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Sensex scales 30k on global cues
The domestic bourses on Wednesday recorded a series of milestones as the market benchmark Sensex closed above the 30,000-mark for the first time, while the Nifty too finished at a record high on sustained buying amid positive global cues. On the other side, market capitalisation (m-cap) surged to its highest ever.
Hyderabad: The domestic bourses on Wednesday recorded a series of milestones as the market benchmark Sensex closed above the 30,000-mark for the first time, while the Nifty too finished at a record high on sustained buying amid positive global cues. On the other side, market capitalisation (m-cap) surged to its highest ever.
Positive global cues and optimism over the upcoming quarterly earning results pushed the equity markets to their new closing highs during the session. Country’s most valued company Reliance Industries (RIL) has already set the tone for the markets on higher side and now, other positive factors are supporting the rally, observe analysts.
ITC, HDFC Bank, HDFC contributed the most to the index. Volatility is expected ahead of F&O expiry on Thursdya. Analysts still hold positive view of the market. The BSE 30-share Sensex opened on a strong footing and surged to a lifetime high of 30,167.09 points in intra-day trade, before settling at 30,133.35, up 190.11 points, or 0.63 per cent.
This surpassed its previous record close of 29,974.24, reached on April 5. The gauge had hit its previous intra-day high of 30,024.74 on March 4, 2015. Similarly, the broader 50-issue NSE Nifty scaled a new peak of 9,367 before finally ending 45.25 points, or 0.49 per cent higher at 9,351.85, a new record closing. It surpassed its previous record closing of 9,306.60 hit in yesterday's trade.
5 factors
Five factors mainly supported the latest rally. Rupee surge increased positive forecast about the Indian economy. Hopes for additional foreign inflows have further enhanced optimism. The first round of an election in France in favour of the market’s preferred candidate contributed to the rally. Investors are waiting for announcement of Trump on big tax reforms later today. The market rally gained momentum following a string of positive quarterly results. 17 companies are scheduled to report their results for the March-quarter today.
The home currency surged six per cent against the US dollar so far this year. The rising rupee has enhanced the value of Indian markets and further returns for foreign investors in constant currency terms. Liquidity is the major factor that’s driving global markets. Despite little clarity on US policies, the threat of protectionism, geopolitical concerns and high valuations in some markets, markets continue to move up.
