Sensex, Nifty close at record highs

MUMBAI, AUG 8(AGENCIES): | Publish Date: 8/9/2018 5:07:33 AM IST

 The market closed at record highs Wednesday 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. Other Sensex gainers were ONGC (2.87%), ICICI Bank (1.63%) and SBI (1.53%).  
Vinod Nair, Head of Research at Geojit said, “After a muted start, market scaled to new high on account of increase in FII inflow and in line quarter earnings. 
Strong domestic triggers will continue to add room to outlook, whereas factors like volatility in oil price and rupee may delay the pace of rally. Global markets were mixed as investors continue to stay cautious due to lingering concern on US trade tensions.”
Banking stocks led the charge with the Bank Nifty closing above 28,000 level for first time.
BSE bankex too rose 245 points or 0.78% to close at 31587 level.
Consumer goods stocks too contributed to the rally with a 271 points or 1.25% rise in trade on Wednesday.
“Markets are ignoring the developments shaping the US-China conflict, because in the results seasons in the large-cap category, there are more hits than misses and they are actually supporting the markets,” said Saurabh Jain, assistant vice president of research, SMC Global Securities.
Maruti Suzuki was the top Sensex loser falling 1.99%. However, market breadth was negative with 1,315 stocks closing higher compared with 1422 stocks falling on the BSE.
Meanwhile, FIIs purchased shares worth Rs 314.83 crore on net basis on Tuesday, while DIIs sold shares worth Rs 319.9 crore.

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