Equity benchmarks gallop to record highs for yet another session
Equity benchmarks galloped to record highs for yet another session on Tuesday with the Sensex closing above 57000 for the first time while the Nifty scaled the 17000-mark as investors remained on a buying mode amid growth optimism and bullish global cues.
Market sentiment was positive ahead of the release of first-quarter GDP data, traders said, adding a strengthening rupee added to the momentum.
The rupee increased 29 paise to close at 73.00 against the dollar on Tuesday, marking the fourth straight day of gains.
Rising for the fourth session on the trot, the 30-share BSE Sensex soared 662.63 points, or 1.16 per cent, to its fresh record close of 57552.39. It touched a lifetime high of 57625.26 during the session.
The market capitalisation of BSE-listed companies jumped to an all-time high of Rs 2,50,02,084.01 crore at close of trade.
It took the Sensex just two sessions to climb from the 56000 closing level to the 57000-mark. The broader NSE Nifty extended its winning streak for the seventh day, rallying 201.15 points, or 1.19 per cent, to an all-time closing peak of 17132.20. It touched an intra-day record of 17153.50.
Bharti Airtel was the top gainer in the Sensex pack, rallying 6.99 per cent, a day after its chairman Sunil Bharti Mittal indicated raising tariffs.
“Led by bulls, domestic indices breached record highs amid broad-based buying due to continuation of Fed’s dovish policy and the expected release of domestic GDP data,” said Vinod Nair, head of research at Geojit Financial Services.
World stocks maintained their upward trajectory on economic recovery hopes, bolstered by dovish comments from the US Federal Reserve.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note. Equities in Europe were also trading with gains in mid-session deals.
Brent crude fell 0.83 per cent to $71.63 per barrel.
Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 1,202.81 crore.