Nifty hits record high, Sensex above 42,000; metal stocks dip

Benchmark indices were trading higher on Thursday, tracking gains in global markets after the ‘momentous’ Phase 1 trade agreement between the US and China. The world’s two largest economies announced an initial trade deal on Wednesday that will roll back some tariffs and boost Chinese purchases of US goods and services, defusing an 18-month conflict between the two countries.

The S&P BSE Sensex scaled the 42,000-mark and was trading 137 points, or 0.33 per cent, higher.. Nestle, Sun Pharma, and Hindustan Unilever (all up 1%) were the top gainers in the Sensex pack. On the other hand, NTPC (down 1%) was the top drag.

The broader Nifty50 index scaled fresh high after breaking through the previous record of 12,374.3, up 28 points, or 0.23%.

All the Nifty sectoral indices were trading in the green. Nifty PSU Bank and Nifty FMCG indexes both gained 0.7 per cent each. On the other hand, Nifty Metal index slumped 1%

Meanwhile, the broader markets kept up their outperformance. The S&P BSE MidCap index was trading 88 points, or 0.57%, higher and the S&P BSE SmallCap index surged 88 points, or 0.6%