HomeMarket NewsOpening Bell: Sensex, Nifty pare gains after hitting new highs; banks, IT stocks rise

Opening Bell: Sensex, Nifty pare gains after hitting new highs; banks, IT stocks rise

Indian shares opened at record highs on Thursday led by gains in banking stocks with Nifty Bank hitting 32,000 levels for the first time ever.

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By CNBC-TV18 November 28, 2019, 9:40:10 AM IST (Published)

Opening Bell: Sensex, Nifty pare gains after hitting new highs; banks, IT stocks rise
Indian shares opened at record highs on Thursday led by gains in banking stocks, with Nifty Bank hitting 32,000 levels for the first time ever. However, the indices later pared gains on profit-booking and muted trades in Asian peers. Investors also remained cautious ahead of November F&O expiry later today and Q2 GDP data due tomorrow.


In intra-day trade, the Sensex rose as much as 143 points to hit a fresh high of 41,164 against its previous high of 41,120 hit on November 26. The Nifty also gained 38 points to hit a new high of 12,138 as against its last high of 12,132.

At 9:22 am, the Sensex was trading 52 points higher at 41,072, while the Nifty added 14 points to trade at 12,115. Among broader markets, Nifty Midcap and Nifty Smallcap indices were trading flat at the opening.

Bharti Infratel, Cipla, UPL, TCS, and Yes Bank were the top gainers on Nifty, while Zee, Vedanta, Hindalco, Hero MotoCorp, and Dr Reddy's led the losses.

Gains in banking and IT sectors were capped by losses in the media and metal indices. Nifty Bank rose 138 points to hit a record high of 32,015 at the opening.

The Nifty PSU Bank rose the most, up 0.9 percent, followed by Nifty Pharma, which gained 0.3 percent. Nifty Media declined 1 percent, while Nifty Metal was flat.

Zee fell 2 percent as two former directors of the company — Subodh Kumar and Neharika Vohra — who resigned from its board, had raised concerns over several issues, including Rs 2,200 crore film advance given in 2018-19, according to a regulatory filing by the firm.

Globally, Asian shares wobbled amid concerns that tensions over Hong Kong could hinder the US-China trade deal. The US President Donald Trump on Wednesday signed into law congressional legislation backing pro-democracy protesters in Hong Kong despite angry objections from Beijing.

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