Market picks up pace after initial sluggishness; Sensex crosses 85000 for the first time, Nifty close to 26000
New Delhi| After initial weakness on the second trading day of the week, greenery has returned to the stock market. On Tuesday, Nifty managed to cross the 85000 level for the first time. On the other hand, Nifty also reached close to 26000 for the first time. At 10:06 am, Sensex was seen trading at 25,957.85 with a gain of 66.71 (0.07%) points and Nifty was seen trading at 18.80 (0.07%) points higher than 85,004.62.
Indian benchmark indices, Sensex and Nifty reached new record highs for the fourth consecutive session on Tuesday. The market continued to rise after the Federal Reserve cut interest rates drastically last week. During this time, Sensex crossed the 85,000 mark for the first time, while Nifty is just a short distance from 26,000.
Infosys, Reliance Industries, HUL, Kotak Bank and TCS contributed the most in bringing down the Sensex in early trade. There was weakness in them. JSW Steel, Tata Steel, Power Grid, Nestle India, NTPC and Tata Motors started with gains. Among individual stocks, AstraZeneca Pharma gained 8% after it was approved for import sales and distribution of the drug dervalumab.
Reliance Power shares open with 5% upper circuit. The company is reported to be planning to raise up to Rs 1,525 crore through preferential allocation to reduce debt and expand business. China’s central bank has announced measures related to comprehensive monetary stimulus and property market support to bring new momentum to its troubled economy. This was followed by a rise in metal stocks including Vedanta, Tata Steel, JSW Steel and Hindalco. Nifty Metal Index gained 1.7%. The Small and Mid Cap indexes, both broad and focused on the domestic market, rose by 0.13% and 0.2% respectively.
