Sensex, Nifty hit fresh record highs

Sensex, Nifty hit fresh record highs
NEW DELHI: Equity indices on Monday started on a higher note and zoomed further to hit record highs ahead of the expected signing on a US-China trade deal. The benchmark BSE sensex surged over 250 points to hit an all-time high of 41,893; while the broader gained more than half a per cent to hit a record intra-day high of 12,330.

Top gainers in the sensex pack include Infosys, Sun Pharma, ITC, HCL Tech, Kotak Mahindra Bank and ICICI Bank with their their shares rising as much as 3.28 per cent. On NSE, all sub-indices were trading in green with Nifty IT, Pharma and Realty climbing as much as 1.23 per cent.

“A calmer geopolitical backdrop and the signing of the US‑China phase one agreement is, on balance, favourable for global growth,” Joseph Capurso, an FX strategist at CBA told news agency Reuters.

Analysts have said that quarterly earnings, inflation data and the much-awaited US-China trade deal signing would drive the equity markets this week.

"Market wants to look forward where Q3 earnings and pre-Budget movement will be the theme of this week. In terms of earnings, Wipro, IndusInd Bank, Reliance Industries, HCL Technologies and HDFC Bank will be key companies that will post their Q3 results this week," Santosh Meena, senior research analyst, TradingBells, told news agency PTI.

IT major Infosys on Friday reported a 23.7 per cent rise in consolidated net profit at Rs 4,466 crore for the December quarter.

Among macroeconomic data announcements, retail and WPI (wholesale) inflation numbers will be released on Monday and Tuesday, respectively.

On the global front, with US-Iran tensions cooling off, focus will largely shift to the upcoming US-China trade deal signing.

Meanwhile, foreign institutional investors (FIIs) remained net buyers in the capital market, as they purchased shares worth Rs 578.28 crore on Friday, according to provisional exchange data.

(With PTI inputs)