The stock market today set new records. Sensex opened above 41,000 for the first time. It touched a high of 41,120.28 with a gain of 231 points during trading. The previous record is of Monday only. The Sensex had reached 40,931.71 in intra-day on Monday. The Nifty climbed 59 points to 12,132.45. This is also the highest level ever. The previous record was 12,103, the Nifty reached this level in June. However, both indices did not survive the upper levels today and lost most of the gains.
According to analysts, the buying phase in the stock market is continuing due to strong foreign and domestic signals. The first phase of the US-China trade deal is expected next month. Here, the RBI is expected to reduce the interest rate again in next month's monetary policy review meeting. Investors are also short-covering ahead of the November futures expiry on Thursday.
ONGC shares gain 1%
24 out of 30 stocks of Sensex and 39 out of 50 stocks of Nifty were seen. Yes Bank and Tata Steel rose 2–2 per cent. ICICI Bank gained 1.7% and ONGC gained 1%. Reliance Industries shares rose 0.7%. The company is close to reaching a market cap of Rs 10 lakh crore.
Power grid shares fall 1.5%
Bharti Airtel's stock plunged 3%. The power grid declined by 1.5%. Axis Bank and Bajaj Auto were down 0.4–0.4 percent. Larsen & Toubro and TCS saw losses ranging from 0.3% to 0.4%.
Mixed business in Asian markets:
Mixed business is being done in Shanghai, Hong Kong, Seoul and Tokyo markets. US stock markets closed higher on Monday.
Rupee fell 8 paise to 71.66 against a strong dollar. It closed at 71.74 on Monday. Meanwhile, Brent crude fell 0.05% to $ 62.59 per barrel in the international market.