Sensex Hits 38,000, Nifty 11,495 For First Time: 10 Points

ICICI Bank, Infosys, RIL contributed the most to Sensex's gains Nifty will face overhead resistance near the 11,500-mark, says expert Asian shares were subdued; Russian rouble tumbled

NDTV Profit Team

09 Aug 2018, 02:00 PM IST

Stock Market on Thursday: Twenty-five out of 50 Nifty stocks advanced in trade.

The top five Sensex gainers were ICICI Bank (up 4.97 per cent), State Bank of India (up 2.71 per cent), Axis Bank (up 2.70 per cent), Coal India (up 2.10 per cent), and Tata Motors (up 1.39 per cent).
The top five Nifty gainers were ICICI Bank (up 4.89 per cent), Axis Bank (up 2.97 per cent), SBI (up 2.75 per cent), Coal India (up 2.19 per cent), and Hindalco (up 2.13 per cent).
ICICI Bank, Infosys, SBI, Axis Bank and ITC contributed the most to Sensex's gains.
Twenty-five out of 50 Nifty stocks advanced in trade.
Dyaneshwar Padwal, AVP, Technical Analyst, KIFS Trade Capital, said that Nifty will face overhead resistance near the 11,500-mark. "Bulls came back in action and marched towards the uncharted territory. The benchmark index is oscillating in an escalating channel, wherein overhead resistance is placed near the 11,500-mark. Bank Nifty is oscillating in an escalating channel wherein overhead resistance is placed near 29,000. So we may expect Bank Nifty to outperform in the coming days, he said.
Meanwhile, Asian shares were subdued after a new round of tit-for-tat tariffs in the US-Sino trade conflict torpedoed oil prices, while the Russian rouble tumbled as the US slapped fresh sanctions on the country.
MSCI's broadest index of Asia-Pacific shares outside Japan barely budged as caution dominated. Japan's Nikkei slipped 0.5 per cent, not helped by a shock slump in core machinery orders.
Overnight on Wall Street, trade-sensitive industrial companies were the biggest drag on the Dow, with declines led by Boeing and Caterpillar Inc.
The Dow fell 0.18 per cent, while the S&P 500 lost 0.03 per cent and the Nasdaq added 0.06 per cent.
On Wednesday, the markets closed at fresh record highs with the Sensex ending 221 points, or 0.6 per cent, higher at 37,887 and the Nifty at 11,450 level. Provisional data from the National Stock Exchange showed that foreign portfolio investors bought net equities of Rs 568.63 crore and domestic institutional investors of Rs 30.25 crore. (With Reuters inputs)