty crossed the 11,500 mark for the first time ever to hit a new high of 11,565 level. Nifty's previous record high stood at 11,495 points reached on August 9.

Later, the indices closed at fresh record highs. While the Sensex closed 330 points or (0.87%) higher to 38,278 level, the Nifty ended the day at fresh high of 11,551 level, rising 0.715 or 81 points.

Top Sensex gainers were L&T (6.74%), Tata Motors (4.74%), ONGC (3.34%), Vedanta (3.16%) and Tata Steel (3.24%).

Infosys (3.22%) was the top Sensex loser after the firm announced last week its CFO MD Ranganath had resigned from the company.

Other losers were Maruti (0.79%) and ICICI Bank (0.50%).

Mustafa Nadeem, CEO at Epic Research said," Nifty marks a fresh all-time high of 11565 as positive cues from global as well as domestic front triggers fresh buying. Nifty closed the day on a strong positive note as it ended a tad below the high at 11551.75. Bank Nifty lagged as it wasn't able to breach its previous swing high at 28380. The day was green on the back of large caps which carried the momentum such as Reliance, L&T, HDFC Twins, Tata motors followed by SBI.

Technically we have seen a momentum that is just beginning for next round of bullish rally. The recent consolidation in the range of 11350-11500 has led bulls to put in further smart money as weak money get out. This momentum as we previously mentioned is now seen to be stretched to 11600-11650. Since the earlier base was 11350, it is now shifted to 11500-11480 technically for this upward bounce. Any dips to these levels of support shall be played out in favor of bulls.

Derivatives data also suggest writing activity at 11400-11500 PE adding short built up while long built up to continue to increase with fresh positions for upsides at 11600-11700.

We suggest buying on dips and maintain the higher target for Nifty."

Besides, fresh inflows by foreign funds and persistent buying by domestic institutional investors (DIIs) and rupee recovery also boosted investor sentiment, brokers said.

The rupee opened strong against the dollar rising 32 paise to 69.83 in trade today from previous close of 70.15. It further rose to 69.69 level in afternoon trade strengthening market sentiment.

Market breadth was positive with 1475 stocks rising compared to 1267 falling on the BSE. The midcap index led the rise in market with 1.05 percent or 170 points rally to 16,476 level.

Among 19 sectoral indices, BSE auto (1%), Capital goods (3.74%), metal (3.32%) and oil and gas indices (1.30 percent) were the top gainers in trade today.

Global markets

Global stocks were mostly higher on Monday as investors welcomed signs of progress in resolving the trade dispute between the US and China. The Wall Street Journal reported the countries hope to have a resolution by November.

France's CAC 40 edged up nearly 0.6 percent in early trading to 5,377.10. Germany's DAX added 0.9 percent to 12,323.52, while Britain's FTSE 100 climbed 0.6 percent to 7,604.67. US shares were also set to drift higher with Dow futures adding 0.2 percent to 25,734. S&P 500 futures gained 0.2 percent to 2,858.70.

Japan's benchmark Nikkei 225 gave up 0.3 percent to 22,199.00. Australia's S&P/ASX 200 added 0.1 percent to 6,345.00. South Korea's Kospi was little changed, edging up less than 0.1 percent to 2,247.88. Hong Kong's Hang Seng gained 1.4 percent to 27,598.02, while the Shanghai Composite climbed 1.1 percent to 2,698.47. Shares also rose in Taiwan.