Nifty hits all-time high in early trade
Indian benchmark indices rallied in early trade on Tuesday, with the Nifty rising 0.26 percent to touch an all-time high of 24,650.05. It later trimmed the gains and was trading at 24,628.40, up 0.17%, as of 10:10 am.
The Sensex, meanwhile, advanced 0.17 percent to 80,803.40.
Major gainers on the Nifty included Bharti Airtel, Adani Enterprises, Coal India, M&M, and Tata Steel. Shares of Dr. Reddy’s Labs, Hero MotoCorp, L&T, Divis Labs, and Nestle India saw declines.
“Technical analysis indicates a positive near-term trend, supported by sustained levels above 24,400 and potential targets nearing 24,950 in the coming week,” said Varun Aggarwal, MD of Profit Idea.
Both Sensex and Nifty have accumulated 11-13 percent returns so far this financial year. Strong buys by foreign and domestic institutional investors have also supported the stock markets.
Asian shares fell on Tuesday as investors pondered the prospect of a Trump victory and what that would mean for China, while the dollar climbed for a second day, even though dovish Fed comments fueled bets of more U.S. rate cuts this year.
Wall Street closed higher, with the Dow Jones notching an all-time closing high thanks to energy and banking shares. Bitcoin jumped 6%, gold climbed towards a record high, and the yield curve steepened as investors favored so-called Trump-victory trades.
Oil prices ticked down on worries about a slowing Chinese economy crimping demand. Brent futures fell 0.2% to $84.72 a barrel, while U.S. West Texas Intermediate (WTI) crude also slipped 0.2% to $81.70.
(With inputs from agencies)
