Thursday, 25 January 2018

Nifty Hits Record, Crosses 11,000, Sensex Tops 36,000

On 23 January, the NSE Nifty crossed the historical 11,000 level for the first time. And on the other side, BSE Sensex hit another record high of 35,957.99 in an opening trade. This was seen after a rally in metal, oil and gas and IT stocks. Never-ending foreign fund inflows among the strong corporate earnings and positive global leads drove the benchmark indices to fresh lifetime highs. To trade at an all-time high of 11,023.00, the 50-issue Nifty breached the historic 11,000 level by gaining 56.80 points, or 0.51 percent. Nifty improved its previous intra-day high of 10,975.10 touched on Monday. To trade at a new record high of 35,957.99, the flagship BSE Sensex has also surged 159.98 points or 0.44 percent.
nifty 50

This broke its previous record high of 35,827.70. In the previous four record-setting sessions, it was observed that 1,026.99 points rallied up.The industry experts explained that the trading sentiment remained extremely bullish. Widespread buying by retail investors helped key indices to scale new peaks. However, on Wall Street record closing as lawmakers agreed that a budget deal will reopen the US government and a firming trend in other Asian markets too bolstered trading sentiments.

Some of the best performers during initial trade were Axis Bank, Infosys, Reliance Industries, ONGC, Coal India, Tata Steel, Yes Bank, Bajaj Auto, SBI, ICICI Bank, Dr. Reddy's, Kotak Bank, HDFC Ltd, and Hero MotoCorp. These were up with the gains of up to 2.16 percent.

Not only the market in India broke the records but other Asian markets like Hong Kong's Hang Seng index also went up 0.88 percent. This was followed up by Japan's Nikkei that rose 0.93 percent, and Shanghai Composite Index gained 0.70 percent in their early deals. On Monday, the US Dow Jones Industrial Average ended at new high trade, by rising 0.55 percent.

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