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Closing Bell: Sensex ends at record closing high, Nifty 148 points away; IT, metal stocks lead gains

Closing Bell: Sensex ends at record closing high, Nifty 148 points away; IT, metal stocks lead gains

Closing Bell: Sensex ends at record closing high, Nifty 148 points away; IT, metal stocks lead gains
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By CNBC-TV18 Nov 4, 2019 4:29:32 PM IST (Updated)

Indian shares ended higher on Monday, extending gains for the seventh straight session, amid reports of further tax reforms. The Sensex ended the day with 137 points higher at its new closing high of 40,302, versus its previous closing high of 40,267, hit on June 3.

Indian shares ended higher on Monday, extending gains for the seventh straight session, amid reports of further tax reforms. Prime Minister Narendra Modi said, on Sunday, that India is committed to improving its tax regime.

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The sentiment was also supported by increasing optimism over a US-China trade deal, which drove broader Asian peers to more than 14-week highs, with Asia-Pacific shares outside Japan rising 1 percent.
The Sensex ended the day with 137 points higher at its new closing high of 40,302, versus its previous closing high of 40,267, hit on June 3. The broader Nifty50 index added 51 points to end the day at 11,941 which is 148 points away from a record closing high. In intra-day deals, the BSE Sensex gained as much as 318 points to hit its record high of 40,483.21.
The Nifty Midcap fell 0.15 percent, while and the Nifty Smallcap index rose 0.06 percent.
Bharti Infratel, JSW Steel, Bajaj Finserv, Coal India, and Infosys were the top gainers on the Nifty50, while Zee, IOC, Maruti, Hero MotoCorp, and IndusInd Bank led the losses.
Sectoral indices were mixed for the day. Nifty Metal rose the most, up 2.8 percent during the day, followed by Nifty IT up 0.8 percent. Meanwhile, Nifty PSU Bank and Nifty Fin Services rose 0.7 percent and 0.6 percent, respectively. However, Nifty Media slumped 3 percent and Nifty Auto shed 1.4 percent for the day. Nifty FMCG also fell 0.6 percent and Nifty Realty declined 0.9 percent.
Among stocks, Infosys shares rose 3 percent after the company said that it has not yet seen any prima facie evidence to corroborate the allegations made by a group of whistleblowers last month.
Bharti Infratel's shares rallied 6 percent on reports that the government panel is considering relief for the telecom sector looking at the repayment period of as much as 20 years of adjusted gross revenue (AGR) dues.
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