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Markets at record highs; Nifty breaches 9,400-mark for the first time
Benchmark Sensex soared to a record close of 30,248, while the broader Nifty breached the 9,400-mark for the first time on Wednesday as investors widened their exposure, spurred by forecast of a normal monsoon this year.
MUMBAI: Benchmark Sensex soared to a record close of 30,248, while the broader Nifty breached the 9,400-mark for the first time on Wednesday as investors widened their exposure, spurred by forecast of a normal monsoon this year.
The chief India Meteorological Department on Tuesday said India looks likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition eased.
Monsoon delivers about 70 percent of India's annual rainfall, critical for crops such as rice, cane, corn, cotton and soybeans as nearly half of the country's farmland lacks irrigation.
After a strong opening, the 30-share BSE Sensex continued its upward journey to hit a fresh intra-day high of 30,271.60 before ending at 30,248.17, spurting 314.92 points, or 1.05 per cent.
The index broke its previous record closing of 30,133.35 reached on April 26.
It also surpassed its intra-day peak of 30,184.22 recorded on April 27.
On similar lines, the NSE Nifty, after hitting an all-time high of 9,414.75, settled higher by 90.45 points, or 0.97 per cent at 9,407.30.
This surpassed its previous record close of 9,359.90 on May 4, as well as the intra-day peak of 9,377.10 hit on May 5.
