Historic day! BSE Sensex surpasses 41,000 mark for the first time ever
Stock Market Today: The 30 share benchmark index, Sensex carried the gains on Tuesday to a new level and thereby broke its own previous record. The BSE Sensex on Tuesday touched 41,000 mark for the first time ever supported by positive global cues.
Stock Market Today: The 30 share benchmark index, Sensex carried the gains on Tuesday to a new level and thereby broke its own previous record. The BSE Sensex on Tuesday touched 41,000 mark for the first time ever supported by positive global cues. The cues from the Global markets were positive due to fresh optimism over the China-US trade talks. The key index rose to 41,102 to the day's high. The broader Nifty also hit a new intra-day high of 12,126, overtaking June highs of 12,103.
In the broader market, the S&P BSE Mid-Cap index rose 1.17% while the S&P BSE Small-Cap index advanced 0.81%. Both these indices lagged the Sensex. The market breadth was positive. On the BSE, 1412 shares rose and 1090 shares fell. A total of 205 shares were unchanged. In the Nifty 50 index, 44 stocks advanced while 6 stocks declined.
"The trend is that the markets are still pessimistic and moving ahead with a lot of caution. The strategy should be to buy or accumulate strong mid-cap companies which are free from corporate governance issues," said Shrikant Chouhan, Head of Technical Research at Kotak Securities.
Prakarsh Gagdani, CEO, 5Paisa.com told Zee Business, “The market touching all time high is a clear reflection of expectations of continued reforms by the government especially with regards to critical issue such as disinvestment and labour reform. Since lot of money has been sitting on 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.”
As far as the foreign investments are concerned, the FPIs bought shares worth Rs 961 crore while the domestic investors overloaded shares worth Rs 214 crore on Monday.
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Reports of an early trade deal trumped investors' growth concerns. India is scheduled to release its Q2 GDP figures later this week which is widely expected to be below 5 per cent.
Deepak Jasani of HDFC Securities said, "Core Infra data for October will be unveiled on November 29 and India's Q2FY20 GDP number will also be unveiled on Nov 29 post market hours. The macro numbers may not surprise positively but will put behind one uncertainty. The macro numbers may not surprise positively but will put behind uncertainty."
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