Millennium Post

Sensex, Nifty at new high for 3rd day in row on global optimism

Mumbai: Market benchmarks Sensex and Nifty extended their rise for the third straight session on Tuesday, though gains were marginal, and closed at fresh closing highs on buying in pharma and IT stocks amid optimism over US-China trade talks.

The BSE Sensex edged higher by 7 points and managed to end at a new peak of 38,285.75, surpassing its previous record closing of 38,278.75 hit on Monday.

The 30-share index also went on to hit its life-time high (intra-day) at 38,402.96 in day's trade. Its previous intra-day high was 38,340.69, reached on Monday. During the day, it touched a low of 38,213.87.

The broader NSE Nifty also logged its fresh closing high of 11,570.90, up 19.15 points, or 0.17 per cent. The 50-issue index surpassed its previous record closing of 11,551.75, marked on Monday. The Nifty also met its intra-day record high at 11,581.75, breaking its previous day's record of 11,565.30. The index slipped to a low of 11,539.60 during the day's trade.

Unabated buying by domestic institutional investors (DIIs) and positive sentiment in world markets helped domestic markets scale fresh highs on Tuesday, brokers said.

Investors have kept their eyes on US-China trade talks and are optimistic about a positive outcome. The tariff war between them has been keeping global markets uncertain for a while now.

But, the trade talks between the two major economies, which are scheduled to take place through Tuesday and Wednesday this week, have led to an improvement in market sentiments, they added.

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