Sensex edges higher to reclaim 40,500, SBI leads gains

Market Live: Nifty trades below 12,000, Sensex down 100 pts; UPL, Bharti Infratel top losers –

Indian markets edged higher today, with Sensex rising over 100 points to 40,510. Banking, energy and auto stocks powered the gains. The broader Nifty rose 0.25% to 11,925. Among the Sensex stocks, SBI rose 2% while Tata Motors, Vedanta, Sun Pharma and Tata Steel were up between 0.8% and 1.4%.

“On global front, signs of progress in US-China trade deal has improved overall sentiment across global markets. However, domestic macros are not providing confidence to investors. But in recent times we are seeing some concrete steps from the government and RBI to push growth which will soothe investors nerves,” said Vinod Nair, head of research at Geojit Financial Services.

“Going ahead, RBI is likely to give more focus on growth rather than rising inflation in the near term which may influence them for few more rate cuts and induce greater transmission. Given this scenario, we may see limited downside for Nifty despite premium valuation. The likely trading range for market will be 11600-12,000,” he added.

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