World News

Sensex closes after biggest intra-day record high in nearly 1.5 years

Sensex closes after biggest intra-day record high in nearly 1.5 years

Indian shares fell on Wednesday, tracking weak global markets after U.S. President Donald Trump blocked microchip maker Broadcom Ltd's proposed takeover of Qualcomm Inc on national security grounds and fired his secretary of state, sparking fears of protectionism.

The Sensex has so far touched a high of 33,800.04 points and a low of 33,610.37 points during the intra-day trade.

Later, it recovered to 33,875.15 on firming trend in Europe and a recovery in major banking stocks following a benign wholesale inflation data.

Among the BSE sectoral indices, IT fell the most at 1.56 per cent, followed by Teck (1.06 per cent) and FMCG (0.01). During the day, the barometer swung nearly 295 points (both sides).

After opening on a strong footing, the Sensex advanced to hit a high of 33,962.48 on the back of fresh buying by domestic funds and retail investors.

According to market observers, data released post market hours on Monday - which revealed that the country's factory production growth in January doubled to 7.5 per cent and retail inflation eased down to 4.4 per cent for February - gave a boost to investors' risk-taking appetite. This is the biggest single-day gain since March 2016.

On the other side, Tata Steel, IOC, HDFC, and HPCL were down up to 3 percent.

The RBI on Tuesday barred banks from issuing guarantees in the form of letters of undertaking (LoU) as it clamped down on the import financing route used by fugitive jeweller Nirav Modi and his uncle Mehul Choksi for allegedly committing India's biggest bank fraud. Consequently, Bharti Airtel, Tata Motors, NTPC, ITC, Reliance and Infosys were the biggest gainers.

However, oil major ONGC dropped by 1.53 per cent after crude prices surged.

The broader NSE Nifty managed to end higher for the second day at 10,426.85, up by 5.45 points or 0.05 per cent after shuttling between 10,478.60 and 10,377.85, intra-day. "Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices", Jasani added.


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