Sensex, Nifty climb new peaks on third successive session; Bharti Airtel, YES Bank, Eicher Motors stocks gain
The BSE Sensex ended at 41,673 after making a lifetime high of 41,719 for the third successive trade session. Nifty-50 index soared 38 points and closed at 12,259 levels but not before making its lifetime high of 12,268.35 levels.
The Indian stock market continues to climb new high as both Sensex and Nifty ended up making new life-time high on the third successive trade session. According to the stock market experts, this rise in Indian indices is mainly because of the foreign institutional investors (FIIs) continuously pumping money into the equity markets. The BSE Sensex ended at 41,673 after making a lifetime high of 41,719 for the third successive trade session. Nifty-50 index soared 38 points and closed at 12,259 levels but not before making its lifetime high of 12,268.35 levels. Bank Nifty remained range-bound and ended up 2 points lower at 32,241.
Speaking on the current rise in Sensex, Nifty and other major Indian indices Prakash Pandey, MD & CEO at Plutus Advisors said, "This rise is mainly due to the FIIs putting money through the mutual fund AMCs as fund mangers are buy in their mutual fund NAV management." Pandey said that the rise in Sensex and Nifty is expected to continue till 31st of December 2019 and profit-booking may trigger after that.
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Telecom stocks led the bull run in the intraday trade as the BSE index soared 1.98 per cent. Telecom major Bharti Airtel share price scaled 2.35 per cent, ITI shares shot up 4.45 per cent, Mahanagar Telephone Nigam Ltd or MTNL stock price escalated 4.90 per cent, Vodafone Idea stocks went up 2.49 per cent while Reliance Communications share price crashed 4.49 per cent after the Closing Bell.
Energy stocks also witnessed fresh buying in the intraday trade as the BSE Energy index shot up 1.37 per cent. Energy major and Sensex heavyweight Reliance Industries share price soared 1.87 per cent, Indian Oil Corporation Ltd or IOCL counter added 1.15 per cent, GP Petroleums counter went up 1.08 per cent.
Auto major Eicher Motors share price soared 3.12 per cent, Mahindra & Mahindra shares soared 2.32 per cent, shares of Tata Motors went northward 2.55 per cent while TVS Motor Company stock price shot up 2.59 per cent. In the banking sector, Yes Bank share price skyrocketed 6.74 per cent.
Among the major Asian markets, the Japanese Nikkei 225 index she 69 points, Kospi edged 0.08 per cent higher, hang Seng dipped 83 points while the Shanghai index went up 0.01 per cent.
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