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Markets Scale Fresh Peaks: Sensex Rises 200 Points, Nifty Nears 11,750

Share markets on Tuesday: Reliance, HDFC and NTPC were among main contributors to the gains in Sensex.

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Share markets on Tuesday: Domestic stock markets closed Monday's session at new peaks

Tracking positive global cues, domestic stock markets continued their record-setting trend for the second straight session today. The S&P BSE Sensex surged 186.36 points or 0.48 per cent to open at an all-time high of 38,880.47. The broader Nifty50 soared 43.05 points or 0.37 per cent to hit a record high of 11,735.00.  At 12:56 pm, the S&P BSE Sensex traded at 38,895.82, up 201.71 points or 0.52 per cent. Nifty50 traded at 11,748.55, with a gain of 56.60 points or 0.48 per cent. Trading sentiments remained extremely bullish largely in tandem with a firm trend at other Asian bourses, taking another record lead from Wall Street as investors cheered news of trade deal between the US and Mexico.

Twenty six out of 30 Sensex stocks were trading in green in opening trade. Major gainers in the 30-share Sensex pack in the session were NTPC (+1.60%), Coal India (+1.56%), Vedanta (+1.29%), Bharti Airtel (+1.28%), Kotak Bank (+0.83%) and Induslnd Bank (+0.83%). Reliance, HDFC and NTPC were among main contributors to the gains in Sensex.

NTPC (+4.60%), GAIL (+2.84%), Cipla (+1.75%), Coal India (+1.60%) and Asian Paints (+1.30%) led the pack of Nifty gainers.

"Nifty is continuing to march into the uncharted territory and the uptick is clearly showing a strong uptrend. On the daily chart front it is oscillating in an escalating channel where the overhead resistance is placed near 11800", said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.

According to brokers, sentiment got a lift following an improvement in liquidity in the market on fresh inflows by foreign funds. Strong gains in metal, power, tech healthcare and IT, fertilisers and sugar stocks lifted the key indices to new highs.

Asian shares advanced on Tuesday and the US dollar hovered near one-month lows as a US-Mexico deal to overhaul the North American Free Trade Agreement boosted risk appetite. Today, Investors will stay focused on US economic data with consumer confidence figures due later in the day and the latest estimate for second-quarter gross domestic product expected on Wednesday.

In global sector, oil prices were buoyant today with brent up 9 cents at $0.76.30 a barrel and US crude 5 cents firmer at $68.92. Gold was subdued with spot prices at $1,208.23 an ounce, down 0.2 per cent.

Meanwhile, Jet Airways on Monday reported a net loss of Rs. 1,323 crore for the April-June period, marking a quarter-on-quarter increase of 27.7 per cent in the net loss. 

On the other hand, main losers on Sensex pack in the morning session were Bajaj Auto (-0.12%), Hindustan Unilever (-0.35%), Axis Bank (-0.41%) and YES Bank (-1.33%). Main laggards on Nifty pack were Titan (-0.61%), Hindustan Unilever (-0.59%), Axis Bank (-0.51%), Eicher Motors (-0.43%) and Hindustan Petroleum (-0.36%).

Domestic stock markets closed Monday's session at new peaks, driven by widespread buying in banking, power and metal stocks amid positive global cues. The S&P BSE Sensex registered a record closing high of 38,694.11. The NSE's Nifty50 index settled at 11,691.95, also its highest closing level. (With agencies inputs)

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