The stock markets extended rally for the second consecutive day on Tuesday on fresh hopes that PM Narendra Modi’s BJP will retain power in the upcoming general elections, helping the Sensex and Nifty to scale fresh 6-month highs.
The stock markets extended rally for the second consecutive day on Tuesday on fresh hopes that Prime Minister Narendra Modi’s BJP will retain power in the upcoming general elections, helping the Sensex and Nifty to scale fresh 6-month highs. “If the current regime and its economic policies with long-term vision of the economy of the country continues, we are in for a 10-year bull run,” Porinju Veliyath said in an interview to ET Now. Notably, Foreign investors ramped up buying in the country. The rupee spurted to a a fresh two-month high, extending its 4-day rally, after the US dollar weakened. We take a look at five key highlights from today’s Sensex, Nifty bull-run.
Reliance Industries hits record high
Index heavyweight Reliance Industries jumped 2.5% to fresh record high of Rs 1,333 intra-day. Notably, the Mukesh Ambani-led firm emerged as the biggest contributor to Sensex’s overall gain. RIL contributed 91.80 points, followed by HDFC Bank at 86 points.
Bharti Airtel jumps 14% in just 2 days
Shares of India’s major telecom firm Bharti Airtel extending rally for the second consecutive day on Tuesday gaining more than 14% in just two session from Monday. The shares emerged as top Nifty gainers after announcing direct stake cut in Bharti Infratel.
Nifty Bank at record high
Buoyed by a rally in ICICI Bank, HDFC Bank, IndusInd Bank gaining more than 3% each, the Nifty Bank index hit a fresh record high of 28,488.10. IndusInd Bank contributed the most to the index gain and had the largest move, increasing 4%.
Sensex at 6-month high
The 30-share Sensex has moved to a fresh 6-month high, closing 481.56 points higher at 37,535.66. At this level, the index is just less than 1,500 points away from its record high of 38,989 achieved on 29th August 2018. The Sensex has returned around 5% gain in just seven sessions from the beginning of this month as foreign portfolio investors have so far this month poured in a net $1 billion into Indian equities.
Nifty reclaims 11,300
Nifty 50 reclaimed the crucial 11,300 -mark, closing at its 2019 high of 11,301.20. The Nifty has gained about 3.5% in the last one month period.