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The broader NSE index rose to a record high on Tuesday led by gains in Reliance Industries after CLSA said the conglomerate could report a record profit for the fourth quarter, while hopes of higher weightage in the MSCI index also helped.
The 50-share index rose 39.5 points or 0.44 per cent to 8,996.25, close to its previous record high of 8,996.60 hit on January 30.
The benchmark BSE index also jumped 134.59 points or 0.46 per cent to 29,593.73, but was still away from its all-time high of 29,844.16 hit on January 30.
The National Stock Exchange index Nifty breached the 9,000-level for the first time in pre-close session today on sustained inflow of foreign capital amid growth-oriented and market-friendly measures in the Budget.
The 50-share Nifty crossed the 9,000-level for the first time by gaining 47.20 points or 0.52 per cent to trade at an all-time high of 9,003.95, surpassing its previous intra-day high of 8,996.60 reached on January 30.
Meanwhile, the benchmark BSE Sensex too climbed 177.72 points or 0.6 per cent to trade at over one-month high of 29,636.86.
Reliance Industries led the rally as its scrip zoomed 4.39 per cent to Rs 901.65 on the back of reports that LIC has raised its stake in the company by 2.09 per cent.
Among others, TCS, Cipla, Sun Pharma, HDFC Ltd, Sesa Sterlite, Wipro and Hindalco also supported the upsurge.
Among BSE sectoral indices, oil & gas index gained the most by 2.21 per cent, followed by IT 1.45 per cent and healthcare 1.33 per cent. On the other hand, realty index was down 1.19 per cent, followed by auto 0.86 per cent and metal 0.65 per cent.
Sentiment also remained upbeat on hopes the government’s move to make no distinction between foreign direct investment and foreign portfolio investment would raise India’s weight in MSCI indexes.
Traders await clarity on the central bank’s stance on rate cuts after formally adopting inflation targeting and the government pushed fiscal deficit target by a year to focus on infrastructure spending.
“Goalpost would soon shift to RBI and interest rates from budget,’’ said Deven Choksey, managing director at K R Choksey Securities, adding the monetary policy framework would bring more certainty for investors.
European shares rose close to seven-year highs on Tuesday as better-than-expected German retail sales further buoyed investors days before the European Central Bank kicks off a trillion-euro bond-buying programme.
The gains follow a rise in Asia and another record day on the Wall Street.Asian shares firmed in early trade, with the sentiment bolstered by another record day on Wall Street.
On Wall Street on Monday, the Dow Jones industrial average and the S&P 500 both posted fresh record closing highs, while the Nasdaq Composite broke 5,000 for the first time in 15 years.
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