India's stock market extended the gains in the morning trade for the sixth straight day on Wednesday with Sensex and Nifty hitting all-new lifetime highs on the back of value buying ahead of major Q3 earnings beginning from tomorrow.
India’s stock market extended the gains in the morning trade for the sixth straight day on Wednesday with Sensex and Nifty hitting all-new lifetime highs on the back of value buying ahead of major Q3 earnings beginning from tomorrow. BSE Sensex gained 95.59 points to start at 34,538.78 and NSE Nifty added 15.05 points to open at 10,652.05, both the key indices marked their respective opening record highs today. Shares of heavyweight companies such as Coal India, Bharti Airtel, ONGC, Sun Pharma, Reliance Industries, ITC were the major gainers among the Sensex stocks. The benchmark Sensex rose as much as 122.44 points to hit a fresh record high of 34,565.63 while the wider share indicator Nifty jumped 18.5 points to hit a fresh lifetime peak at 10,655.5. However, in the wee hours of trading, both the benchmark indices fell into negative territory following a little caution over third-quarter corporate earnings.
Shares of Coal India rose over 1% extending yesterday’s gain after the state-run and world’s largest coal miner hiked non-coking coal prices. Due to this revision, CIL will earn an incremental revenue of Rs 1,956 crores for the balance period of the financial year 2017-18. The projected annual incremental revenue would be Rs 6,421 crores. Other shares which also surged in the opening trades were, ONGC up 1.5%, Sun Pharma up 1.2%, Bharti Airtel up 0.8%, RIL up 0.8%, Adani Ports up 0.9% while on the other hand, Asian Paints, Tata Steel, Wipro, HDFC, IndusInd Bank lost up to 1%.
Going ahead in this week, the domestic markets are likely to be steered by upcoming quarterly results, along with the release of macroeconomic data including industrial production and inflation. The global cues such as crude oil prices, combined with the direction of foreign fund flows and the rupee’s movement against the US dollar, will also impact investors’ risk-taking appetite. The broad market indices of NSE such as Nifty Mid100 Free, Nifty Sml100 Free, Nifty 100, Nifty 200, Nifty 500, Nifty Next 50 and Nifty Midcap 50 gained up to 0.3%. Among the sectoral indices of NSE, six out of eleven were trading in green with Nifty Realty and Nifty Pharma index leading the charge while Nifty Auto and Nifty Bank shed up to 0.3%.
Wall Street’s major indexes extended the New Year rally to close at record levels on Tuesday on investor optimism ahead of quarterly earnings reports and hopes for easing tensions with North Korea, Reuters said in a report. The Dow Jones Industrial Average rose 102.8 points, or 0.41 percent, to 25,385.8, the S&P 500 gained 3.58 points, or 0.13 percent, to 2,751.29 and the Nasdaq Composite added 6.19 points, or 0.09 percent, to 7,163.58