Sensex jumps to new high, NIFTY also on rise.

Sensex jumps to new high.

Indian markets recovered to hit a new high today, with Sensex rising as much as 358 points to a new intra-day high of 40,606.

Nifty also hit 12,000 after a gap of five months. The Sensex closed 221 points higher at 40,469, also a new closing high, while Nifty settled 0.37% higher at 11,961.

The rebound was led by banking stocks. The Nifty Bank index was up over 1%. ICICI Bank, IndusInd Bank, Kotak Bank, RBL Bank, HDFC Bank and Axis Bank rose between 1% and 2.5%.

Shares of Infosys ended 2.4% higher today. Infosys, in a stock exchange filing today, strongly condemned the mischievous insinuations made by anonymous sources against the cofounders and former colleagues, suggesting their involvement in the recent whistleblower allegations.

Tata Motors, HUL and L&T were among the other top gainers in the Sensex pack.

Better-than-expected earnings from some market heavyweights, the corporate tax rate cut, expectations of more measures from the government to boost the economy and a positive global backdrop have helped Indian markets to hit new highs.

SENSEX FIGURE.

“Market clocked a new high based on commitment from the finance minister to speed up reforms in the near future. Realty and financials outperformed in expectation of new measures while metal stocks gained owing to easing global trade war. Better results from index heavyweights kept expectations high for earnings growth, influencing investors to stay in the market,” said Vinod Nair, head of research at Geojit Financial Services.

Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector. She said that real estate has a spillover effect on many sectors, hence addressing its issues will benefit industries such as cement and steel, who are the major suppliers.

Finance Minister Nirmala Sitharaman

Tata Motors, HUL and L&T were among the other top gainers in the Sensex pack.

Better-than-expected earnings from some market heavyweights, the corporate tax rate cut, expectations of more measures from the government to boost the economy and a positive global backdrop have helped Indian markets to hit new highs.

“Market clocked a new high based on commitment from the finance minister to speed up reforms in the near future. Realty and financials outperformed in expectation of new measures while metal stocks gained owing to easing global trade war. Better results from index heavyweights kept expectations high for earnings growth, influencing investors to stay in the market,” said Vinod Nair, head of research at Geojit Financial Services.

Finance Minister Nirmala Sitharaman on Tuesday said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector. She said that real estate has a spillover effect on many sectors, hence addressing its issues will benefit industries such as cement and steel, who are the major suppliers.