Indian markets hit fresh high for 3rd straight session

Mumbai, Dec 19 (IANS) Indian markets continued to log fresh highs over supportive global cues and strong inflow of foreign funds. The Sensex on Thursday added 115.35 points to end at 41,673.92.
Sensex opened at 41,571.82 and jumped to the life-time high of 41,719.29. The broader Nifty closed at 12,259.70 after hitting a high of 12,268.35.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Despite premium valuation, market is touching higher highs led by foreign inflows due to convictions of consistency in performance. Union Budget is likely to be crucial for the market on account of new policies and to attract investments.
“Investors are factoring a possible slippage in fiscal deficit due to slow pace in tax collection. Broad market performance is yet to match with the main indices, the main dichotomy being lag in credit growth and structural change in industries. The progress in global sentiment will help risk taking ability of investors which will extend the liquidity to broad indices.”
Yes Bank advanced 6.74 per cent higher to end at Rs 49.90 per share despite India Ratings and Research (Ind-Ra) downgrading its long-term issuer rating to A from A ‘plus’ and its short-term issuer rating to A1 from A1 ‘plus’, and placed them on Rating Watch Negative (RWN).
Tata group stocks like TCS and Tata Motors gained 2.83 per cent and 2.55 per cent on Thursday after selling pressure, following the NCLAT order restoring Cyrus Mistry as Tata Sons’ Executive Chairman.

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