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Sensex crosses 34,000 for the first time

26 December, 2017

Indian shares were little changed after hitting record highs earlier on Tuesday, as gains in drug makers were offset by profit-booking in recent outperformers such as Infosys Ltd.

Stock markets have hit record highs this month after victories in key state elections by Prime Minister Narendra Modi’s ruling party boosted investor sentiment, raising hopes of a continuation in the government’s reform agenda.

Trading is, however, likely to remain subdued as the year draws to a close.

“Markets are off to a flattish start and the NSE (index) has hit the psychological 10,500 mark,” said Anand James, chief market strategist at Geojit Financial Services. “Don’t see much activity to push the markets higher as last week of the year is usually dull for financial markets.”

The broader NSE Nifty, which rose to an all-time high of 10,515.10 in early trade, was up 0.03 percent at 10,496.35 as of 0611 GMT.

The benchmark BSE Sensex breached the 34,000-mark for the first time and was 0.01 percent higher at 33,944.73.

Stock markets were closed on Monday for Christmas.

Pharma shares, which were among the top losers this year, were up for a third straight session as investors hunted for bargains.

Cipla Ltd, among the top percentage gainers on the NSE index, was up 1 percent, while Sun Pharmaceutical Industries Ltd was on track for a third straight session of gains.

Shares of Kirloskar Oil Engines Ltd hit a record high on a report that said Cummins Group was in talks to buy a controlling stake in the diesel engine and agricultural pumpsets manufacturer.

Infosys Ltd, however, dropped as much as 1.5 percent after gaining in the previous three sessions.

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Sensex crosses 34,000 for the first time

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