Sensex Ends Trade Above 38,000 For The First Time; Banking Stocks Lead

The benchmark indices continued their upward momentum at market closing today with Sensex ending above 38,000 points for the first time, led by banking stocks. Nifty 50 gained 0.2 percent or 21 points to end at a closing high of 11,471. The 30-share Sensex crossed 38,000-mark for the first time at the time of opening and continued momentum throughout the day. Also, Nifty hit a record high at 11,493.

The shares of ICICI Bank, SBI, Axis Bank, Coal India, Idea Cellular were among the top gainers in the Nifty index. All sectoral indices traded in the green but the maximum gain was seen in PSU bank, metal, and energy space. Nifty PSU Bank index surged the most by 3%.

ICICI Bank surged 8% after its clarification made on bad loans. Foreign brokerage house Morgan Stanley calls it its top pick in Asia financials.

Ramco Systems also scaled in session by 8% after bagging multi-million software deal from AP Cargo of Philippines.

Page Industries hits 52-week high on robust quarterly numbers. The company declares an interim dividend of Rs. 41 per share.

On Wednesday, led by gains in the scrip of RIL, Nifty and Sensex closed at record high levels. While BSE Sensex closed near to 37,900, Nifty ended the day above 11,450-mark for the first time in stock market history.

Asian stock markets were seen trading mixed on Thursday, wherein Chinese stocks outperformed the region as investors were watchful of the latest developments on trade war between the US and China, Japan's Nikkei was down 0.3%, South Korea's Kospi also traded lower by 0.2% to 2,297.62 whereas Hang Seng of Hong Kong gained 0.6% to 28,533.38.

The domestic currency rupee also opened the day higher by 14 paise at 68.48 versus the dollar in comparison to the previous close of 68.62.

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