Markets trade lower; Sensex at 33025 mark


The Sensex and Nifty closed at fresh record highs on Thursday with banking and infra sector stocks holding on to yesterday's gains on the back of government's Rs 2.11 lakh crore public sector bank's recapitalisation plan and Rs 7 lakh crore allocation for building highways across the country. The broader 50-share Nifty finished at its fresh lifetime high of 10,295.35, up by 87.65 points, or 0.86 per cent. Benchmark NSE Nifty50 index was 57 points up at 10,265, while the BSE Sensex was 288 points up at 32,895.

The Sensex touched a high of 33,112.51 points and a low of 32,835.06 points during the intra-day trade so far.

Globally, Asian markets turned in a mixed performance after US shares fell the most in seven weeks overnight in the wake of a string of disappointing earnings reports and rising bond yields.

According to market observers, the exponential rise in scrip prices of state-run banks was witnessed a day after the government had announced a massive scheme to recapitalise the sector and to boost the overall infrastructure spend. "The Sensex settled above the psychologically important 33,000 level for the first time in history".

"SBI was the top percentage gainer in the NSE Nifty, surging as much as 27 per cent to its highest since January 2015".

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The BSE bank index rose by 4.71 per cent to end at 28,329.12.

Banks extended Wednesday's gains, with Axis Bank rising 2.5 percent and PNB rallying 5.6 percent.

Sector-wise, the S&P BSE capital goods index surged by 581.28 points, followed by the automobile index higher by 156.80 points and the oil and gas index augmented by 76.56 points.

Other gainers that supported the key indices were Cipla (3.18 per cent), Maruti (2.60 per cent), Tata Steel (1.72 per cent), L&T (1.68 per cent), Sun Pharma (1.47 per cent), Bajaj Auto (1.40 per cent), Infosys (1.29 per cent), Coal India (1.14 per cent), Wipro (0.97 per cent), M&M (0.85 per cent) and Reliance Industries (0.78 per cent).