Sensex scales 29,000; Nifty nears 9,000 as Wall Street hits record

March 02, 2017 10:19

The benchmark BSE Sensex on Thursday regained the 29,000-mark in early trade today as investors and domestic institutions widened bets, tracking rally in global markets.

Sensex opened above 29,000 and touched 29,133 in early trade while Nifty came close to 9,000-level.

The gauge had rallied by 241.17 points in the previous session on the back of robust GDP data for the December quarter and positive global cues.

On Wednesday, Sensex finished 241 points or 0.8% higher at 28,984.49 after touching 29,000-level in intra-day trade while Nifty closed up 0.75% at 8,945.80 over optimism that the economy weathered the demonetisation impact to grow by 7% during October-December and as Trump announced plans to cut taxes and spend $1 trillion to upgrade infrastructure.

All the sectoral indices, led by metal, auto, oil & gas and consumer durables, were trading in positive zone with gains of up to 1.33 per cent.

Brokers said that sentiments were high largely due to a firming trend in other Asian markets after the US bourses closed at new highs in yesterday's trade. There has been a growing optimism over corporate tax cuts and other policy proposals reiterated by US President Donald Trump during his speech before the Congress.

After the US benchmark Dow Jones Industrial Average touched all-time high of 21,000 on Wednesday, Asian shares opened up tracking Wall Street, which rose on expectation of economic recovery that will prompt a Fed rate hike this month.

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