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Sensex hits fresh record high, Nifty above 12,130; metal stocks gain

Updated : December 17, 2019 01:53 PM IST

The BSE Sensex hit a fresh lifetime high of 41,263.

The broader NSE Nifty50 traded 86 points or 0.71 percent higher at 12,139.

The Nifty MidCap 100 index surged half a percent, while the Nifty SmallCap 100 index was also 0.56 percent up.

The Indian market traded with strong gains on Tuesday, boosted by sustained buying in IT, metal and financials amid positive global cues. The highlight of the session was the BSE Sensex hitting a fresh lifetime high of 41,263.

The 30-share benchmark BSE frontline index traded 307 points or 0.75 percent higher at 41,246 at 12.12 pm. The Sensex had opened at 41,052. The broader NSE Nifty50 traded 86 points or 0.71 percent higher at 12,139. The NSE frontline index touched the day's high of 12,144, after starting at 12,082.

Broader market indices also traded positive but lagged behind their frontline peers. The Nifty MidCap 100 index surged half a percent, while the Nifty SmallCap 100 index was also trading 0.56 percent higher.

Except for Nifty Pharma and realty, all other sectoral indices traded positive with metal, IT, media and PSU banks rising between 1 and 3.5 percent.

Among the top Nifty gainers, metal stocks were leading with reports that the government may revise customs duties for products. Vedanta, Tata Steel, Hindalco, JSW Steel and Tata Motors gained between 2 and 5 percent. GAIL, Sun Pharma, NTPC, Bharti Infratel and UPL shares dropped by up to 1.4 percent.

Shares of Magma Fincorp fell nearly 5 percent on Tuesday after credit rating agency ICRA revised its outlook to 'Negative' from 'Stable' due to deterioration in the asset quality. The stock price declined as much as 4.8 percent to Rs 53.35 apiece intraday on the BSE.

Shares of Mastek Ltd surged as much as 4 percent on Tuesday, continuing its gaining streak for the third straight session. The company has gained 20 percent in the three sessions on its wholly-owned subsidiary Mastek UK selling a partial stake in Majesco.

On a net basis, foreign institutional investors bought equities worth Rs 728.13 crore, while domestic institutional investors sold shares worth Rs 796.38 crore, data available with the stock exchange showed on Monday.

In the currency market, the rupee traded at 70.94 per US dollar. The home currency had opened at 70.96, registering a rise of 4 paise over its previous close. On Monday, the rupee had settled for the day at 71.00 against the US dollar.

The 10-year government bond yield was at 6.78 percent in morning trade.

Asian markets surged as trade deal optimism, positive economic signals in China and Wall Street’s rally sent shares to an 18-month high. MSCI's broadest index of Asia-Pacific shares outside Japan rose 1 percent to its highest since June 2018.

Japan's Nikkei touched its firmest in more than year, while markets from Shanghai to Seoul and Hong Kong all rose by more than a percentage point.

-with inputs from agencies

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Sensex hits fresh record high, Nifty above 12,130; metal stocks gain

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