Sensex Ends At Record High, Rises 431 pts; Nifty Tops 20,850; NDTV Soars 17%
Sensex Ends At Record High, Rises 431 pts; Nifty Tops 20,850; NDTV Soars 17%
Equity benchmark indices opened with firm gains on Tuesday and made fresh highs for a second day

Sensex Today: Domestic markets hit record highs for a second straight day as gains from hopes of political stability continued on the bourses.

The S&P BSE Sensex crossed the 69,000-mark decisively and hit a record high of 69,381 during the day. The index witnessed mild profit booking before closing at 69,296, up 431 points or 0.63 per cent.

The Nifty50, on the other hand, made a new high of 20,864 before settling 168 points, or 0.8 per cent, higher at 20,855. The rally was again led by financials, and Adani group stocks.

Meanwhile, in the broader markets, the BSE MidCap hit a new high of 35,216, while the BSE SmallCap registered 41,317.6 as it new all-time high. Both the indices, however, ended 0.1 per cent higher.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The super Monday which delivered a 418 point rally in the Nifty is unlikely to be repeated with the same ferocity in the coming days. But the market construct stays bullish. The massive institutional buying of above Rs 7000 crores yesterday is a reflection of institutional confidence in the Indian market. It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last 7 days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong.The market has the potential to go up by another 5% in the next many weeks. Beyond that valuations will get stretched inviting correction in the market.”

Global Cues

Asian stocks slipped to three-week lows on Tuesday while bonds and the dollar steadied as investors tempered expectations for cuts to US interest rates and waited on U.S. jobs data.

Tokyo stocks opened lower on Tuesday after falls on Wall Street ahead of key US jobs data due later in the week.The benchmark Nikkei 225 index was down 0.45 percent, or 150.51 points, at 33,080.76 in early trade, while the broader Topix index slipped 0.09 percent, or 2.09 points, to 2,360.56.

US stocks ended lower on Monday, interrupting last week’s rally, as investors turned cautious ahead of employment data due this week that could alter expectations that the Federal Reserve will cut interest rates early next year.

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