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Sensex surges to new high, Nifty hits 12,000 after 5 months – Livemint, Livemint.com

Sensex surges to new high, Nifty hits 12,000 after 5 months – Livemint, Livemint.com


Overcoming a weak start, Indian markets recovered to hit a new high today, with Sensex rising over 300 points to 40, 606. The broader Nifty also hit 12, 000 after a gap of five months. The rebound was led by banking stocks. The Nifty Bank index was up over 1%. Yes Bank, IndusInd Bank, ICICI Bank, RBL Bank, Axis Bank and HDFC Bank were up between 1% and 2.5%.

Shares of Infosys were 3% higher today. Infosys, in a stock exchange filing today, strongly condemned the mischievous insinuations made by anonymous sources against the cofounders and former colleagues, suggesting their involvement in the recent whistleblower allegations.

Tata Motors, Hero MotoCorp , L&T and Sun Pharma were among the other top gainers.

Better-than-expected earnings from some market heavyweights, the corporate tax rate cut, expectations of more measures from the government to boost the economy and a positive global backdrop have helped Indian markets to hit new highs.

Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector. She said that real estate has a spillover effect on many sectors, hence addressing its issues will benefit industries such as cement and steel, who are the major suppliers.

“If the government actually moves ahead with some good measures to revive the real estate sector then a couple of very strong buildings / factories construction companies that only do EPC will be prime beneficiaries, “market analyst Sandip Sabharwal tweeted.

The Nifty Realty index was up over 2% today. DLF, Sobha, DLF and Godrej Properties were up between 3% and 5%.

Shares of Titan fell as much as 10% today to1, 160 after Tata group company posted a muted second quarter earnings. “The quarterly numbers came in lower than expected. The company also cut its guidance for the second half,” HDFC Securities said in a note.

The jewelery business of Titan had a subdued quarter on the back of very high gold prices, recording an income of3, 528 crore, as compared to3, 582 crore last year.

(With Agency Inputs)

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