Sensex, Nifty Hit Record Highs
Domestic stock markets started Tuesday's session at record highs extending their rally to a third straight day. The S&P BSE Sensex rose as much as 219.06 points to an all-time high of 39,571.73 in early trade, and the NSE Nifty moved to a record 11,883.55, up 55.3 points from the previous close. Both the benchmark indexes surpassed their all-time highs registered on April 18 this year. Advances in pharma, financial services and media stocks supported the markets, however the gains were limited due to weakness in information technology counters.
At 9:22 am, the Sensex traded 209.46 points - or 0.53 per cent - higher at 39,562.13 while the Nifty was up 48.15 points - or 0.41 per cent - at 11,876.40.
Top gainers on the 50-scrip index at the time were HDFC, Adani Ports, Dr Reddy's Laboratories, Hindustan Unilever and Bajaj Finance, trading between 1.30 per cent and 2.36 per cent higher.
HDFC, Reliance Industries and HDFC Bank contributed the most to the advances on Sensex.
On the other hand, top laggards on the Nifty 50 were Tata Motors, BPCL, Tata Steel, Bharti Airtel and Grasim Industries, down between 0.92 per cent and 3.10 per cent lower.
Tata Motors shares fell as much as 3.66 on the BSE, a day after the carmaker reported its earnings for the quarter ended March. In a regulatory filing post-market hours on Monday, Tata Motors posted a net profit of Rs. 1,117 crore for the three-month period, marking its first quarterly profit in the fiscal year.
Equities in other Asian markets wobbled near four-month lows on mounting worries about the US-China trade talks.
MSCI's broadest index of Asia-Pacific shares outside Japan was flat in early trade but stayed close to a four-month low touched on Friday. It has fallen about 8 per cent from a nine-month peak hit just over a month ago. Japan's Nikkei fell 0.5 per cent.
In New York, the S&P 500 lost 0.67 per cent while the Nasdaq Composite dropped 1.46 per cent.
On Monday, the Sensex and Nifty had risen 3.75 per cent and 3.69 per cent respectively to finish at record highs, after exit polls predicted win for Bharatiya Janata Party-led National Democratic Alliance (NDA) in the recently concluded general elections.
(With inputs from Reuters)
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