Mumbai April 25 (IANS) Positive global cues along with a strengthened rupee lifted the NSE Nifty to its new high of over 9 300 points and the BSE Sensex to its highest closing level in almost three weeks.
Market observers pointed out that inflow of foreign funds and healthy quarterly results restored investors risk-taking appetite.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) touched a new high of 9 309.20 points in the intra-day trade. It closed at 9 306.60 points up 88.65 points or 0.96 per cent from its previous close.
The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange closed higher by 287.40 points or 0.97 per cent. It opened at 29 825.14 points closed at 29 943.24 points -- up from its previous close at 29 655.84 points.
The Sensex touched a high of 29 961.82 points and a low of 29 780.84 during the intra-day trade.
Markets rallied sharply on Tuesday with the Nifty closing at new life highs. It was the second consecutive session of hefty gains for Nifty Deepak Jasani Head - Retail Research HDFC Securities told IANS.
According to Jasani Indian equity markets rallied in tandem with global indices after centrist candidate Emmanuel Macron won the first round of the French Presidential election.
Gains were led by index heavyweights ITC HDFC and Reliance Industries (RIL). Positive earnings from banks also helped Jasani added.
In terms of global equity markets major Asian indices ended on a positive note. European indices like FTSE 100 and CAC 40 traded higher.
On the currency front the Indian rupee appreciated by 18 paise to 64.26-27 per US dollar from its previous close of 64.44-45 to a greenback.
The benchmark indices rallied for the second consecutive session and extended gains tracking positive global cues and appreciation of Indian rupee against the US dollar said Dhruv Desai Director and Chief Operating Officer of Tradebulls.
In terms of investments provisional data with the exchanges showed that foreign institutional investors (FIIs) invested in scrip worth Rs 178.82 crore while the domestic institutional investors (DIIs) purchased stocks worth Rs 998.26 crore.
Earnings from both private and public sector have shown encouraging signs lifting banking stocks. Nifty s surge to 9 300 gave added vigour to market said Anand James Chief Market Strategist of Geojit Financial Services.
The government s push in the infra and affordable housing space has also kept housing cement and realty stocks buzzing.
Sector-wise the S&P BSE banking index surged by 255.15 points followed by the automobile index which added 255.12 points and the oil and gas index which gained 176.35 points.
Among other notable gainers the FMCG index rose by 154.24 points the capital goods index was up by 145.53 points.
In an exclusive interview with BTVi Nilesh Shah Managing Director at Kotak Mahindra Asset Management said that liquidity is the reason for the current increase in prices and valuation.
If I use cricketing parlance -- this is no longer the batting pitch of the first day. It is a pitch which is probably of the fourth day where you will require skills and you will require tenacity to make runs Shah said when asked whether expensive stock prices due to the current bull run allow for investors to make money.
You are not going to get half-volleys which you can just swing to the boundaries. On this pitch you have to stay on it to make runs...if you try to be adventurous you will suffer.
Company-wise major Sensex gainers on Tuesday were: Axis Bank up 3.40 per cent at Rs 515.15; Mahindra and Mahindra (M&M) up 3.40 per cent at Rs 1 307.50; Bharti Airtel up 3.18 per cent at Rs 354.15; Hero MotoCorp up 3.16 per cent at Rs 3 305.70; and Asian Paints up 2.68 per cent at Rs 1 097.05.
Major Sensex losers were: Tata Consultancy Services (TCS) down 0.76 per cent at Rs 2 311.30; Cipla down 0.58 per cent at Rs 552.85; Gail down 0.39 per cent at Rs 411.60; NTPC down 0.30 per cent at Rs 165.70; and Sun Pharma down 0.02 per cent at Rs 642.50.
--IANS
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Global cues, rupee lift equities; Nifty above 9,300 points (Second Intro Roundup)
