Sensex scales new high close on profit gains, global signals

Mumbai, November 4 () The BSE Sensex share benchmark index posted earnings for the seventh consecutive session to settle at a new closing peak of 40,302 on Monday, driven by encouraging quarterly earnings, sustained inflows of foreign funds and positive global signals.

Sensex of 30 shares rose 136.93 points, or 0.34 percent, to finish at a record high of 40,301.96, exceeding the previous record of 40,267.62 reached on June 3. The seven-session winning race is also the best since mid-Mark for the Sensex. The index also reached its all-time high during the day of 40,483.21.

The broader NIF NSE also advanced 50.70 points, or 0.43 percent, to close at 11,941.30.

The main winners of the Sensex package included Infosys, Vedanta, HDFC, Tata Steel, ONGC and ICICI Bank, with an increase of up to 3.05%.

HDFC shares increased after the company reported an increase of more than 76.3 percent in consolidated net earnings to Rs 10,748.69 million in the September quarter.

On the other hand, Maruti, Hero MotoCorp, IndusInd Bank, Tata Motor and PowerGrid lost up to 2.54 percent.

Sectorially, the rates of BSE metal, telecommunications, basic materials, IT, teck and finance rose to 3.20 percent.

While BSE rates for cars, real estate, consumer goods and consumer durables fell to 1.29 percent.

The broader BSE midcap and smallcap rates rose to 0.22 percent.

Experts said that better liquidity of foreign funds, the decrease in geopolitical risks and the focus on upcoming reforms to revive growth also boosted investor sentiment.

Continuing their shopping streak for the second consecutive month, foreign investors injected 16,464 million net rupees into Indian capital markets in October 2019.

Indian markets continued their uptick, as anticipated gains attracted investors. In addition, buoyant global markets have supported Indian markets. For example, passenger car sales grew last month for the first time since February 2019. On the flow front, the FII have been net buyers for the second consecutive month ..., said Sunil Sharma, chief investment officer at Sanctum Wealth Management.

Meanwhile, the Indian rupee appreciated 4 paise at 70.77 against the US dollar.

Brent crude futures, the world benchmark for oil, rose 0.28 percent to USD 61.86 per barrel.

Globally, the stock exchanges in Shanghai, Hong Kong and Seoul settled more on the optimism about the trade agreement between the United States and China after the Chinese Ministry of Commerce announced on Saturday that the main Chinese and US trade negotiators reached A consensus on the principles. The exchanges in Europe were also negotiated with a positive note in their respective initial agreements. ANS MKJ SHW SHW