Sensex and Nifty at fresh all-time highs ahead of Economic Survey

02 February, 2018, 00:18 | Author: Salvatore Jensen

Sentiment was upbeat as investors were seen enlarging their portfolios ahead of the Economic Survey due today and the Union budget on February 1, brokers said. 30-share BSE Sensex lost 249.52 points to close on 36,033.73 while the broader 50-share NSE Nifty finished on 11,049.65, down by 80.75 points. "The market slid followed by weaknesses in global markets while investors are likely to utilise the correction as improving domestic macros coupled with earnings growth will benefit in the long run".

"Markets corrected on Tuesday as selling pressure emerged in the morning session".

The 30-share Sensex gained 306.55 points, or 0.85 percent, to touch an all-time high of 36,356.99, breaching its previous record of 36,268.19 (intra-day) reached on 24 January.

The Sensex has so far touched a high of 36,291.82 points and a low of 36,014.32 during intra-day trade.

"The upcoming US Fed policy and India budget will remain the near term catalyst", said Vinod Nair, Head of Research, Geojit Financial Services.

Foreign funds bought sharers worth Rs 937.31 crore on Thursday, as per provisional data.

In the Nifty50 index, top drags included Eicher Motors, Kotak Mahindra Bank and Bharti Infratel, which tanked up to 3 per cent.

TCS, ICICI Bank, ITC, Reliance Industries, HDFC Bank were among early losers while Bajaj Auto, Hero Motocorp, Indiabulls Housing were among early gainers. Coal India's stock, down 2%, was the worst hit on Nifty50.

Essar Securities were locked at the 5% lower circuit after promoter Essar Capital sold 4.76% stake in the company through the open market.

In Asia, Japan's Nikkei fell 1.43 per cent and Hong Kong's Hang Seng slipped 1.09 per cent, while Shanghai Composite Index dropped 0.99 per cent.



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