The party at Dalal Street continued on Thursday as India's stock markets hit fresh record highs with Sensex rallying 395 points and Nifty nearing 10,900 mark for the first time ever today. Shares of India's most valuable lender HDFC Bank hit an all-time high.
India’s stock markets extended the record-breaking rally on Thursday with Sensex and Nifty opening at fresh records after hitting new milestones in yesterday’s trade. The domestic markets took a breather on Tuesday on account of the widening of trade deficit to a 3-year high but fell back on rising streak after the Narendra Modi government lowered the additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier. BSE Sensex gained as many as 394.88 points to hit a lifetime high of 35,476.7 while NSE Nifty added 98.55 points to mark the record high of 10,887.1 on Thursday. The value buying in the shares of heavyweight companies such as HDFC Bank, ICICI Bank, HDFC, SBI, Axis Bank, ITC, HUL, L&T, Yes Bank and IndusInd Bank led the key equity indices to fresh record highs.
Shares of State Bank of India, HDFC Bank, Hero MotoCorp, ICICI Bank, Yes Bank and Axis Bank were the top gainers among the Sensex stocks on Thursday. Shares of India’s most valuable lender HDFC Bank rose 2.32% to hit an all-time high of Rs 1,935 while the stock of Yes Bank jumped 3.36% to the day’s high of Rs 354 ahead of its third-quarter earnings. The benchmark Sensex rose 284.63 points or 0.81% to began at 35,366.45 whereas the wider share indicator Nifty advanced 84.85 points or 0.79% to start at 10,873.4. Shares of Adani Ports SEZ, Bharti Airtel, UltraTech Cement and Yes Bank will be in close watch ahead of their respective third-quarter earnings scheduled for later today. Other major companies which are also lined up with Q3 earnings are Deepak Nitrite, Adani Enterprises, Cyient, DB Corp, Hindustan Zinc, Mastek, and Zensar Technologies.
Earlier yesterday, the equity benchmark indices Sensex and Nifty closed at record high levels after banking stocks surged in trade following the news of government borrowing requirement being cut. Notably, Sensex closed at a fresh high of 35,081 points, 310 points above its opening, buoyed by a rise in shares of Axis Bank, SBI, ICICI Bank, Infosys and Yes Bank which surged by more than 2.5% each. The broader 50-share Nifty touched 10,800 for the first time in history, however, closed a few points lower at 10,788. It took 17 sessions for the Sensex to reach the 35,000 mark from 34,000 level reached on December 26.
US stocks jumped on Wednesday and the Dow closed above 26,000 for the first time as investors’ expectations for higher earnings lifted stocks across sectors, Reuters said in a report. The Dow also hit an all-time high in intraday trading. It had briefly reached the 26,000-milestone on Tuesday, in its fastest 1,000-point rise to date, before dropping back below that threshold, Reuters added. The Dow Jones Industrial Average rose 322.79 points, or 1.25 percent, to 26,115.65, the S&P 500 gained 26.14 points, or 0.94 percent, to 2,802.56 and the Nasdaq Composite added 74.59 points, or 1.03 percent, to 7,298.28.