Nifty hits all-time record high of 7,700 as IT, banks lead

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Indian rose to record highs today, with Nifty50 index hitting 12,300 for the first time. The Sensex was up about 300 points. Infosys shares were up 1.4% ahead of its Q3 earnings, due later in the day. Among the Sensex stocks, SBI, Sun Pharma, NTPC, Infosys, Tata Steel, HDFC Bank, Kotak BAnk, ITC, Maruti, UltraTech Cement were up between 1% and 2%.

“Infosys is likely to report modest sales growth and flat profits for the quarter. The progress of investigations into whistleblower complaints will drive stock prices in near term,” HDFC Securities said in a note.

“12044-12132 zone in Nifty is expected to act as a strong support going forward,” the brokerage said.

Overnight, Wall Street’s three main indexes racked up fresh records triggered by easing US-Iran tensions while Asia broadly followed suit.

The toning down of rhetoric from Donald Trump and Tehran following an Iranian missile attack on US assets in Iraq soothed concerns about a possible conflict in the Middle East and sparked a rally in global equities.

“As geo-political tension dissipates, global markets are expectantly looking at the first phase of the China-US trade agreement being formally signed next week in the US,” it added.

Investors are now looking to the release later in the day of US jobs figures for a better idea about the state of the world’s top economy. (With Agency Inputs)