Markets smash records: Sensex ends above 30k

Markets smash records: Sensex ends above 30k

Macron lead in elections, US tax reforms buoy bourses

Markets smash records: Sensex ends above 30k

Markets raced past milestones on a record-setting spree on Wednesday, with the benchmark Sensex closing above the 30,000-mark for the first time, while the broader Nifty hit a new peak, buoyed by unabated funds inflows and a global rally.

Stocks saw frenzied buying, in line with global shares, which have been on high after the first round victory of centrist Emmanuel Macron in French presidential elections. Investors are also keeping an eye on US President Donald Trump’s much-awaited tax reforms.

Traders said the impressive show by the ruling BJP in Delhi civic polls added to the positivity. The BSE 30-share Sensex opened on a strong footing and surged to a lifetime high of 30,167.09 points in intra-day trade, before settling at 30,133.35, up 190.11 points, or 0.63%.

This surpassed its previous record close of 29,974.24, reached on April 5. The gauge had hit its previous intra-day high of 30,024.74 on March 4, 2015. The Sensex has gained 768.05 points or 2.62% in three days.

Similarly, the broader 50-issue NSE Nifty scaled a new high of 9,367 before finally settling 45.25 points, or 0.49% higher at 9,351.85, a new record closing. Its previous closing high of 9,306.60 was hit in Tuesday’s trade. It also broke the previous intra-day record of 9,309.20.

The rupee strengthened past the 64-mark to a near 21- month high of 63.93 (intra-day) against the dollar, which added to the momentum.

Meanwhile, FPIs and domestic institutional investors bought shares worth a net Rs 178.82 crore and Rs 998.26 crore respectively on Tuesday, as per provisional data from the stock exchanges. Overseas, Asian indices ended higher following overnight rally in US stocks on strong earnings announcements and expectations surrounding Trump’s impending tax reforms.

Tokyo’s Nikkei ended up 1.1%, while Hong Kong’s Hang Seng rose 0.5%, its fifth straight day of gains. Shanghai Composite Index edged up 0.2%. Key indices in Europe, however, were mixed in their morning deals, with Paris CAC 40 rising 0.1%, London’s FTSE slipping 0.06% and and Frankfurt’s DAX 30 declining 0.03%.

Back home, of the 30-share Sensex pack, 18 scrips ended higher while 12 closed lower. Major gainers were ITC 3.36%, M&M 3.29%, HDFC 2.36%, HUL 1.78%, ICICI Bank 1.61%, Tata Motors 1.17%, Bharti Airtel 1.14, Maruti 0.88%, HDFC Bank 0.73% and Asian Paints 0.73%.

However, Adani Ports fell 2.31%, Infosys 1.61%, Dr Reddy’s 1.31%, Power Grid 1.30%, Reliance 1.13%, Wipro 0.80% and ONGC 0.66%. Among BSE sectoral and industry indices, FMCG rose 2.04%, auto 1.01%, bankex 0.82%, finance 0.74% and metal 0.47%.