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  1. Nifty 50 tops 10,150 points for first time ever; 4 reasons why it made new all-time high today

Nifty 50 tops 10,150 points for first time ever; 4 reasons why it made new all-time high today

The equity benchmark Nifty 50 hit a lifetime high on Monday rising as much as 81 points to mark a fresh counter of 10,167.15 points. We take a look at four reasons that helped NSE Nifty to hit a fresh lifetime high.

By: | Published: September 18, 2017 11:16 AM
National Stock Exchange building. (Image: Wikipedia)

The equity benchmark Nifty 50 hit a lifetime high on Monday, surpassed the record high of 2 August, rising as much as 81 points to mark a fresh counter of 10,167.15 points. The benchmark Sensex too fared in the early trade, gaining 236 points to the day’s high of 32,508.06 points following the record closing on Wall Street on Friday. We take a look at four reasons that helped NSE Nifty to hit a fresh lifetime high.

Wall Street record closing

The US markets reached record highs on Friday, with the S&P 500 surpassing 2,500 points as telecommunications shares rose and technology bounced back after two days of declines. The S&P 500 information technology sector rose 0.30% powered by a Nvidia-led surge in chipmakers, while Apple rose 1.01% in its first gain since unveiling new iPhones on Tuesday. The Dow Jones Industrial Average rose 0.29% to end at 22,268.34 points, while the S&P 500 gained 0.18% to 2,500.23 points, record closing for both. The Nasdaq Composite added 0.3% to 6,448.47 points.

Buying in blue-chip stocks

The value buying in the blue-chip shares such as Bharti Infratel, L&T, and HDFC Bank fuelled markets to jump to new record highs. Shares of heavyweight companies such as Bharti Infratel, Reliance Industries, L&T, HDFC Bank, IndusInd Bank, Tata Motors, and Kotak Mahindra Bank contributed the most to the Nifty gains. Collectively these seven stocks alone added about 33 points out of 72 points rise in the 50-share indicator – Nifty 50. While, the stocks of Bharti Infratel (up 2.86%), Bajaj Auto (up 2.72%), Tata Motors DVR (up 2.45%), L&T (up 2.33%), IndusInd Bank (up 2.44%), were the top gainers on the index.

US Federal Reserve meeting

The market participants were keen on the US Federal Reserve’s policy meeting for indications on the timing of the next rate hike. Forecasters expect the Federal Reserve to leave rates unchanged and stick to plans to raise rates in December, Associated Press reported. Investors also are looking for indications of when and how central bankers will start selling off bonds brought to shore up economic growth after the 2008 crisis.

India’s forex reserves at all-time high

The country’s forex reserves surged by USD 2.604 billion to reach an all-time high of USD 400.726 billion in the week ended 8 September on account of the rise in foreign currency assets, according to RBI data. In the previous week, the reserves had increased by USD 3.572 billion to USD 398.122 billion. The foreign currency assets (FCAs), a major component of the overall reserves, increased by USD 2.568 billion to USD 376.209 billion for the reporting week, according to data by the Reserve Bank of India (RBI).

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