India’s stock markets opened sharply higher on Wednesday with the benchmark BSE Sensex breaching the 30,000 mark to make a new all-time high, partly helped by buoyant Delhi municipal election results for BJP, which continues its winning streak from the recent UP state elections, further raising the hopes of a stable establishment with more legroom for reforms and development.
BSE Sensex hit an all-time high of 30,071.77 points, with the broader NSE Nifty also making a new record high of 9,343.15 points, sustaining well-above the 9,300-mark that it breached yesterday for the first time ever.
In the Delhi state, early results show BJP winning and leading in 184 of the 270 seats that went to poll for municipal elections. Earlier last month, BJP had formed the government in the crucial Uttar Pradesh state with an overwhelming majority, surpassing all the expectations.
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Indian markets are also tracking the gains across the globe, with the Nasdaq hitting a new record high, past 6,000 points late yesterday, and the US stocks also surging on the back of strong corporate earnings. Asian stocks too, extended gains for a fifth straight day on Wednesday as Wall Street hit new peaks while the euro consolidated recent gains as immediate concerns of political uncertainty in the euro zone receded.
Among the top gainers on the BSE was Wipro, which rose 2.19% to Rs 505.4 after its fiscal fourth quarter earnings released yesterday showed strong performance by the information technology major. Lenders Axis Bank and Housing Development Finance Corp were among the other top gainers, up over 1% each, continuing gains, buoyed by the prospects of strong financial earnings and the government’s resolve to solve the problem of NPAs.
Automobiles major Mahindra & Mahindra was also among the top gainers on the index, rising 1.2% to Rs 1,323. Earlier, Credit Suisse upgraded its rating on the stock to ‘Outperform’ citing the potential for M&M’s tractor business.