Sensex crosses 38,000 level for first time, Nifty inches closer to 11,500

At 9:56 am, the Sensex was trading 117 points higher at 38,004 level.  Meanwhile, the Nifty inched closer to the 11,500 level,  rising 45 points from its previous close. It hit all time high of 11,495 level.

By BusinessToday.In  
Thursday, August 9, 2018

The Sensex continued its record rally in early trade and crossed the key 38,000 level for the first time ever led by a rise in banking stocks. At 9:56 am, the Sensex was trading 117 points higher at 38,004 level.  Meanwhile, the Nifty inched closer to the 11,500 level,  rising 45 points from its previous close. It hit all time high of 11,495 level.

While the Sensex has gained 11.67% since the beginning of this year, Nifty rose 9% during the same period this year. 

ICICI Bank (4.95%) , Axis Bank (2.05%) , SBI (1.86%), Infosys (1.80%) were the top gainers on Sensex. ICICI Bank (4.58%), Axis Bank (2.30%), Cipla (1.97%), SBI (1.75%)  were the top gainers on Nifty.

The BSE Bankex rose 275 points or 0.87% to 31,863 level.

Ankur Maheshwari, CEO of Wealth management Equirus said, "It is very important to review the portfolio from an asset allocation perspective at current market levels. Partial profit booking at current valuations also could be considered by investors. Also, for further investments in equities, investors should take a staggered approach and not a lump-sum route."

BSE healthcare index also contributed to the rally, rising 153 points or 1.06%  in trade today.

Midcap and small cap indices too rose nearly 0.50 percent each, respectively.

On the BSE, top gainers were RCom (6.05%) , HCC (13.93%) and JP Associates (5.95%).

B Gopkumar, Executive Director and CEO  at Reliance Securities said,  "Indian equity market for the first time crossed the 38k levels and scaled to new all time high on back of renewed buying interest in both PSU and private banks including ICICI BANK and  AXIS Bank.  We continue to remain positive on the markets. The market has entered a new trading zone. The Nifty from the current levels of 11,470 levels is expected to scale to 11,570 to 11,650 levels. On the downside, the Nifty is expected to find support at 11,300 levels."

"While we expect some consolidation in the market after a sharp rise in the index, investors should continue investing through SIPs and stick to companies with strong balance sheet that are generating positive cash flows," he added. 

Large cap stocks were trading  marginally higher with BSE large cap index rising 11 points to 4449 level.

Market breadth was positive with 1183 stocks trading higher compared to 618 falling on the BSE.

The market closed at record highs yesterday powered by a surge in banking and consumer durables stocks. While the Sensex closed  221 points or 0.59% higher at 37,887, the Nifty gained 60 points to close at 11,450 level. Intra day, the Sensex hit an all-time high of 37,931 and Nifty touched 11,459 level for the first time. Market heavyweight Reliance Industries added 2.85% or 35 points to close at 1217 level . The stock touched a fresh 52 week high of 1222.

Global markets

Asian stock markets were mixed on Thursday with Chinese stocks outperforming the region, as investors watched the latest developments on trade. Prices of oil stabilized.

Japan's Nikkei 225 fell 0.3 percent to 22,584.18 while South Korea's Kospi inched down 0.2 percent to 2,297.62. Hong Kong's Hang Seng index advanced 0.6 percent to 28,533.38. Shanghai Composite Index jumped 1.3 percent to 2,781.06. Australia's S&P-ASX 200 was up 0.5 percent to 6,301.30. Stocks in Taiwan and the Philippines were lower but they were higher in Indonesia and New Zealand.

Written and edited by Aseem Thapliyal

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