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Sensex, Nifty Open At New Record High; Telecom, Auto Stocks In Focus

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On Thursday, the benchmark indices rocketed to new highs, despite a sluggish global market environment. The Sensex jumped 140 points to 58,860, thanks to gains in RIL and private bank equities.

 

All indexes gained in the sectoral space. The gainers were led by the Nifty Media (up 1%), followed by the Metal and PSU Bank indices.

Sensex, Nifty Open At New Record High; Telecom, Auto Stocks In Focus

The BSE Sensex closed at 58,723.20 on Wednesday, up 476.11 points or 0.82 percent, while the Nifty closed at 17,519.45, up 139.45 points or 0.80 percent.

In overnight trade, US markets finished higher, but Asian stocks were divided. The dollar fell after disappointing inflation figures, but crude oil maintained most of its gains despite minor weakness.

In early Thursday trade, Asian stocks were divided, with casino stocks in Hong Kong facing another day of losses. In Japan, the Nikkei 225 index dipped 0.1 percent, while the Topix index fell 0.15 percent. South Korea's Kospi edged 0.47% lower.

N Chandrasekaran, chairman of India's Tata Sons, indicated on Wednesday that no leadership changes are in the works, despite media rumors to the contrary.

The F&O ban is in effect for nine stocks: Canara Bank, Escorts, Exide Industries, Vodafone Idea, IRCTC, LIC Housing Finance, NALCO, Sun TV Network, and Zee Entertainment Network.

 

To improve India's manufacturing capabilities, the government has established a production-linked incentive scheme for the auto, auto-component, and drone industries.

At a news conference, Telecom Minister Ashwini Vaishnaw said the Union cabinet also approved nine structural modifications and five procedural reforms that will result in a qualitative shift in the sector.

Meanwhile, at the weekly F&O expiry, volatility may stay strong. The dollar fell against a basket of major currencies on Wednesday, as softer-than-expected U.S. inflation data issued on Tuesday dampened short-term hopes of the Federal Reserve slowing its asset purchases.

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