News Update

Sensex closes at record high on easing US-China trade tensions

Sensex closes at record high on easing US-China trade tensions

Mumbai, Nov 25 Sustained inflow of foreign funds and easing US-China trade tension led the Sensex to close at a record high level on Monday. The metals index exhibited exceptional strength, outperforming the benchmark index to jump over 3 per cent higher.

Telecom stocks, including Infratel, rose on reports that Bharti Airtel along with Vodafone Idea had filed applications in the Supreme Court for a review of its judgment on Adjusted Gross Revenue (AGR).

Of the Nifty50 stocks, 44 ended higher while 7 declined. The top gainers on the NSE were Bharti Airtel, Bharti Infratel and Tata Steel Ltd surging in the range of 5 to 9 per cent, while the top losers were ONGC, Zee and Yes Bank, which is set to be dropped from the Nifty 50 index.

The Sensex closed 529.82 points, or 1.34 per cent higher, at 40,889.23 before hitting an all-time high of 40,931.71. The broader Nifty advanced by 164.60 points to 12,079.

“Cues that US and China will conclude a deal by next month lifted the sentiment across the globe. Reconstruction of Sensex indices and new developments over divestment to curb the fiscal deficit provided confidence in Indian market,” said Vinod Nair, Head of Research at Geojit Financial Services.

Deepak Jasani of HDFC Securities said: “Core infra data for October will be unveiled on November 29 and India’s Q2FY20 GDP number will also be unveiled on November 29 post market hours. The macro numbers may not surprise positively but will put behind one uncertainty.”