Nifty At Fresh 2016 Peak As S&P 500 Hits New Record

Business

oi-Sunil Fernandes

By Sunil Fernandes

Published: Tuesday, July 12, 2016, 10:20 [IST]

Benchmark indices were trading higher once again in trade with the Nifty at a fresh 2016 peak and at an almost 11-month high, as global cues remained robust.

Solid gains across the US markets, which propelled the S&P 500 to a new high, ensured that the momentum across Asia and the other markets were sustained.

The Sensex was trading with gains of 74 points, while the Nifty was up 19 points in trade. Reports that the monsoon will cover the entire country in the next 24-hours also helped boost sentiments.

All eyes would now be on the inflation data, due later today. Banking stocks were power ahead once again in trade. ICICI Bank was up 2 per cent, while Federal Bank, Axis Bank and Bank of India were the other gainers in trade.

In Asia the Japanese Nikkei, the Singapore's Strait Times and the Korean Kospi were among the gainers.

Meanwhile, the rupee was trading with marginal losses at 67.21 against the US dollar.

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