Business

Sensex closes at a record high of 39,057, Nifty at 11,713

Agency | April 02, 2019 04:33 PM

Mumbai (Maharashtra) [India]:  The BSE Sensex closed at a record high of 39,057 on Tuesday as equities indices extended gains for the fourth consecutive day amid a volatile trading session.

It opened at 38,988.57 and touched a high of 39,121.69 during the day before gathering a gain of 185 points.

On Monday, the Sensex had breached 39,000 mark for the first time ever but closed at 38,871. In August last year, it had hit an all-time high of 38,989.

The Nifty 50 closed 44 points higher at 11,713 with sectoral indices of PSU banks, realty, auto, and IT companies gained ground.

Among the prominent gainers were Tata Motors which was up 6.5 per cent, Bharti Airtel 4 per cent, Eicher Motors 2.8 per cent, Tata Consultancy Services 2.5 per cent and GAIL about 2 per cent.

Energy companies like Power Grid Corporation and Adani Power Ltd also closed over two per cent higher after the Supreme Court dismissed the controversial Reserve Bank of India (RBI) circular that gave banks to refer any account with a loan of more than Rs 2,000 crore to bankruptcy court if it is not resolved within 180 days of default.

However, Zee Entertainment, Bharat Petroleum, Bajaj Auto, and JSW Steel lost between two and three per cent.

The trading was extremely volatile throughout the day. Investors expected the RBI to cut its lending rate for a second consecutive time when its meeting ends on Thursday, just a week before the country heads for general elections.

Market experts said strong inflows from foreign institutional investors are expected to keep the sentiment positive. There is an expectation of continued policy reforms if the single largest party comes back to power after the General Elections beginning on April 11.

Meanwhile, most Asian stocks were in the positive zone with sentiment high after positive Chinese factory output data. Investors were also hopeful of the on-going US-China trade talks.

Have something to say? Post your comment
Must Read
CEO writes letter to PS Transport for issuance of advice to public and private bus service providers to stick to model code of conduct
CEO writes letter to PS Transport for issuance of advice to public and private bus service providers to stick to model code of conduct
Congress candidate Chaudhary Santokh Singh kicks off his campaign in Jalandhar (West) constituency
Congress candidate Chaudhary Santokh Singh kicks off his campaign in Jalandhar (West) constituency
She can’t be sane, says Capt Amarinder after Sadhvi Pragya’s repulsive remark on late IPS officer Hemant Karkare
She can’t be sane, says Capt Amarinder after Sadhvi Pragya’s repulsive remark on late IPS officer Hemant Karkare
DC and CP finalise arrangements at DAC for smooth nomination process
DC and CP finalise arrangements at DAC for smooth nomination process
DC and CP finalizes arrangements for strong rooms of EVMs and VVPATs along with counting centres
DC and CP finalizes arrangements for strong rooms of EVMs and VVPATs along with counting centres
This election is referendum on Modi’s non-performance: Manish Tewari
This election is referendum on Modi’s non-performance: Manish Tewari
Equity indices close in the red, Jet plunges over 32 pc
Equity indices close in the red, Jet plunges over 32 pc
Punjab CM orders special Girdawari to assess crop loss due to rain & storm
Punjab CM orders special Girdawari to assess crop loss due to rain & storm
Vigilance nabs revenue Patwari, private person for taking bribe
Vigilance nabs revenue Patwari, private person for taking bribe
Youth will take Cong and Amarinder to task for reneging on promises made to them – Harsimrat Badal
Youth will take Cong and Amarinder to task for reneging on promises made to them – Harsimrat Badal
ECI appoints Vikram Jeet Duggal as SSP Amritsar (Rural)
ECI appoints Vikram Jeet Duggal as SSP Amritsar (Rural)
Commissionerate police arrest four extortionists including a minor and his elder brother
Commissionerate police arrest four extortionists including a minor and his elder brother