Sensex sails past 29,000-mark after over 17 monthshttps://indianexpress.com/article/business/market/sensex-market-stocks-rise-tcs-nifty-3021201/

Sensex sails past 29,000-mark after over 17 months

The NSE Nifty 50 index rose 34.55 points or 0.39 per cent to settle at 8,952.50, its highest closing level in more than 18 months.

After over 17 months, India’s bellwether stock index Sensex on Thursday closed above the 29,000 level on the back of cautious value buying and good liquidity position. Even as tech major TCS reeled under selling pressure, the S&P BSE Sensex rose 118.92 points to settle at 29,045.28.

The NSE Nifty 50 index rose 34.55 points or 0.39 per cent to settle at 8,952.50, its highest closing level in more than 18 months.

The Sensex would have gained further had tech stocks not declined amidst the revenue warning issued by TCS. “The surge in indices was reined in as IT behemoths slipped on TCS revenue warning. However, value buying remained visible, arresting declines, while auto industry body SIAM’s upward revision of growth also kept auto stocks firm. ECB’s meet scheduled later in the day ensured that risk appetite was reined in,” said an analyst.

Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said: “Markets turned positive with continued liquidity while IT bellwethers were the laggards today due to reduction in revenue estimate which capped the upside.

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According to Jayant Manglik, president, Religare Securities, the market settled marginally higher, thanks to renewed buying interest in select index majors.

“Participants never fell short of trading opportunities on stock specific front, indicates prevailing buoyancy. Buying was witnessed across the board barring IT pack and the market breadth too was inclined strongly on the advancing side, due to noticeable buying in midcap and smallcap space,” he said.

Metal and mining stocks spurted up to 5 per cent after the latest Chinese trade data topped forecasts. Meanwhile, the rupee fell marginally to end at 66.42 against the US dollar, ending a 6-day winning streak due to mild demand for the US currency. The firm US currency sentiment in the overseas market, recovering some ground from the recent slide alongside renewed dollar demand from banks and importers, mainly weighed on the rupee.