Sensex hits new high, crosses 31,600; nse above 9,700 after trading resumes

Sensex hits new high, crosses 31,600; NSE above 9,700 after trading resumes

MARKET NEWS - Sensex continued trading higher in the noon deals, after both Sensex and NIfty hit their all-time high at open tracking global markets after a higher Wall Street on Friday. On the other hand, NSE resumed trading in cash and F&O segment after the exchange shut for over 2 hours post a technical glich in the early morning deals. It shut down trading in the futures & options (F&O) segment at 9:55am.

In the early-morning trade, Sensex rose as much as 279 point to hit the record high of 31,639, surpassing its previous milestone of

31,522 hit on June 22 while Nifty gained as much as 100 points to hit 9756, surpassing the last high of 9,709 hit on June 6 At 12:34 pm, the S&P BSE Sensex was trading at 31,531601, up 241 points, while the broader Nifty50 was ruling at 9,728, up 62 points.

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap were in line with the frontline indices up 0.3% and 0.6% respectively.

Downsides are likely to be limited, but the disinclination to register much gains past 9,700 last week is suggestive that traders are looking for cheaper levels, and are not keen on chasing prices higher. To this end, a turn lower may be expected on first play around 9,700 but the ability to swing back would be retained as long as 9,580 is not broken. Further, direct rise above 9,700 is less expected spark short covering," said Geojit Financial Services in a note.

Buzzing Stocks TCS, Tata Motors, Bharti Airtel, Lupin and SBI gained the most on BSE Sensex while ITC, Tata Steel, M&M and Dr Reddy's lost the most on the index.

Shares of IDFC and Shriram Group companies slid on BSE after Shriram group and IDFC unveiled their intent to merge the two entities.

IDFC was down 3.51%. IDFC Bank was up 1.08%. Shriram Transport Finance Corporation (down 6.64%), and Shriram City Union Finance (down 5.01%), edged lower.

ARTICLE SOURCE – BUSINESS STANDARD