The domestic markets hit record highs on Monday as the broader Nifty 50 hit the historical five-digit mark of 10,000 points in the early morning trade. The gains in shares of blue-chip companies, ACC, Ambuja Cements, HDFC Bank, Bharti Infratel, ICICI Bank, HDFC, ZEE Entertainment, Indiabulls Housing Finance, HeroMotoCorp and Vedanta contributed heavily which lead the index to scale all-time highs.
NSE Nifty gained as much as 44 points to hit the phenomenal mark of 10,000 points while BSE Sensex rose nearly 100 points to hit the record high at 32,350.71 points. Blue-chip stocks which will be in focus ahead of their first quarter earnings are Asian Paints, Axis Bank, Bharti Airtel, Hero MotoCorp, Vedanta. All these five stocks are also the constituent of Nifty 50.
Shares of Indiabulls Housing Finance, Ambuja Cements, Zee Entertainment and Bharti Infratel gained in the opening trade after reporting positive earnings earlier on Monday which drove the market to new highs.
The second largest mortgage lender Indiabulls Housing Finance yesterday reported a 25% jump in the June quarter net at Rs 788.2 crore, helped by higher loan growth, reduction in the cost of funds and the cost-to-income ratio. Ambuja Cements yesterday reported an 11.85% growth in consolidated net profit at Rs 718.24 crore for the second quarter ended June 30, 2017, on account of higher sales.
Media firm Zee Entertainment Enterprises Ltd yesterday reported a 15.84% rise in its consolidated net profit at Rs 251.44 crore for the quarter ended June 30. Mobile tower company Bharti Infratel yesterday reported 12% decline in consolidated net profit to Rs 664 crore for the June quarter of the current fiscal.
Markets broke new ground yesterday as the Nifty came tantalisingly close to 10,000 and the Sensex signed off at 32,246 after banking stocks came alive on better-than-expected quarterly results. Oil and gas, IT and FMCG stocks also threw their weight behind the rally. There was cheer on the growth front as the International Monetary Fund (IMF), in its World Economic Outlook Update, retained India GDP forecast at 7.2 cent for the current fiscal, saying the country will pip China in growth sweepstakes in 2017 and 2018 as well.