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Market at record high: Sensex tops 42,000 for first time; Nifty nears 12,400

Domestic benchmark indices hit record highs in Thursday’s trade after the US and China inked the Phase 1 of their trade deal. Indian shares followed its Asian and US peers that were also trading at record highs.

US President Donald Trump and Chinese Vice Premier Liu He signed a deal that will roll back some tariffs and see China boost purchases of US goods and services by $200 billion over two years.

BSE flagship Sensex crossed 42,000 level for the first time as it hit a fresh high of 42,009. The index was trading at 41,967, up 94 points around 9.45 am. NSE benchmark Nifty followed suit, hitting a record high of 12,377. It was trading at 12,368, up 25 points around the same time.

Broader market indices continued to rally. Nifty Smallcap was up 0.61 per cent at 6,267 while Nifty Midcap added 0.51 per cent to 17,926. Nifty 500 edged 0.26 per cent to 10,113.

Barring auto and metal, all sectoral indices on NSE were trading with gains. Nifty Media and Nifty Realty were the biggest gainers, up 0.8 per cent each. Nifty Pharma gained 0.64 per cent and Nifty FMCG was up 0.54 per cent. Nifty Metal was down 0.85 per cent.

Sun Pharma was the biggest gainer among Sensex kitty of stocks. It rose 1.42 per cent to Rs 455.10. It was followed by Nestle India that gained 1.26 per cent to Rs 15,054 and HUL that jumped 0.97 per cent to Rs 2,040.

IndusInd Bank continued to fall for the third session following its Q3 earnings, and was down 1.37 per cent at Rs 1,381. NTPC, Tata Steel, Hero Moto and Titan were other losers in the 30-share pack Sensex.

Globally, MSCI’s broadest index of world stocks firmed 0.04 per cent in early trade after closing at record level on Wednesday while its index on Asia-Pacific shares outside Japan rose 0.21 per cent.

Japan’s Nikkei rose 0.14 per cent while mainland China’s Shanghai composite index was almost flat.

Source: Economic Times