Markets

Sensex Closes Above 40,000; Nifty Nears 11,850

(RTTNews) - Indian markets continued their bull run on Wednesday, with benchmark S&P BSE Sensex closing above its important psychological level of 40,000 for the first time since June 4, amid speculation the government may rationalize the tax structure for equities by November-end.

Investors shrugged off weak global cues after reports suggested a phase one trade deal between the U.S. and China may not be signed by a summit in Chile next month.

The Sensex surged as much as 346 points to touch an intraday high of 40,178.12 before ending the session up 220.03 points, or 0.55 percent, at 40,051.87. The broader NSE Nifty index climbed 57.25 points, or 0.49 percent, to settle at 11,844.10.

ITC, TCS, SBI, Grasim and GAIL jumped 2-6 percent in the Nifty pack, while Dr Reddy's Laboratories, Maruti Suzuki, Cipla, Yes Bank and Infratel dropped 2-5 percent.

HDFC Life Insurance Company soared 4 percent after multiple block deals in the wake of reports that U.K.'s Standard Life is planning to divest up to 4.5 percent stake in the company.

Petronet LNG rallied 2.5 percent after the company nearly doubled its quarterly profit on the back of improved margins.

InterGlobe Aviation shares jumped as much as 7.2 percent after Indigo reportedly placed a firm order for 300 A320neo Family aircraft worth over $33 billion.

United Bank of India surged almost 20 percent after the bank announced robust quarterly results on improved asset quality.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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