Hitting a bulls-eye! Sensex hits fresh record high, nifty crosses 11,200 for the first time

New Delhi, July 27: With the BSE posting fresh opening with the high record, the markets opened on a positive note. It’s a strong start to the market on Friday morning, with the Sensex and Nifty opening at a fresh record high and crossing 11,200 for the first time.

The Sensex is up 216.83 points or 0.59% at 37201.47, while the Nifty is up 62.00 points or 0.56% at 11229.30. The market breadth is positive as 342 shares advanced, against a decline of 87 shares, while 44 shares are unchanged. Flow in ITC, as well as Hindalco, are boosting these indices. In the broader markets, the Nifty Midcap index is up half a percent.

All sectoral indices are trading in the green, with Nifty Metal and Nifty FMCG leading the gains. Early corporate results indicate a revival in consumption and business sentiment, as the economy settles down after the implementation of the goods and services tax.

An analysis of 102 listed companies showed that aggregate profit, after adjusting for one-time gains and losses rose 14.3% in April-June, the highest in nine quarters.

Shares of ITC gained over 5% on Friday morning as investors cheered the company's strong financial results for the June quarter. Cigarette-to-soap maker ITC reported 10.08 percent year-on-year (YoY) increase in net profit at Rs 2,819 crore for the first quarter of FY19.

The rise in the bottom line was driven by growth in its non-cigarette businesses on the back of a favorable base and improved realizations from cigarettes.