Sensex, Nifty hit fresh record high; Asian Paints, Tata Steel top gainers

NEW DELHI: Benchmark indices hit a fresh record high on Friday following firm global cues. US stocks soared to new highs in overnight trade while, back home, there was some positive momentum around monsoon which is likely to hit Kerela coast early next week.

The market rose after media report Trump administration in the US calling for a hike in infrastructure and military spending, along with a raft of politically sensitive cutsin the US, in areas such as healthcare and food assistance programs, with the aim of chopping government spending by $3.6 trillion and balancing the budget over the next decade.

Chinese stocks were trading marginally lower after the rating agency Moody’s cut its rating on the Chinese debt to A. Japanese stocks rise half-a-per cent even as Bank of Japan’s governor said uncertainty about the natural rate of interest - the level of interest rates that neither stimulates nor constrains growth - is making it difficult for central bankers to steer policy.

At 9.25 am, the BSE Sensex was trading 69 points, or 0.22 per cent, higher at 30,818.90. The index hit a record high of 30826.26 in the opening trade.

The NSE’s barometer Nifty50 rose 12.20 points, or 0.13 per cent, to 9,521.95

Data suggested that the market-wide rollover of futures and options contracts stood at 76 per cent, which were higher than the average of 75 per cent seen during the comparable period of last three series. Rollover of Nifty futures stood at 74 per cent, which were highercompared with the average rollover of 69 per cent seen in last three series.

“We continue to maintain our bullish stance on the market and thus, advice traders to trade with a positive bias for an upside target of 9650 – 9700 level,” said Jay Purohit, Technical and Derivative Analyst at Angel Broking

Asian Paints jumped 2.15 per cent to Rs 1,136.30. Tata Steel advanced 1.75 per cent to Rs 493.80. ITC gained 1.53 per cent to Rs 304.30 ahead of its quarterly earnings later in the day. Dr Reddy’s Labs, Bharti Airtel and Tata Motors added up to 1.5 per cent.

Cipla plunged 4.39 per cent to Rs 481.95 and was the worst Sensex performer.

Brokerages said that losses due to extra-ordinary items hurt the drug makers Q4 numbers. Angel Broking has maintained its ‘REDUCE’ rating on the stock post the weak results.