Market benchmarks Sensex and Nifty soared to new peaks on Tuesday, driven by gains mainly in metal, financial and IT stocks amid firm global cues and sustained foreign fund inflows.
After surging to its record intra-day peak of 41,401.65, the 30-share BSE barometer settled 413.45 points, or 1.01 per cent, higher at its all-time high of 41,352.17.
Similarly, the broader NSE Nifty rallied 111.05 points, or 0.92 per cent, to its record closing high of 12,165.
Tata Steel was the top gainer in the Sensex pack, surging 4.38 per cent, followed by Bharti Airtel 4.37 per cent, Vedanta 3.50 per cent, Tata Motors 3.03 per cent, HDFC 2.46 per cent and Bajaj Finance 2.39 per cent.
On the other hand, Sun Pharma fell 1.37 per cent, M&M 0.63 per cent, Bajaj Auto 0.56 per cent and HUL 0.48 per cent.
According to experts, domestic market scaled record peaks following positive cues from global equities that rallied on optimism over US-China trade truce.
“The positive mood of the markets was also aided by the RBI Governor’s statement about central bank’s further accommodative stance in terms of policy rate provided if there is a need,” said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers.
{{/usCountry}}“The positive mood of the markets was also aided by the RBI Governor’s statement about central bank’s further accommodative stance in terms of policy rate provided if there is a need,” said Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares & Stock Brokers.
{{/usCountry}}The traders were also seen optimistic ahead of Wednesday’s GST Council meet and expects some positive outcome from the same, he added.
Sustained foreign fund inflows too boosted market mood here, experts said.
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 stock exchange showed on Monday.
Bourses in Shanghai, Hong Kong, Seoul and Tokyo ended significantly higher, while those in Europe were trading on a mixed note.
On the currency front, the rupee appreciated 3 paise against the US dollar to 70.96 (intra-day).
Brent futures, the global oil benchmark, was slipped 0.17 per cent to USD 65.23 per barrel.