Indian stock markets closed on a new lifetime high, with the benchmark Sensex gaining 57 points to close above 31,800 for the first time and the broader Nifty 50 rising 30 points to settle above 9,800 points for the first time ever. The 30-share barometer ended up 0.18% at 31,804.82 points while Nifty 50 closed up 0.31% at 9816.1 points. Domestic markets posted the continuous third-day gain today, with Sensex, Nifty approaching closer to 32,000 and 10,000 mark.
The markets are boasting high on the back of positive expectations with the first quarter earnings lined up in coming days and optimism about the key macro data such as CPI inflation and industrial production — scheduled to be announced later today at 5:50 pm.
All the sectoral indices of NSE ended up in green except the Nifty IT which remained under pressure as the first quarter earnings of the Indian software exporting behemoths TCS and Infosys are due on 13 July and 14 July respectively. The benchmark indices of NSE for various sectors namely bank, auto, financial services, FMCG, media, metal, pharma, PSU bank, private bank and realty ended in positive zone with gains up to 1.34%.
The biggest gainers on the BSE Sensex includes the blue-chip companies, HUL (up 2.04% at Rs 1129.7), ONGC (up 1.59% at Rs 162.85), SBI (up 1.34% at Rs 287.4), ICICI Bank (up 1.04 at Rs 292.75), Reliance Industries (up 1.02% at Rs 1,510.5)
Earlier Yesterday, Indian stock markets made fresh intra-day highs, with benchmark Sensex rallying 170 points to 31,885 points and broader NSE Nifty rising 60 points to 9,830 points.
Observing the trends from the past one year, it is perhaps remarkable that both Nifty and Sensex continue their upward climb despite the shock move of demonetisation of Rs 500 and Rs 1000 currency notes by Prime Minister Narendra Modi late last year. Both the major indices, BSE Sensex and NSE Nifty have rallied about 20% so far this year. A lot of factors seem to have come into the play: Good rainfall, the expectation of strong corporate earnings, implementation of GST with no more than expected troubles.