1. Sensex, Nifty make historic new highs as Modi completes 3 years in office

Sensex, Nifty make historic new highs as Modi completes 3 years in office

Extending yesterday's record run, the 30-share BSE Sensex crossed the landmark 31,000-level to hit a life-time high of 31,074.07 points before settling at 31,028.21 points, up 278.18 points, or 0.90 percent.

By: | Updated: May 26, 2017 5:56 PM
BSE Sensex crossed the landmark 31,000-level to hit a life-time high of 31,074.07 points before settling at 31,028.21 points while the Nifty crossed the 9,600-mark for the first time to touch 9,604.90 points, before settling at a closing basis record high of 9,595.10 points.

Indian benchmark indices, in what seemed to be a celebration of Prime Minister Narendra Modi’s 3 years in power, started the June futures and options (F&O) series on a strong note with the BSE Sensex reaching the 31,000-level for the first time, while Nifty, the broader benchmark, edged past 9,600 points in intra-day trade, on the back of sustained buying both by domestic and foreign investors, to make yet another record high. Creation of new positions by participants following the beginning of the June F&O series added to the momentum, brokers said. Foreign institutional investors bought shares worth a net Rs 589.11 crore on Thursday, which added to the upbeat sentiment.

Extending yesterday’s record run, the 30-share BSE Sensex crossed the landmark 31,000-level to hit a life-time high of 31,074.07 points before settling at 31,028.21 points, up 278.18 points, or 0.90 percent. The Nifty also crossed the 9,600-mark for the first time to touch 9,604.90 points, before settling at a closing basis record high of 9,595.10 points. BSE Mid-cap index closed 2.06% higher at 14,519 points while the BSE Small-cap index closed 1.60% higher at 15,086 points. The Nifty Bank index also closed 0.74% up at a record high of 23,362.20 points.

“Market touched another milestone supported by continued buying interest on index heavyweights post expiry. Expectation on good monsoon and a slow pace in interest rate hike by US Fed continue to weigh on the sentiment. Mid and small caps outperformed as recent correction scaled down the valuation gap with large caps, which gave an entry point for those who missed the opportunity,” said Vinod Nair, Head of Research, Geojit Financial Services.

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FMCG and metal stocks helped the indices gain the most, while pharma stocks continued to pull them down on the back of the sector’s poor outlook in the US and weak results back home. Asian Paints, Tata Steel and ITC were the top gainers on Sensex, whereas Sun Pharmaceuticals, Cipla, Videocon Industries and Indian Oil Corporation were the top losers on Sensex.

Shares of ITC rose 4.58 percent to hit a new 52-week high of Rs 313.80 on the BSE, after the diversified consumer company posted a 12.13 percent year-on-year growth in standalone net profit to Rs 2,669.47 crore for the quarter ended March 31, from Rs 2,380.68 crore, with its biggest segment, cigarettes, witnessing a strong growth in sales. Tata Steel was up 5.4% at Rs 511.80 per share.

Sun Pharma closed at Rs 568.55 per share, down 3.9%, Lupin closed down 2.2% at Rs 1,111.90 per share and Cipla closed at Rs 491.60 per share down 2.4%.

Yes Bank, IDFC Bank, Federal Bank, IndusInd Bank, Axis Bank, Kotak Bank, SBI and ICICI Bank were the gainers on Bank Nifty.

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