Sensex hit a record high of 41,185.03 points, and at 9.30 am it was 0.24 per cent higher at 41,108.48 points. Nifty climbed 0.3 per cent to 12,122.50 points.
Banking stocks gained with Bank Nifty hitting an all-time high after ArcelorMittal, the world’s biggest steelmaker, on Friday transferred about Rs 40,000 crore to the current account of Essar Steel’s lead banker, State Bank of India, to take over the debt-ridden company under the new Insolvency and Bankruptcy Code. Union Bank of India, Oriental Bank of Commerce, Punjab National Bank, Canara Bank, Central Bank of India, Bank of Baroda, Syndicate Bank, State Bank of India and Bank of India rose 3.5-7.2 per cent. IT stocks also gained with HCL Technologies, Tata Consultancy Services, and Tech Mahindra rising 1-2 per cent.
The Sun Pharmaceutical Industries fell 2.3 per cent after the company said its Halol facility got eight observations from the US Food and Drug Administration. Larsen & Toubro Ltd gained 1 per cent after brokerage firm CITI maintained a buy rating on the stock and set a price target of Rs 1700 a share. Global stocks were mixed as the euphoria over phase one of the US-China trade deal subsided, and caution set in ahead of the signing of the agreement in January.