Stock Market: Sensex calms down after hitting an all-time high; Nifty 104 points below its life-time peak
The BSE Sensex gained 181 points in the intraday trade session after the Closing Bell and closed at 40,651 levels.
Stock Market News: After opening on the higher side in the Opening Bell trade session, the broader Indian indices extended its gains and the BSE Sensex hit its all-time high of 40,816 while the Nifty-50 index managed to break the psychological 12,000 levels, which was near to its all-time high of 12,103. The BSE Sensex gained 181 points in the intraday trade session after the Closing Bell and closed at 40,651 levels while the Nifty-50 index gained 59 points and closed at 11,999 levels. Bank Nifty index shot up 117 points and closed at 31,353 levels.
Speaking on the Indian markets Sanjiv Bhasin, Director, IIFL Securities said, "We think new highs just a matter of days. Now, we expect broader markets to outperform. Markets usually run ahead of macros and price future growth. There are three positive indicators for growth – reduction in corporate tax rate, proposed divestment of large public sector units, and a possible resolution of the US-China trade impasse. Therefore we see growth coming back in 2020."
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Energy stocks led the bull run on Dalal Street as the BSE Energy index shot up 2.10 pre cent in the intraday trade session. Energy major and Sensex heavyweight Reliance Industries or RIL share price skyrocketed 2.53 per cent after the Closing Bell. Shares of Bharat Petroleum Corporation Ltd or BPCL went northward 4.68 per cent, Coal India counter added 1.63 per cent, Hindustan Petroleum Corporation Ltd or HPCL stocks gained 1.58 per cent while Petronet LNG shares rose 1.25 per cent in the intraday trade.
Healthcare stocks also witnessed fresh buying as the BSE Healthcare index went up 2.01 per cent in the intraday trade. Healthcare major Aurobindo Pharma share price soared 3.24 per cent, shares of Cadila Healthcare rose 2.61 per cent, Dr. Reddy's Laboratories shares added 2.98 per cent, Glenmark Pharmaceuticals scrip soared near 2 per cent, Morepen Laboratories stocks went up 3.44 per cent while Novartis India counter went up 2.66 per cent.
Among the major Asian markets, the Japanese Nikkei index shed 0.62 per cent, Kospi crashed 1.3 per cent, Hang Seng went down 0.75 per cent while the Shanghai markets dipped 0.788 per cent.