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Indian equity indices at record highs, Nifty crosses 9,500-mark

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  17 May 2017 12:00 AM GMT

Mumbai, May 16: Indian equity markets surged to record closing as well as intra-day highs on Tuesday as positive global cues, along with healthy macro-economic data and expectation of a normal monsoon, buoyed investors’ sentiments. The wider 51-scrip Nifty of the tiol Stock Exchange (NSE), which crossed the 9,500-mark for the first time during the mid-afternoon trade session, closed at a new high of 9,512.25 points — up 66.85 points or 0.71 per cent. The 30-scrip Sensitive Index (Sensex) of the BSE gained by 260.48 points or 0.86 per cent, to close at 30,582.60 points — also a new closing high.

According to market observers, inflow of foreign funds and healthy buying witnessed in automobile, banking and IT stocks, too, supported the upward trajectory. Both the key indices touched their fresh intra-day highs. The NSE Nifty touched an intra-day high of 9,517.20 points and the BSE sensex of 30,591.55 points.

The new intra-day highs of the benchmark indices are also their new 52-week highs. The key indices had touched record intra-day and 52-week highs on May 11 (Nifty of 9,450.65 points, Sensex of 30,366.43 points) and closing highs on May 15 (Nifty of 9,445.85 points, Sensex of 30,322.12 points).

“Markets surged higher on Tuesday as the Nifty closed above the 9,500 levels for the first time ever. Both the Sensex and the Nifty hit record high levels on intra-day as well as on closing basis,” Deepak Jasani, Head (Retail Research), HDFC Securities, told IANS. “Reports of Employees’ Provident Fund Organisation (EPFO) looking to shore up its inflow in local stocks contributed to bullish sentiments on the domestic bourses. Broad market indices like the BSE mid-cap and small-cap indices rose less, thereby underperforming the Sensex.” In terms of the broader markets, the S&P BSE mid-cap index rose by 0.27 per cent and the small-cap index by 0.38 per cent.

And James, Chief Market Strategist of Geojit Fincial Services, told IANS: “Healthy macros, prediction of a normal monsoon and the news on EFPO increasing its equity investment limits led to the rise.” “Fuel price cut following lower CPI (Consumer Price Index) data, and strengthening rupee was suggestive of continued interest from FIIs (foreign institutiol investors).” On the currency front, the rupee weakened by three paise to 64.08-09 per US dollar from its previous close of 64.06.

In investments, provisiol data with the exchanges showed that FIIs purchased stocks worth Rs 858.29 crore, while domestic institutiol investors (DIIs) divested scrips worth Rs 401.89 crore. Sectorwise, all the sub-indices of the BSE ended in the green, except the S&P metal index which fell by 64.96 points. The S&P automobile index surged by 249.08 points, followed by the banking index by 131.33 points, and the IT index by 106.64 points. (IANS)

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