The leading benchmark indices Sensex and Nifty ended the session higher and scaled new record closing highs ahead of PM Narendra Modi’s swearing in ceremony today. The Sensex ended 329.92 points higher at 39,831.97, while the Nifty ended the session 85 points higher at 11,945.90. After taking a break yesterday, benchmark Sensex resumed its record-setting run, ably assisted by a rally in bluechip heavyweights RIL, HDFC and TCS amid expiry of May derivative contracts. Investor sentiment was also postive even as they keenly await the allocation of key portfolios to ministers. Narendra Modi and his council of ministers are all set to take oath at 7.00 pm later this evening.
“Oath Taking ceremony has also some importance for the Markets as it is crucial that which portfolios are given to which MPs. There has been great inclusion and consolidation in the financial sector and some very big aspirational deals in the Defence sector,” Mustafa Nadeem, CEO, Epic Research said in a note. The gauge hit an intra-day high of 39,911.92 and a low of 39,500.56.
NTPC, Bharti Airtel, Bajaj Finance, TCS emerged as the biggest gainers , jumping up to 3.4%. Shares of state-run electricity major NTPC jumped on Thursday afternoon, after the firm announced a mega capex of Rs 20,000 crore in FY20. NTPC shares gained more than 4.5% to hit the day’s high at Rs 135.95. On the other hand, Sun Pharma, M&M, ONGC, IndusInd Bank and Vedanta fell up to 2.39 per cent. Foreign institutional investors (FIIs) sold equities worth Rs 304.27 crore on Wednesday and domestic institutional investors (DIIs) too offloaded equity shares aggregating to Rs 189.58 crore, provisional data available with stock exchanges showed. Asian stock closed on a mixed note, while Europe was trading in the green in opening deals. Meanwhile, the Indian currency rupee was trading 5 paise lower at 69.88 against the US dollar.