Markets hit fresh highs on hints of more boosters

MUMBAI:

Indian markets on Wednesday logged fresh highs after Finance Minister Nirmala Sitharaman hinted more boosters for the pivotal real estate sector.

Sensex hit fresh life time high of 40,606.91 while the Nifty surpassed the key 12,000 mark for the first time since June.

Hinting at a big boost to the realty sector, Finance Minister Nirmala Sitharaman on Tuesday had said that the government and the Reserve Bank of India (RBI) are in the process of resolving the issues faced by the real estate sector.

The benchmark Sensex closed at 40,469.78, higher by 221.55 points while the broader Nifty ended 43.80 points up at 11,961.

"Market clocked a new high based on commitment from the FM to speed up reforms in the near future. Realty & financials outperformed in expectation of new measures while metal stocks gained owing to easing global trade war," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Nair added that better results from index heavyweights kept expectation high for earnings growth, influencing investors to stay in the market".

ICICI Bank, HDFC, IndusInd Bank gained the most on Wednesday.