1. Sensex scales another peak, breaches 30300; Nifty extends gains; Rupee recoups in early trade

Sensex scales another peak, breaches 30300; Nifty extends gains; Rupee recoups in early trade

The BSE Sensex continued with its record-setting spree to quote at an all-time high of 30,346.69 while the NSE Nifty scaled a new peak of 9,450.65 in opening trade today on sustained fund inflows, largely driven by forecast of a normal monsoon, amid positive Asian cues.

By: | Published: May 11, 2017 10:12 AM
The 30-share index rallied by 98.52 points, or 0.32 per cent, to hit a new peak of 30,346.69, breaking its previous record of 30,271.60 points (intra-day) touched in yesterday’s trade.

The BSE Sensex continued with its record-setting spree to quote at an all-time high of 30,346.69 while the NSE Nifty scaled a new peak of 9,450.65 in opening trade today on sustained fund inflows, largely driven by forecast of a normal monsoon, amid positive Asian cues. The 30-share index rallied by 98.52 points, or 0.32 per cent, to hit a new peak of 30,346.69, breaking its previous record of 30,271.60 points (intra-day) touched in yesterday’s trade. The gauge had gained 389.37 points in previous three sessions to close at a record high of 30,248.17 in yesterday’s session.

All the sectoral indices, led by metal, healthcare, auto and banking, were trading in green with gains of up to 1.02 per cent. The 50-share NSE Nifty gained 43.35 points, or 0.46 per cent, to quote at a life-time high of 9,450.65. The gauge had touched an intra-day high of 9,414.75 in yesterday’s trade. Major contributors to the key indices were Tata Steel, M&M, Lupin, ONGC, Cipla, Axis Bank, ITC Ltd, ICICI Bank, Sun Pharma, Adani Ports and SBI, gaining by up to 1.42 per cent.

Bucking the trend, shares of India’s largest two-wheeler maker Hero MotoCorp fell 0.38 per cent, to Rs 3,309.90 after the company yesterday registered a 13.86 per cent decline in net profit at Rs 717.75 crore for the fourth quarter ended March 2017. Brokers said that continued buying by foreign funds as well as retail investors after forecast of a normal monsoon this year lifted the key indices to new highs.

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In the Asian region, Hong Kong’s Hang Seng rose 0.23 per cent, while Japan’s Nikkei was up 0.15 per cent in early trade. Shanghai Composite Index, however, was down 0.25 per cent. The US Dow Jones Industrial Average closed 0.16 per cent lower in yesterday’s trade.

Rupee

The rupee made a comeback early on by recovering 14 paise to 64.49 against the dollar at the Interbank Foreign Exchange today after fresh selling of the US currency by exporters amid foreign fund inflows and a higher opening in the domestic equities market. Besides, a weak dollar overseas also supported the rupee, forex dealers said.

In the previous trading session on Tuesday, the rupee tumbled 32 paise to end at a fresh three-week low of 64.63 against the resurgent dollar amid frantic demand for the American unit from importers. This was the rupee’s biggest single-day loss this year.

Forex market remained closed yesterday on account of ‘Buddha Purnima”. Meanwhile, the benchmark BSE Sensex rose 98.52 points, or 0.32 per cent, to hit yet another peak of 30,346.69 in opening trade today.

 

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