Ahead Of GDP Data, Equity Indices End At Record Closing High
Mumbai: The Sensex and Nifty on Thursday ended at record closing highs ahead of the release of the GDP numbers on Friday, which is widely expected to fall to a decadal low, but investors seemed to focus on the easing of trade tension between the US and China.
The largest index contributor, Reliance Industries (RIL), became the first Indian company to hit the market cap of Rs 10 lakh crore. RIL and ICICI Bank both touched their 52-week highs on Thursday.
The benchmark Sensex ended 109.56 points higher at 41,130.17 after hitting an intra-day high of 41,163.79 and a low of 40,996.08. The broader Nifty advanced 53.60 points to 12,154.30.
“Market stayed positive despite expiry-led volatility and the announcement of GDP data tomorrow (Friday) as investors got a sense that increasing global liquidity will provide support in every consolidation,” said Vinod Nair of Geojit Financial Services.
Ruchit Jain of Angel Broking said that the indices continue to register new highs with the broader markets witnessing good buying interest. Although the index traded within a range, there was good stock specific momentum seen throughout the day.
“As expected, our markets are now undergoing a phase of a trended upmove as the indices continue to hit new milestones whereas stocks are witnessing upmoves with good volumes,” Jain added.