The benchmark Sensex index topped 33,700-mark for the first time ever on Friday supported by the upsurge in the banking and financial services stocks. Domestic markets are on a record-breaking streak since India grabbed the 100th spot in the World Bank’s “Ease of Doing Business” 2018 rankings. The upmove in the heavyweight shares such as HDFC, SBI, Axis Bank led the indices to break and make new record highs. BSE Sensex gained as much as 128.52 points to hit the lifetime high of 33,701.74 points.
Shares of HDFC (up 0.79%), SBI (up 3.19%), Axis Bank (up 1.87%), Tata Motors (2.78%), and L&T (up 1.98%), Cipla (0.95%), ONGC (up 1.78%) and HDFC Bank (up 0.5%) were the major gainers on Sensex. The key equity indices — Sensex and Nifty — have returned 26-27% since the beginning of this year. With such a decent returns, Indian stock market is one of the best-performing markets among the major economies of the world. BSE Sensex closed 112.34 points or 0.33% higher at 33,685.56 points while NSE Nifty settled 28.7 points or 0.28% up at 10,452.5 points.
Indian stock markets extended the record-breaking run with the key equity indices Sensex and Nifty opening at lifetime highs led by the optimism following a positive round of corporate earnings. NSE Nifty rose 37.75 points or 0.36% to open at 10,461.55 while BSE Sensex gained 94.12 points or 0.28% to start at 33,667.34.
Shares of Bharti Airtel jumped 3.97% to hit a fresh 10-year high of Rs 564.8 before closing 0.32% down at Rs 541.35. The appreciation in the stock price came after Bharti Telecom acquired 4.62% stake in Bharti Airtel in a block deal. About 18.47 crore shares were traded in the block deal.
In a major development, US President Donald Trump appointed Jerome Powell to serve as chairman of the Board of Governors of the US Federal Reserve on Thursday. Jerome Powell will take over from the present chairwoman Janet Yellen once her term expires.
Wall Street’s Dow industrials climbed to a record high on Thursday while losses in Facebook kept the S&P 500 and the Nasdaq in check as investors assessed the long-awaited tax cut plan unveiled by US President Donald Trump’s fellow Republicans, Reuters reported. The Dow Jones Industrial Average rose 81.25 points or 0.35% to 23,516.26, the S&P 500 gained 0.49 points or 0.02% to 2,579.85 and the Nasdaq Composite dropped 1.59 points or 0.02% to 6,714.94.