Stocks

Sensex ends at new peak of 30,248, Nifty closes above 9,400 for first time

Our Bureau Agencies Chennai | Updated on January 11, 2018 Published on May 10, 2017

sensex

Normal monsoon forecast and positive global cues buoy domestic sentiment

The benchmark BSE Sensex soared to a record close of 30,248, while the NSE index Nifty breached the 9,400-mark for the first time today as investors widened their exposure, spurred by forecast of a normal monsoon this year.

After a strong opening, the 30-share BSE Sensex continued its upward journey to hit a fresh intra-day high of 30,271.60 before ending at 30,248.17, up 314.92 points or 1.05 per cent.

The index broke its previous record closing of 30,133.35 reached on April 26. It also surpassed its intra-day peak of 30,184.22 recorded on April 27.

Similarly, the Nifty, after hitting an all-time high of 9,414.75, ended higher by 90.45 points or 0.97 per cent to 9,407.30.

Markets soared to record highs as shares of consumer goods and agriculture-dependent companies rallied after the country's weather office forecast a higher monsoon rainfall than previously expected.

Among BSE sectoral indices, FMCG index gained the most by 1.81 per cent, followed by auto 1.47 per cent, healthcare 0.94 per cent and power 0.91 per cent. On the other hand, IT index was down 0.42 per cent and realty 0.15 per cent.

Top five Sensex gainers were Bharti Airtel (+7.87%), HUL (+4.6%), HDFC (+3.25%), M&M (+2.59%) and Reliance (+2.17%), while the major losers were Wipro (-1.64%), Asian Paints (-1.14%), ICICI Bank (-0.91%), TCS (-0.86%) and GAIL (-0.84%).

Bharti Airtel stock rallied on strong subscriber addition.

Hindustan Unilever Ltd rose as much as 4.9 per cent and was among the top percentage gainers on the NSE index, while Dabur India Ltd and Nestle India Ltd gained between 2 per cent and 4 per cent, respectively.

Tractor maker Escorts Ltd rose 7 per cent, while rival Mahindra and Mahindra Ltd jumped 2 per cent.

Analysts said the long-term outlook for stocks remained healthy as earnings so far have been encouraging.

“The focus has been on the corporate results season, which has done quite well so far,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

According to brokers, domestic sentiment was buoyed after data showed that foreign funds, which were net sellers on the Indian bourses for the past few sessions, made fresh purchases in yesterday’s trade.

The Indian Meteorological Department (IMD) had yesterday said the monsoon this year could be ‘normal’ and bring 100 per cent rainfall instead of 96 per cent it predicted earlier, which is expected to give a booster dose to the rural economy.

Asian stocks edged higher for a third consecutive day on Wednesday as investors focused on strong corporate earnings and the dollar gave back some of its recent gains after a rise in political tensions.

MSCI's Asia ex Japan index was flat after posting modest gains in the previous session. It hit a two-year high last week.

Published on May 10, 2017
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