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Nifty Crosses 11,000, Sensex Hits 36,000: New Year Being Merrier & Happier

Nifty Crosses 11,000, Sensex Hits 36,000: New Year Being Merrier & Happier
News Room | January 23, 2018

Nothing can be a better new year for the investors than coming across splendid news like the BSE Sensex hits the psychological mark of 36,000 and NSE Nifty breaches 11,000, led by the rally in shares of RIL and Infosys. This is by far the sharpest gain in Asia after the US government passed a temporary funding bill that ended the shutdown in the world’s largest economy.

January 23, 9:20 AM witnessed yet another historic moment when the Nifty50 began to trade higher at 48.80 points or 0.45 percent and outclassed 11,000 level, making a top of 11,018 and the BSE Sensex, as was reigning at 35,973.69 rose by 175.68 points or 0.49 percent and crossed the marks of all-time high 36,024.07.

As reported, the domestic markets are on a continuous rising spree since the last 13 months with the Sensex and Nifty making or breaking newer highs day after day. The heavyweight shares of companies like Infosys, Reliance Industries, ICICI Bank, HDFC and Tata Steel have contributed the most in the recent outperformance of Nifty and Sensex by collectively adding about 140 points to the index out of total 190 point gains.

Other blue-chip companies such as Maruti Suzuki India, Canara Bank, Idea Cellular, Coal India and Dr. Reddy’s Laboratories are likely to steer the domestic equities ahead as they are scheduled to announce their Q3 earnings this week. Besides, shares of Indiabulls Housing Finance are under a close watch, being all set to announce its third-quarter earnings. Force Motors, Indiabulls Real Estate, Alembic, Can Fin Homes, Crompton Greaves, Consumer Electricals, PNB Housing Finance, Edelweiss, Financial Services, L&T Technology Services, NIIT, RBL Bank Symphony, Syngene International, United Spirits and Wabco India are also lined up with their Q3 results.

Metal stocks are trading higher. Tata Steel Limited rose 2.2%, Jindal Steel and Power Limited 5.2%, JSW Steel Limited 4.5%, Hindalco Industries Limited 4.2% and Steel Authority of India 4%. On the other hand, aviation stocks rose with Jet Airways India Limited 4.3%, InterGlobe Aviation Limited 3.7% and Spice Jet Limited 2%. Besides, Vakrangee shares have also gained on Q3 earnings by 5% to Rs. 492.90, while ONGC and Axis Bank rose by 1.35% to Rs. 202.65 and 1.82% to Rs. 622.20 respectively.

Analysts believe that this optimism in the market is likely to continue, especially after the honourable Prime Minister Narendra Modi on Sunday indicated that the upcoming Budget will not be a populist one. He further mentioned in an interview with Times Now that it was a “myth” that people wanted sops and freebies. It is the responsibility of the government to understand the needs and aspirations of the people and work towards achieving them honestly.

So to say, according to the latest updates of IMF projects, India is projected to grow at 7.4% of its Gross Domestic Product (GDP) in 2018 and turns to be the fastest growing economy as against the last year’s slowdown due to demonetization and Goods and Services Tax (GST) implementation.

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Debanjali SenguptaContent

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