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Nifty ends at record high, metal stocks on fire
Mumbai, January 2, 2020
The BSE Sensex and the NSE Nifty ended sharply higher on Thursday after China announced a 50 basis points (bps) rate cut in its lending rate, firing up metal stocks, even as India's monthly GST revenue collection crossed Rs 1 lakh crore for the second straight month.
Besides, aided by optimism on a US-China trade deal, the Nifty metal index jumped 2.68 per cent. Hindustan Copper advanced 19 per cent, Steel Authority of India Limited nearly 10 per cent and National Aluminium Company over 6 per cent.
The benchmark Sensex closed 320.62 points, or 0.78 per cent higher at 41,626.64, while the Nifty touched a record closing high of 12,282.95, advancing by 100 points.
Vinod Nair of Geojit Financial Services said: "The government's more than double capex plan for the next 5 yrs and uptick in steel prices with the announcement of a US-China deal signing date pushed the market higher led by sectors such as infrastructure, commercial vehicles, cement and metals".
Moreover, Nifty banking stocks also surged over 1 per cent. RBL Bank, Federal Bank and IndusInd Bank jumped in the range of 3 to 6 per cent.
Shrikant Chouhan of Kotak Securities said: "The hike in steel prices undertaken by steel makers boosted the market sentiment heavily. The move indirectly suggests recovery optimism in the core economy-related sectors like infra, capital goods, cement, commodities and transport going ahead.
The Nifty opened on Thursday at 12,200 and almost closed near its all-time high level of 12,293.