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Stocks close at record high for third day on global leads

Wednesday, January 10, 2018

The benchmark BSE Sensex built on gains to close at record high for a third straight session yesterday riding on smart jump in Coal India, Reliance Industries and ITC amid positive leads from global markets. Extending the record run for third day, the 30-share Sensex closed at fresh life high of 34,443.19, eking out gains of 90.40 points, or 0.26%, after a choppy trade. The wide-based Nifty of NSE also settled at record high of 10,637, 13.40 points, or 0.13%, even as 19 of its constituents advanced and 31 dropped.

Caution prevailed as crude prices surged to the highest level since 2015. "With indices hitting record peaks on successive days, caution dominated the day's proceedings, especially with midcaps pulling back from day’s peaks. Investors are likely to remain focused on stock specific moves eyeing the prospects of earnings season and mixing and matching various elements of the upcoming union budget," Anand James, Chief Market Strategist, Geojit Financial Services, said.

Opening higher, the 30-share Sensex quickly rallied to an all-time intra-day high of 34,488.03 as Coal India, ITC and Tata Motors posted smart gains. Profit booking in some pharma, capital goods and telecom stocks at record levels, however, pulled the index to a low of 34,343.41 before close.

The index has risen by 559.41 points in the previous three straight sessions.

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