Nifty Reclaims 12,000, Sensex Hits New Record High

NSE's benchmark index Nifty 50 surged close to 1.3 percent to 12,084.50 in intraday trade on Monday, while BSE's Sensex hit a new record of 40,931.71 points. The former ended at 164.60 points higher at 12,073.75 and the latter closed 529.82 points higher at 40,931.71.

On the Indian stock exchanges, shares of metal companies were in focus after positive developments in the US-China trade talks. Nifty Metal was the best performer among sectoral indexes on NSE, surging as much as 2.5 percent.

Nifty 50's previously recorded all-time high was 12,089 on 3 June. Sensex's last all-time high was recorded last week on 20 November at 40,816.38 points.

Jindal Steel & Power rose by close to 6 percent to Rs 153.30, Hindalco Industries surged over 4 percent to Rs 200.65, Tata Steel jumped over 4 percent, JSW Steel was up close to 3 percent, Vedanta by 2 percent, Steel Authority of India (SAIL) by 2.2 percent and NMDC by over 3 percent.

Shares in the Asian markets were trading higher after headlines on talks between the US and China and elections in Hong Kong.

On Saturday, US national security adviser Robert O'Brien said an initial trade agreement with China was still possible by the end of the year.

In Hong Kong, Hang Seng index jumped after Reuters reported that pro-democracy candidates surged to a landslide victory following a record voter turnout.

As for metal stocks, Edelweiss, in its report dated 14 November, said that stock prices and earnings of such companies would bottom out in the third quarter of the financial year 2019-20.

"Spot raw material (RM) spreads for domestic players have inched up 3 per cent to Rs 20,965/t as a result of uptick in domestic hot rolled coil (HRC) HRC prices and fall in international coking coal prices-down a further $10/t thus far in Q3FY20. If the price hike sustains, we believe earnings of ferrous players are likely to bottom out in Q3FY20 as spreads will become increasingly favourable hereon," the brokerage firm said.