sensex: Nifty tops 12,000, Sensex scales fresh all-time high

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Bucking the trend in Asian markets, domestic equity markets opened with gains on Wednesday amid a falling crude oil price and conflicting news on US-China trade talks.

Figures from the American Petroleum Institute late Tuesday showed a far larger rise in crude stocks than expected. That followed reports Russia was unlikely to deepen its cuts to crude output. This left oil prices nursing their biggest one-day loss in seven weeks.

BSE flagship Sensex was up 168 points to 40,637. NSE barometer Nifty gained 46 points to 11,986 at around 9.50 am. Benchmark indices rose further on back of gains in RIL and IndusInd Bank. BSE Sensex scaled its new record high of 40,754, while the NSE Nifty50 index was above 12,000-mark.

Broader market indices traded in tandem with their headline peers. Nifty Smallcap was flat at 5,708 while Nifty Midcap gained 0.06 per cent to 16,977. Nifty 500 advanced 0.35 per cent to 9,735.

Sectoral indices traded mixed with Nifty FMCG sliding 0.5 per cent to 30,813 while Nifty gained 0.87 per cent to 7,919. Nifty PSU Bank, that saw some massive gains in recent sessions, was flat on Wednesday.

Reliance Industries gained 3.29 per cent to Rs 1,559 on BSE after the company’s telecom arm Jio announced it will increase tariffs in the next few weeks. Vodafone Idea climbed 28 per cent further to Rs 7.72, continuing its spectacular rally. Bharti Airtel was up 1.88 per cent to Rs 447.50.

Among top Sensex gainers, beside Reliance Industries, IndusInd Bank gained 3.05 per cent to Rs 1,434 and Sun Phrama advanced 2.10 per cent to Rs 434.75 on BSE in early trade.

Globally, the mood in share markets was subdued with MSCI’s broadest index of Asia-Pacific shares outside Japan off 0.7 per cent. Japan’s Nikkei fell 0.8 per cent and Shanghai blue chips 0.3 per cent. E-Mini futures for the S&P 500 shed 0.26 per cent and EUROSTOXX 50 futures fell 0.2 per cent.

The prospect for progress on trade seemed to dim when China condemned a US Senate measure on Hong Kong, vowing to take the steps necessary to safeguard its sovereignty and security. The Senate unanimously passed legislation aimed at protecting human rights in Hong Kong.

Late Tuesday, US President Donald Trump had threatened to raise tariffs further if China would not agree to a favorable deal.