Published: Fri, May 12, 2017
Sci-tech | By Doreen King

Sensex Scales Another Peak on Strong Global Cues

Sensex Scales Another Peak on Strong Global Cues

Tuesday's forecast raised hopes of higher agricultural yields and economic growth, leading both the Bombay Stock Exchange Sensex and the National Stock Exchange Nifty to end at new record highs - Sensex closed 314.92 points up at 30,248, while Nifty ended 90.45 higher to settle at 9,407 for the first time.

On similar lines, the NSE Nifty rose 42.70 points, or 0.46 per cent, at 9,359.55 in opening trade.

Meanwhile, the NSE Nifty regained the 9,300-mark by rising 24.05 points, or 0.26 per cent, to trade at at 9,309.35. It was followed by Bajaj Auto 3.12 per cent, Adani Ports 2.28 per cent, SBI 1.15 per cent, ITC 1.00 per cent, Sun Pharma 0.93 per cent and Wipro 0.89 per cent.

In terms of the broader markets, the S&P BSE mid-cap index surged by 0.87 per cent while the small-cap index rose by 0.75 per cent.

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Midcaps gained nearly a per cent, while metals and banks gained around half per cent. "Financial services stocks were also seen rallying, reflecting markets' expectations for further strength in equities".

The indices had ended at record highs in yesterday's session as well after the weather office said monsoon rainfall this year will exceed its earlier forecast, easing inflation worries.

The gauge had lost 267.41 points in the previous session on Friday on global weakness due to a renewed slide in crude oil prices.

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.

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"We believe Hero MotoCorp is the best pick, with a likely revival in the rural economy, as approximately 50% of sales are in the rural markets", HDFC Securities said in a note.

All the sectoral indices led by metal, healthcare, auto and banking, were trading in green with gains of up to 1.02%.

Japan's Nikkei 225 was up 0.2 percent while South Korea's benchmark Kospi index was up 0.55 percent on Thursday.

HCL Technologies, a constituent of the Nifty, fell 0.4% to 838.65 rupees.

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