Mumbai
Markets continued their record- setting spree for the second straight day today. The benchmark index of Bombay Stock Exchange (BSE) on Thursday hit a fresh-record-high of 35,260.29, advancing by 178.47 points tracking global cues.
The Nifty of National Stock Exchange (NSE) too rallied by 28.45 points to 10,817. The sensex registered the day’s high and low at 35,507.36 and 35,166.44.
However, heavy selling in Reliance, Tata Steel, Adani Ports and SBI in the afternoon session checked the gains.
The BSE Sensex after a gap-up opening at 35,366.45, advanced further to life-time high of 35,507.36, surpassing its previous intra-day high of 35,118.61 before ending at all-time closing high of 35,260.29, showing a gain of 178.47 points or 0.51 per cent. It also broke previous record closing high of 35,081.82 reached yesterday.
The NSE Nifty also gained 28.45 points, or 0.26 per cent, to hit all-time closing high of 10,817 after hitting historic high of 10,887.50, smashing its previous record (intra-day) of 10,803. It also breached previous record closing of 10,788.55 hit yesterday.
The 50-share NSE Nifty gained 28.50 points at 10,817 at close whereas the Nifty Midcap and BSE Smallcap indices lost 2 percent each. About six shares declined for every share rising on the NSE.
“We continue to hold a wait and watch outlook and believe the markets are overbought and in the expensive category at this juncture, we would not initiate fresh longs at this time,” Nikhil Kamath, Co-Founder and Head of Trading, Zerodha said.
Meanwhile, the government is thinking of allowing 100 percent foreign direct investment in private banks. Increasing the permissible limit for FDI in public sector banks to 49 percent from the current 20 percent is also being considered, sources told CNBC-TV18. The proposed changes are reportedly being discussed by the Finance Ministry, the Department of Industrial Policy and Promotion (DIPP) and the Indian Banks’ Association (IBA).
Nifty Bank ended at fresh record closing high, rising nearly a percent, driven by private banks. HDFC Bank, IndusInd Bank, ICICI Bank and Kotak Mahindra Bank gained 1-2 percent while PNB, SBI, IDFC Bank, Bank of Baroda and Canara Bank were down 1-4 percent.
Yes Bank wiped out all gains to close 0.35 percent lower after its Q3 earnings were announced. Profit grew by 22 percent and asset quality also improved but net interest income missed expectations and net interest margin contracted 20 basis points sequentially.
Nifty Metal was the biggest loser among sectoral indices, falling 3 percent; followed by Pharma (1.2 percent) and PSU Bank (1.6 percent) while FMCG gained 1 percent.
Bharti Infratel, Adani Ports and UltraTech Cement were down 3-6 percent after third quarter earnings. Bharti Airtel fell 1 percent ahead of numbers later today.