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Sensex tops 38,000-mark for the first time; Nifty hits a new high of 11,495.20

MUMBAI: The touchstone BSE Sensex rose 162.56 points, or 0.42 per cent, to hit an all-time high of 38,050.12. Besides, the NSE Nifty scores a new high of 11,495.20 by shooting up 45.20 points on Thursday morning. The sensex breaches on extensive buying in energy, banking, and PSU stocks in the middle of relentless inflows by domestic and foreign institutional investors.

The stock market had closed at a record high on Wednesday along with Sensex making a leap of 221.76 points and ending at 37,887.56. The broader Nifty in addition had jumped 60.55 points to close at 11,450. During the day, Nifty Bank Index had topped the 28,000 level for the first time, rising as much as 0.9 percent to a record 28,119.10.

Factors like Positive global cues, the prediction of stable economic growth and more desirable quarterly results, are responsible for the lifting of the key Indian equity indices to new record intra-day and closing high-levels on Wednesday.

According to market experts, factors like the inflow of foreign funds and healthy buying in consumer durables, banking and oil and gas stocks shoved the key indices higher. In the meantime, the rupee also goes up by 18 paise to 68.45 against the US dollar in opening trade on Thursday on ongoing selling of the American currency by exporters and banks amid foreign capital inflows.

On a net premise, provisional data showed that foreign portfolio investors (FPIs) bought shares worth Rs 568.63 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 30.25 crore yesterday.

Asian shares were mixed in early trade as a result of rising trade tensions between the US and China. Hong Kong’s Hang Seng was up 0.89 per cent and Shanghai Composite Index rushed to  1.83 per cent, while Japan’s Nikkei shed 0.27 per cent in early deals.