Profit

Sensex, Nifty Continue To Scale New Highs After BJP's Poll Win: 10 Points

In early trade, the Sensex rose over 100 points to new high of set a new high of 33,956, surpassing its November high of 33,865.

 Share
EMAIL
PRINT
COMMENTS
Sensex, Nifty Continue To Scale New Highs After BJP's Poll Win: 10 Points

The BSE benchmark index Sensex had ended at an all-time closing high on Tuesday

The Sensex and Nifty continued to register new highs in early trade as the BJP's win in Gujarat and Himachal state elections continued to boost sentiment. But they soon gave up most of the gains on profit-taking. In early trade, the Sensex rose over 100 points to new high of set a new high of 33,956, surpassing its November high of 33,865. "BJP's victory in Gujarat and Himachal Pradesh raised hopes of continuous reforms in the coming months," said Jayant Manglik of Religare Securities. The Nifty set a new high of 10,494, overtaking its November high of 10,490.45. The Sensex and Nifty had both ended at all-time closing highs on Tuesday.
10 Things To Know About Sensex, Nifty Trade Today:
  1. At 11:05 am, both the Sensex and Nifty were flat. The Sensex was up 10 points at 33,847 while Nifty traded at 10,469, up 6 points. 
  2. Some profit-taking was seen in banking and FMCG stocks.
  3. Auto stocks continued to zoom higher with Hero MotoCorp and Tata Motors rising nearly 2 per cent.
  4. Investors were betting that the government will focus on rural growth in the upcoming Budget, which could boost auto sales.
  5. Going ahead, with assembly elections out of the way, focus will now shift to macros and earnings recovery, said Mr Manglik of Religare Securities.
  6. 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.
  7. Market participants don't rule out some year-end profit-taking from foreign institutional investors. "The structural bull market sentiment will continue, however some year-end profit taking by FIIs cannot be ruled out," said Anita Gandhi, whole-time director of Arihant Capital Markets.
  8. A rally in global markets on hopes of US tax cuts has also helped domestic sentiment.
  9. The bill proposes to cut US corporate tax rates to 21 per cent from 35 per cent.
  10. Asian markets were however lower today, taking their cues from Wall Street with investor enthusiasm toward US tax changes ebbing as the long-awaited reform bill wound its way through Congress.




Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top