Sensex traded near its life-time highs

Mumbai, India’s benchmark index Sensex traded near its life-time highs on Friday after signs of easing in US and China trade tension. The Sensex hit an intraday high of 41,030.92 — a little over 100 points away from a record high of 41,163.79.

Global equities were trading on a firm note on Friday after reports that the US and China may sign a long-awaited trade deal. The world’s two largest economies were expected to seal an interim agreement which would see US drop some tariffs and Beijing to buy more American goods.

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Sensex gained 400 points despite the consistent fall in GDP growth rate, and a spike in retail inflation which has sparked fears of stagflation.

On Thursday, the official data showed that retail inflation soared to 5.54 per cent in November, a steep rise of 92 basis points from the inflation number of the previous month.

N.R. Bhanumurthy, Professor, National Institute of Public Finance and Policy told IANS: “There appears to be a textbook case of stagflation…” but the current rise is chiefly owing to rise in food prices.

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Metal stocks surged nearly 2 per cent while PSU Banks also jumped over 3 per cent. Vedanta emerged as the top Sensex gainer, gaining nearly 4 per cent followed by Axis Bank, Tata Motors A(DVR), SBI, TCS and Yes Bank.The Sensex saw only four laggards : Bharti Airtel, Kotak Bank, Bajaj Auto and Asian Paints.

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