1. Markets close at record highs; Nifty tops 9400, Sensex above 30200 on monsoon hopes, FII buying

Markets close at record highs; Nifty tops 9400, Sensex above 30200 on monsoon hopes, FII buying

Indian benchmark indices made new lifetime highs with the NSE Nifty 50 topping 9,400 for the first time ever and the BSE Sensex too closing at new all-time high, bolstered by encouraging monsoon forecast in a heavily agri-dependent economy, and continued FII buying.

By: | Updated: May 10, 2017 4:15 PM
Nifty ended above 9400, while Sensex ended above 30,200 on Wednesday for the first time ever.

Indian benchmark indices made new lifetime highs with the NSE Nifty 50 topping 9,400 for the first time ever and the BSE Sensex too closing at new all-time high, bolstered by encouraging monsoon forecast in a heavily agri-dependent economy, and continued FII buying.

Today, Nifty made a new all-time high of 9,414.75 points, while Sensex climbed to a record 30,259.71 points in late afternoon trade. Both the indices also closed at record highs, with the Nifty ending the day at 9,410.15 points while Sensex ending at 30,248 points.

The Indian Meteorological Department (IMD) yesterday said that the monsoon this year could be ‘normal’ and may bring 100 per cent rainfall instead of 96 per cent it had predicted earlier (read full story). The new forecast for monsoon is expected to give a boost to the rural economy. The monsoon delivers about 70% of India’s annual rainfall, critical for growing crops such as rice, cane, corn, cotton and soybeans because nearly half of the country’s farmland lacks irrigation. India defines average, or normal, rainfall as between 96% and 104% of the 50-year average.

You may also like to watch:

Sentiment got a further boost as data showed that foreign funds, which were largely net sellers on the Indian exchanges for some time, made fresh purchases in yesterday’s trade.

Today nearly all the sectoral indices were trading higher in early trade with the rally being led by FMCG, metal, consumer durables, oil & gas and power stocks.

Other Asian markets were trading higher following an overnight positive lead from European and US markets. Among other Asian markets, Hong Kong’s Hang Sang was up 0.64 per cent while Japan’s Nikkei gained 0.30 per cent in early trade. Shanghai Composite Index too was up 0.18 per cent.

Bharti Airtel and Hindustan Unilever helped the benchmark indices zoom to their new lifetime highs as they rose 8% and 4.65% respectively. Shares of Bharti Airtel closed at Rs 371.90 while shares of Hindustan Unilever closed at Rs 996.95. Airtel shares were up on the better than expected subscriber additions in the fiscal fourth quarter (Read: Full story | Key figures).

Indian markets are on a sustained rally, supported by BJP’s recent landslide win in UP state elections, prospects for a revival in corporate earnings, implementation of GST (Goods and Services Tax), expectations of good monsoon and an upmove in the global markets. The rally has also been supported by renewed heavy buying from foreign investors, which had subdued to some extent since the March quarter. However, the meteoric rise has raised questions about the sustainability of valuation, which many already see as stretched.

  1. D
    Dr David
    May 11, 2017 at 8:03 am
    Do you want to buy a Kidney or you want to sell your kidney? Are you seeking for an opportunity to sell your kidney for money due to financial break down and you don’t know what to do, then contact us today and we shall offer you good amount for your Kidney. My name is Doctor.David, Our Hospital is specialized in Kidney Surgery and we also deal with buying and transplantation of kidneys with a living an corresponding donor. We are located in Indian, Turkey, Nigeria, USA, Spain. If you are interested in sel or buying kidney’s please don’t hesitate to contact us via email (zoomsame1 @gmail ) 917760518516 Whatapp; 917760518516
    Reply
  2. D
    Dhaval Shah
    May 10, 2017 at 4:11 pm
    Only Markets Guruji( ) had given the correct prediction about S chand IPO and NSE IPO on his channel rest all failed , just watch his videos its unbelivable, his analysis was perfect, must watch for all investors.
    Reply

Go to Top