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Markets soar to record-smashing heights for 2nd day, Nifty scales 9,500-mark

The 30-share Sensex opened on a strong footing and zoomed to a new peak of 30,591.55, before winding up 260.48 points, or 0.86 percent higher at 30,582.60.


Markets soar to record-smashing heights for 2nd day, Nifty scales 9,500-mark

Mumbai: Markets soared to record-smashing heights for the second straight session Tuesday as investors remained enthused by the early onset of monsoon amid quarterly earnings cheer.

Benchmark Sensex finished at a fresh lifetime high of 30,582 while the broader Nifty closed above the 9,500-mark for the first time.

Both indices had hit record highs in yesterday's trade as well.

Earlier this week, the weather office said Southwest monsoon has covered the Nicobar Islands and the entire south Andaman Sea, three days ahead of its normal onset date.

Encouraging quarterly earnings and upbeat global cues further fuelled the momentum, brokers said.

The 30-share Sensex opened on a strong footing and zoomed to a new peak of 30,591.55, before winding up 260.48 points, or 0.86 percent higher at 30,582.60, breaching its previous record close of 30,322.12 points reached yesterday.

It also went past its previous intra-day record of 30,366.43 points hit on May 11.

The 50-share NSE Nifty too maintained its bull run and touched a new peak of 9,517.20. It finally settled 66.85 points, or 0.71 percent higher at 9,512.25, surpassing its previous closing high of 9,445.40, recorded yesterday.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 235.33 crore yesterday, while domestic institutional investors (DIIs) sold shares worth a net Rs 65.77 crore, as per provisional data released by the stock exchanges.

"The market has crossed another hurdle with a new high, given good corporate results and... Early arrival of monsoon which shredded off the worries over premium valuation.

"But the concern is that non-performing sectors like telecom, IT and pharma are also participating in the rally which may cause vulnerability in the near term," said Vinod Nair, Head of Research, Geojit Financial Services.

Investor sentiment also got a boost after Morgan Stanley said the Indian economy is entering a "productive growth phase" and real GDP growth is likely to rise to 7.9 per cent by December, driven by external demand, improving corporate balance sheets and private capex recovery.

Reflecting the upbeat mood, barring metal, all the sectoral indices led by teck, FMCG, IT, auto and consumer durables ended in positive zone.

Overseas, Asian stocks ended narrowly mixed after a surge in oil lifted US stock indices to fresh highs.

In US, the S&P 500 and Nasdaq Composite closed at fresh highs yesterday as a jump in oil prices lifted Wall Street sentiment.

Key Asian indices in China, Japan and South Korea ended higher by 0.20 percent to 0.74 percent, while indices in Hong Kong, Singapore and Taiwan fell by 0.05 percent to 1.12 percent.

European stocks were also trading narrowly mixed as key indices in France and Germany fell by 0.15 percent to 0.41 percent while UK's FTSE rose 0.46 percent.

Back home, the S&P BSE Mid-Cap index was provisionally up 0.27 percent, while the small-cap index gained 0.38 percent.

In of the 30-share Sensex pack, 21 scrips ended higher.

Major gainers were Hero Motoco 3.09 percent, Bharti Airtel 2.98 percent, TCS 2.66 percent, ITC 2.20 percent, SBI 2.18 percent, Maruti 2.05 percent, Dr Reddy's 1.75 percent, Wipro 1.69 percent and HUL 1.59 percent.

Among BSE sectoral and industry indices, telecom rose 2.04 percent, followed by teck 1.13 percent, IT 1.07 percent, auto 1.07 percent, realty 1.00 percent, FMCG 0.98 percent, consumer durables 0.65 percent and bankex 0.51 percent.

However, metal fell 0.57 percent.

The market breadth remained positive as 1,435 stocks ended higher, 1,344 closed lower while 181 ruled steady.

The total turnover on BSE rose to Rs 4,985.91 crore from Rs 3,471.85 crore registered during the previous trading session.

From Zee News

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