Nifty Hits All-Time High For The First Time Ever

As market participants await the outcome of US Federal Reserve meeting, the equity benchmark Nifty 50 extended yesterday’s gain and made an all new lifetime high of 10,178.95 points. When BSE Sensex gained 98.68 points to open at 32,522.44 points, NSE Nifty advanced 22.5 points and opened a record high of 10,175.6 points.

After execution of multiple block deals Tata Motors shares were the top gainer on the benchmark Sensex, rose as much as 4,53% to the day’s high of Rs 423.7. After few minutes of trading both the key indices fell into negative territory, Sensex fell 0.03% to 32,412.59 points and Nifty lost 0.05% at 10,147.7 points.

The heavyweight companies such as HDFC Bank, ITC, Tata Motors, Gail, and IndusInd Bank contributed the most to the Nifty 50 gains. The stocks of Tata Motors (up 4.12%), Hero MotoCorp (up 0.41%), Ambuja Cement (up 1.48%), and IndusInd Bank (up 0.43%) were the top gainers on the index. Among 51 listed scrips on NSE Nifty, only 20 are trading in green while 31 fell into negative territory while most of the sectoral indices of NSE are trading mixed as 6 out of 11 failed.

Due to the dollar demand from importers and banks, the rupee dropped marginally against the US currency to 64.14. At the interbank foreign exchange, the rupee opened lower by 5 paise at 64.18 against the last close of 64.13. As financial stocks rose ahead of a Federal Reserve meeting, the S&P 500 ended slightly higher on Monday, but the Nasdaq pared gains sharply as technology stocks lost ground late in the session. With the Fed meeting starting from today, it is expected to yield details on how the central bank will unwind it’s $4.2 trillion portfolios of Treasuries and mortgage-backed securities, nearly a decade after the global financial crisis.

 

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