tiptrot.com
tiptrot.com August 17, 2017


Bull run: Sensex, Nifty at new peak

12 May 2017, 01:16 | Gerardo Harmon

Bull run: Sensex, Nifty at new peak

Sensex Nifty Hit Lifetime Highs on Normal Monsoon Forecast

Indian benchmark indices made new lifetime highs during intraday trade today with the NSE Nifty 50 reaching 9,450.65 points for the first time ever and the BSE Sensex touching a new all-time high of 30,366.43 points.

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, up 314.92 points, or 1.05 per cent.

The market breadth turned negative as 1,583 stocks closed in red, while 1,247 finished in green and 162 ruled steady.

Sentiment was also lifted by Asian stocks, which edged higher for a third consecutive day, as investors focused on strong corporate earnings and the dollar gave back some of its recent gains. "Financial services stocks were also seen rallying, reflecting markets' expectations for further strength in equities".

Earlier in the week, the head of the country's weather office, forecast a higher monsoon rainfall as concerns over the El Nino weather condition eased, raising prospects of higher farm and economic growth.

"The ordinance is definitely having a positive impact", Sedani said.

Meanwhile, after a gap of almost two weeks, the foreign institutional investors (FII) have turned net buyers in the Tuesday's trading session first time after April 25, 2017.


Major gainer Hero MotoCorp rose 4.26 percent.

The scrip is now trading 3.61 per cent higher on the NSE.

Among BSE sectoral indices, consumer durables index was the star-performer and was up 1.63 per cent, auto 1.08 per cent, metal 0.74 per cent and healthcare 0.59 per cent.

The Nifty PSU bank index rose as much as 0.91 per cent. Key indices in Japan, Hong Kong, South Korea and Taiwan ended higher.

However, Bharti Airtel fell 2.21 percent, Gail 2.14 percent, ONGC 1.94 percent, HUL 1.78 percent, Axis Bank 1.69 percent, NTPC 1.39 percent, Coal India 1.20 percent, Power Grid 1.14 percent and Tata Motors 1.08 percent.

Bucking the trend, shares of India's largest two-wheeler maker Hero MotoCorp fell 0.38 per cent, to Rs 3,309.90 after the company yesterday registered a 13.86 per cent decline in net profit at Rs 717.75 crore for the fourth quarter ended March 2017.

The NSE index was last up 0.42 percent while the BSE index was last up 0.36 percent.



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