Sensex, Nifty hit lifetime high; Infy stock flat ahead of Q3
Benchmark domestic indices opened higher today, hitting their lifetime high, tracking positive cues from global markets, and led by gains in metal and energy companies. Sentiment in the market also improved on reports that the government may do away with the dividend distribution tax in the upcoming Union Budget.
Dividend tax will be payable at the hands of recipient shareholders, in the classic system of dividend taxation, reports said.
At 10:23 AM, the BSE Sensex was trading at 34,605, up 101 points, while the broader Nifty50 was ruling at 10,682, up 31 points.
Shares of Tata Consultancy Services slipped nearly 1% as investors focused on the company's weak sales and outlook for banking and financial services sector.
Shares of Infosys were flat ahead of the company's earnings today.
The rupee strengthened by 11 paise to 63.55 against the dollar on fresh selling of the US currency by exporters and banks.
Shares of Shree Cements rose 1.5% on strong December quarter numbers. The company in its board meeting has approved the acquisition of majority equity stake (minimum 92.83%) in Union Cement Company (UCC), UAE for an enterprise value of $305.24 million (Rs1,945cr).
Jain Irrigation gained 2% and IFCI climbed 4% after both stocks came out of F&O ban.
Barring IT, all other BSE sectoral indices were trading in the green. Among them, metal index gained the most by 0.71%, capital goods 0.61%, infrastructure 0.56% and banking 0.47%, while IT Index was down 0.1%.
The BSE Mid-cap and BSE Small-cap indices were up 0.26% and 0.75%, respectively.
Volatility index India VIX slipped 0.92%.
Zee (+1.6%), Vedanta (+1.5%), ICICI Bank (+1.2%), Maruti (+1.1%) and HDFC (+0.79%) were the top gainers on Nifty50.
UPL (-1.3%), TCS (-1.2%), Sun Pharma (-0.38%), BPCL (-0.31%), Power Grid (-0.30%) were the top losers in todayâs trade.
Out of 2,005 stocks traded on the NSE, 1,130 advanced, 504 declined and 371 remained unchanged today.
A total of 109 stocks registered a fresh 52-week high in trade today, while two stocks touched a new 52-week low on the NSE.