Nifty breaches 9,300-mark for first time.

Nifty breaches 9,300-mark for first time.

Nifty breaches 9,300-mark for first time.

Positive quarterly earnings from major corporates such as Reliance Industries, coupled with a rally prompted by French election results, helped Nifty reach a new closing high on Tuesday.

It crossed the 9,300-mark in intra-day trade for the first time ever, before closing at a new high of 9,306.60, up 88.65 points (0.96%).

Sensex opened at 29,825.14 and hit an intra-day high of 29,961.82, before ending with a gain of 287.40 points (0.97%) at 29,943.24.

This is the highest closing for Sensex since April 5, when it had ended at 29,974.24. The rupee ended at 64.26 against the dollar, up 18 paise.

“Improving macros, good numbers for many corporates, and a global rally are giving a leg up to the Indian markets. The sustainability of the movement depends on liquidity. The midcap bubble could burst if the results of some companies do not come out well,” Sanjiv Bhasin, Executive Vice President, India Infoline, told DH.

Nifty could consolidate at current levels and test 9,400-9,450 in the next three or four days. It could be a stock-specific rally from now, Bhasin added.

Even as Nifty hit new highs, the advances and declines were nearly even, with 892 securities of 1,765 advancing, 781 declining, and 92 remaining unchanged. A total of 168 securities hit new 52-week highs, while 15 hit new 52-week lows.