Sensex off record highs, still up 76 points in late morning

Friday, 12 Jan, 2018

While the 30-share BSE Sensex soared 135 points to a new all-time high of 34,638.42, the broader 50-share NSE Nifty was at an all-time high of 10,690.25.

It was a volatile day and last minute buying pushed the index towards fresh closing high on Nifty on Thursday, but most analysts are losing conviction in the Bull run at least in the short term. The broader Nifty also strading up by 22.45 points, or 0.21 per cent at 10,673.65. Reliance Industries gained 1.5 percent, while Indian Oil Corp Ltd rose 0.8 percent. "Apart from that, the earnings numbers did not have any major surprises, specifically any negative ones to breach the ongoing positive momentum", said Anand James, chief market strategist at Geojit Financial Services.

Meanwhile, IT stocks slipped, with the NSE IT index down for the first time in seven sessions. China's custom-cleared trade data showed brisk growth in exports and imports in 2017, underscoring a global economy that continues to hum along nicely.

The benchmark BSE Sensex retreated from record highs to trade up by 76.05 points on good bouts of buying in metal, industrial, capital goods, auto, energy, banks and financials amid higher Asian cues.

It surpassed its previous record closing of 10,651.20 hit yesterday.