The BSE Sensex rose above the 34,000 mark to close at 34,010 on Tuesday
Markets continued their record run today with the BSE benchmark index Sensex and NSE Nifty both closing at new all-time highs. The Sensex hit 34,000 for the first time today and closed above that mark. The 30-scrip Bombay Stock Exchange index rose 70 points to end at 34,010. The National Stock Exchange benchmark index - Nifty 50 - closed above the 10,500 mark for the first time. The 50-scrip index settled at 10,531, up 38 points, powered by strong gains in metal and pharma stocks.
Here are 10 things to know about the markets today:
- Stock markets have hit record highs this month after victories in key state elections by the BJP boosted investor sentiment, raising hopes of a continuation in the government's reform agenda.
- Trading is, however, likely to remain subdued as the year draws to a close.
- Jayant Manglik of Religare Securities said: "The underlying sentiments continue to remain positive. However, with indices trading at record highs investors and traders should be cautious. With lack of any fresh positive triggers on the domestic bourses, we expect the market to consolidate in the near term. Investors can continue to accumulate fundamentally sound stocks on dips."
- Pharma shares, which were among the top losers this year, were up for a third straight session as investors hunted for bargains.
- Among the pharma stocks, Sun Pharma, Cipla and Dr Reddy's gained between 1.2 per cent and 2 per cent.
- Among the Nifty50 stocks, Infosys, SBI and M&M closed lower, dragged down by profit-taking.
- Shares of Anil Ambani-controlled Reliance Communications surged over 40 per cent after he said the company would reduce its debt by about Rs 25,000 crore through sale of some of its spectrum, tower and real estate assets.
- The reduction would allow the company to provide "zero" write-offs to lenders and bondholders, as well as no conversion of debt to equity, Mr Ambani told a news conference.
- Third-quarter earnings of India Inc and the Union Budget will be key factors to watch over next couple of months, according to analysts.
- Infosys, India's second largest software services firm, will announce its earnings for the October-December quarter on January 12, kicking off the Q3 earnings season.
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