Nifty, BSE Sensex Make it Day 3 of Record Closings This Week; Dow Futures Up Too

By Aditya Raghunath

Investing.com -- It was a day of records on the Indian markets today. Nifty ended above 13,500 for the first time and the BSE Sensex crossed and closed over the 46,000 mark for the first time too. Nifty closed at 13,529 and the Sensex ended the day at 46,103.

Bank Nifty was back in full form after a soft start to the week. It gained 1.48% led by IDFC (NS: IDFC ) First that closed 2.86% higher and Kotak Mahindra Bank Ltd. (NS: KTKM ) gained 2.66% followed by HDFC Bank (NS: HDBK ) at 2.34%. Punjab National Bank (NS: PNBK ) lost 3.2% today. Apart from banks, UPL (NS: UPLL ) gained 4.59%, Asian Paints (NS: ASPN ) was up 3.65% and Indian Oil Corporation Ltd (NS: IOC ) was up 3.09%.

Cement companies lost today with Shree Cements Ltd. (NS: SHCM ) down 1.4% and UltraTech Cement (NS: ULTC ) down 0.99%. Hindalco Industries Ltd. (NS: HALC ) also closed down 1.55%.

However, experts warned that the Indian benchmarks look overbought and a wave of consolidation might be round the corner.

Indian markets followed global cues as UK Prime Minister Boris Johnson headed to Brussels to hammer out an agreement with the European Union. Growing US stimulus hopes also added to the rally. 

The Trump administration reentered the negotiations over a new stimulus deal late Tuesday, when Treasury Secretary Steven Mnuchin, via Twitter, proposed a $916 billion package. 

The offer included only $40 billion toward unemployment payments, an amount the Democrat leadership considered far too low. But investors have taken the fact the White House has reengaged in talks for the first time since the election as a positive sign that a compromise can be reached before the end of the year. Dow Jones 30 Futures are trading up by 0.3% at the time of this report.