1. Sensex soars 450 points to new all-time high; from global markets to earnings, here are 5 reasons

Sensex soars 450 points to new all-time high; from global markets to earnings, here are 5 reasons

Buoyant global markets and robust corporate outlook lifted Indian stock markets on Thursday with benchmark Sensex rising to make a new all-time high, just shy of 30,800 points.

By: | Published: May 25, 2017 4:15 PM
BSE Sensex surged 1.6% to a fresh high of 30,793.43 points in the afternoon trade, while the broader NSE Nifty too rose 1.7% to 9,523.3 points to come within the kissing distance of its all-time high.

Buoyant global markets and robust corporate outlook lifted Indian stock markets on Thursday with benchmark Sensex rising to make a new all-time high, just shy of 30,800 points. BSE Sensex surged 1.6% to a fresh high of 30,793.43 points in the afternoon trade, while the broader NSE Nifty too rose 1.7% to 9,523.3 points to come within the kissing distance of its all-time high.

World stocks

Global equity markets cheered on Thursday, after the US Federal Reserve signalled caution in raising interest rates. The MSCI’s 46-country world stock index soared 0.3% in the day to a record high of 464.38. Asian stocks too traded strong, with the MSCI’s Asia index gaining almost 1% to hit a two-year high. Earlier Wednesday, the US S&P 500 index closed at a new record high.

May expiry

Back home, short-covering of bets too supported the rally in domestic equities ahead of the expiry of monthly derivative contracts as today was the last trading session of May expiry in the derivatives segment.

Earnings galore

Strong corporate earnings also boosted the sentiment. Bosch India rose as much as 5.5% after robust fourth quarter results. On the other hand, major information technology companies, including Infosys and Tata Consultancy Services soared after the former restated that it plans to hire and train 10,000 people in the US over the next two years.

FII buying, Rupee

Foreign investors, who turned buyers in a fresh spell, also aided the mood. On the other hand, a spike in rupee for the second consecutive day also pushed the domestic equities higher. The rupee soared 25 paise in the morning trade against the US dollar to 64.48. Earlier yesterday, the Indian currency had surged 16 paise to close at 64.73 against the US dollar.

Top stocks

Most index constitutes were firm today, with HDFC Bank (up 3% at Rs 1,613 at close), L&T (up 4.8% at Rs 1,765), ICICI Bank (up 3.3% at Rs 316.85), Maruti Suzuki (up 1.5% at Rs 6,970), Hindustan Unilever (up 0.7% at Rs 1,045), ITC (up 0.4% at Rs 301), among those hitting 52-week high during the day on Nifty. Among other stocks, Infosys ended up 2.7% at Rs 981 while Tata Consultancy Services closed up 2.2% at Rs 2,615.05.

  1. V
    V
    May 25, 2017 at 9:40 pm
    Your news item a few days ago said that the markets crashed because of Indian Army's attacks on terrorist cells across the border. How has the view suddenly changed?
    Reply

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