Indian markets opened record high on the back of positive expectations on major corporate earnings to be announced later today. BSE Sensex topped 30,500 while Nifty 50 opened beyond 9,460. Indian markets are reflecting the coupled effect of macroeconomic data and the good earnings season. Sentiment remained upbeat mostly on robust foreign fund inflows and a better-than-expected earnings report card by some blue-chip companies so far, besides overnight gains in Europe and the US markets.
Meanwhile, Asian stocks are set to rise in opening trade on Tuesday following overnight gains on Wall Street, while oil is set to extend a week-long rally after major producers Saudi Arabia and Russia said supply cuts needed to continue into 2018. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.6 percent to its highest level since June 2015. Early Asian markets such as Australia are set to lead the region higher, with metal and oil shares in focus.
The S&P 500 and the Nasdaq reached record closing highs on Monday, powered by demand for technology stocks after the weekend’s massive “ransomware” cyber attack and as rising oil prices lifted commodity-linked shares.
Here are the live updates:
04:40 pm: Domestic stock markets remained on a roll on Tuesday (May 16) with Sensex zooming 260.48 points to close at a new peak of 30,582.60, while NSE Nifty ended at record 9,512.25, up 66.85 points on the back of early arrival of rains and persistent foreign inflows. Tuesday is also a day when BJP government witnessed a landslide victory in general elections three years ago. Sentiment also remained bullish following sustained foreign fund inflows and an improvement in liquidity with retail investors widening their bets. On NSE, 103 stocks rallied and touched their 52-week high on Tuesday.
03:40 pm: Markets closed at record highs, the benchmark Sensex up 0.82% or 260.48 points at 30,582.6 points while the broader Nifty 50 ends up 0.71% or 66.85 points at 9,512.25 points. Hero Motocorp (up 3.09%), Bharti Airtel (up 2.98%), TCS (up 2.66%) ends in lead on Sensex.
02:35 pm: Markets extends gains above all-time high, BSE Sensex up 0.81% at 30,567.03 while NSE Nifty 50 up 0.68% at 9,509.6 points. Airtel continues to lead up 2.81% at Rs 374.4.
02:10 pm: Public sector lender Punjab National Bank (PNB) announced its fourth quarter results on Tuesday with the bank reporting net profit of Rs 261.90 crore for the March quarter as compared to Rs Rs 5,367 crore in the corresponding quarter of last year. As the bad loans eased for the bank, the share price of the company was trading 6.08 per cent up at Rs 177.10 at 1.49 pm. (Read Full Story)
02:00 pm: Markets continue to scale new peaks; Nifty tops 9,500 points; Sensex hits 30,561.95 points. PSU banks jump on robust results from Punjab National Bank.
01:45 pm: Adani Power shares rallied over 11 per cent on Tuesday after the company was given relief by Central Electricity Regulatory Authority (CERC) for its Mundra plant. According to Financial Express newspaper, the CERC has granted Adani Power full compensation for the increase in the cost of electricity generation at its 4,620-MW thermal power plant at Mundra, Gujarat following increased domestic levies on imported coal. (Read More)
01:00 pm: PNB shares soar 5% to Rs 173.5 on the back of good Q4 earnings for the financial year 2017.
12:50 pm: Markets hold near all-time highs, BSE Sensex up 0.45% at 30,459.67 points while NSE Nifty up 0.35% at 9,478.85 points. Bharti Airtel (up 2.98%), ITC (up 1.86%), Dr Reddy’s (up 1.83%), TCS (up 1.7%), Tata Motors (up 1.6%) lead the gains on Sensex.
12:30 pm: Indian shares continue their record-setting spree on Tuesday, hitting all-time highs for the third time in five sessions, as investors remained bullish about the prospects of a good monsoon. Monsoon rains are expected to arrive on the southern Kerala coast on May 30, two days ahead of the schedule, a source from the weather office said on Tuesday. (Read Full Story)
12:05 pm: Markets trading firm, BSE Sensex up 0.35% at 30,429.41 points while NSE Nifty up 0.26% at 9,469.6 points. Bharti Airtel (up 2.94%) , Dr Reddy’s (up 1.9%), TCS (up 1.72%) lead the gains on Sensex.
11:50 am: The monsoon may hit the coast of Kerala state by May 30, two days ahead of previous expectations, the Indian Meteorological Department said on Tuesday giving further relief to a heavily agri-dependent economy, after earlier forecasting that India would receive more rainfall this year than it did the last year. (Read More)
11:30 am: Stock markets have been fairly neutral in their response. Over the last 3 years, the Nifty index has appreciated by 32% implying an annual CAGR of 9.7%, which puts it at par with a debt mutual fund. But most of these parameters tend to gloss over a very important factor. And, that is; “How has the NDA government prepared the Indian economy for the big push in the next 5 years”. There are 5 key parameters. (Read Full Story)
11:15 am: Sectoral indices trade mixed on NSE, Nifty Auto, Nifty It and Nifty Realty witness major gains while Nifty Bank and Nifty Fin Service trade flat.11:00 am: Both the indices built upon the momentum of a strong opening and quickly shot to their respective lifetime highs with BSE Sensex touching 30,518.78 points and NSE Nifty 50 reaching a new high of 9,492.60 points. The stocks pulling the Sensex up are Reliance Industries, Infosys and TCS. (Read Full Story)
10:50 am: After yesterday’s slump, Idea Cellular shares recover losses, trading up 1.74% at Rs 87.55 on NSE.
10:40 am: The BSE Sensex hits a fresh all-time intra-day high of 30,518.78 in opening trade, while Nifty hits a new peak of 9,492. Tuesday is also the day when BJP swept the general elections and came in power. (Read More)
10:30 am: Markets hold gains, BSE Sensex up 0.42% at 30,450.87 points while NSE Nifty up 0.30% at 9473.65 points. Bharti Airtel (up 3.01%), TCS (up 2.03%), Dr Reddy’s (up 1.52%), Reliance Industries (up 1.42%) continue to lead.
10:15 am: Most of the Sectoral indices of NSE witness marginal correction, while Nifty IT (up 0.91%), Nifty Auto (up 0.09%) and Nifty Pharma (up 0.25%) cheers.
10:10 am: Nifty may find support between 9400 points to 9377 points as it continues to propel towards the level of 9600 points, which might be achieved quite soon, however, at those levels traders should start taking some money off the table, Angel Broking said in a couple of research notes. (Read Full Story)
09:55 am: Tata Steel is on a bull run, adds 0.82% as investors widen their exposure ahead of its quarterly earnings due later in the day and on the government’s decision to impose anti-dumping duty on some steel products.
09:40 am: Shares of Maruti Suzuki (at Rs 6,865.7), TVS Motors (at Rs 537.55) and Motherson Sumi (at Rs 418) hit the 52-week high on NSE.
09:20 am: Markets open record high, BSE Sensex up 0.23% at 30,391.48 points while NSE Nifty up 0.17% at 9,461 points. Bharti Airtel, TCS, Dr Reddy’s, Reliance Industries lead the Sensex while Asian Paints drags.
With inputs from Reuters and PTI.