Benchmark Indices rallied for the fourth straight session on Thursday, with Nifty Bank hitting a record high as investors remained positive of the Modi-led government winning 2019 elections. Meanwhile, Asian shares barely budged as investors reacted cautiously to mixed data from China.
The S&P BSE Sensex was trading at 37,884, up 132 points, while the broader NSE Nifty50 was ruling at 11,365, adding 24 points. Meanwhile, broader markets were in-line with the frontline indices with the Nifty MidCap rising 0.3 percent and Nifty Smallcap gaining 0.4 percent.
Banking and finance stocks led the gains with IndusInd Bank, Yes Bank, Bajaj Finance, HDFC Bank and SBI gaining the most on Nifty50, while, HPCL, HeroMoto Corp, Tata Motors, Bajaj Auto and Ultratech Cement were the top draggers, falling up to 4 percent.
Among sectors, Nifty Bank hit a record high at opening trade, crossing the 29,000-mark, up over 100 points. Nifty Realty, Nifty Pharma, Nifty Metal and Nifty Media were the other sectors gaining in the day. Nifty FMCG was the only sector trading in red in the early morning deals.
Zee gained 2 percent amid news reports that Sony Corp is in advanced talks to buy a 20 to 25 percent stake in the company to form a strategic partnership.
Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan held at 522.06 points. Japan’s Nikkei rose 0.5 percent while Australian and New Zealand shares each added 0.2 percent. Chinese shares were in the red after data showed the country’s industrial output expanded at the slowest pace in 17 years. Shanghai’s SSE Composite index tumbled 1.2 percent while the blue-chip CSI 300 eased 0.4 percent.
