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Sensex surges nearly 500 points to hit fresh high, Nifty reclaims 12,050

Livemint logo Livemint 25-11-2019

Indian markets were firm in afternoon trade today, tracking higher global markets. The Sensex was up nearly 500 points to hit a new record high of 40,857.73. Nifty reclaimed 12,050 and remains about 50 points away from its life-time high of 12,103, hit in June this year. Bharti Airtel was the top gainer among the Sensex stocks, up 5.5%. Metal stocks were also attracted strong buying with Tata Steel and Vedanta 4.5% and 3% respectively.

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Financials also rallied today. IndusInd Bank, HDFC, SBI, Axis Bank were up between 1.5% and 2.5%. Auto stocks also rallied today with Hero MotoCorp, Tata Motors and Maruti up over 2%.

The market breadth was also strong with BSE midcap and smallcap indices rising about 1% and 0.60% respectively.

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Ajit Mishra, vice president for research at Religare Broking, said Indian markets may see volatile swings this week due to scheduled derivatives expiry on November 28. "On the data front, investors will be eyeing GDP data due on November 29. Besides, developments in the US-China trade deal could provide momentum to the markets," he added.

Vinod Nair, head of research at Geojit Financial Services, says Q2 GDP is expected to be below the 5%. "At the same time, Nifty is trading at one year forward P/E of 19 times and 26 times on 12-month trailing basis which does not provide much leeway to perform in the short-term. Considering this, Nifty is likely to trade in a range of 11,600-12,000," he said.

Asian markets were mostly higher today on fresh optimism over the long-running China-US trade talks after Beijing offered an olive branch on the key issue of intellectual property (IP), while Donald Trump hailed progress on the agreement.

China over the weekend said it would hike penalties on violations of intellectual property rights while also look at reducing the thresholds for criminal punishments of those who steal IP. The IP issue is a major sticking point for the United States in the discussions and agreement on it is seen as key to their success.

(With Agency Inputs)

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