JOIN USBulls continued their charge on Dalal Street with the Indian markets hitting new lifetime highs for the second consecutive trading session of the week.
Taking positive cues from the Asian markets, both the benchmark indices opened higher, traded in the positive zone throughout the day before finally ending at a new peak. While the S&P BSE Sensex closed up 260 points (0.86%) at 30,583, the Nifty 50 ended 67 points (0.71%) higher at 9,512.
“Market sentiment was given a boost after reports indicated that the retirement fund manager, Employees Provident Fund Organisation (EPFO) is likely to invest at least Rs 18,000 crore in Indian equity markets, over the course of the current financial year. Such a large influx of funds can potentially drive both stock prices as well as stock valuations higher,” BNP Paribas Mutual Fund senior fund manager- equities Karthikraj Lakshmanan said.
Its not just the indices which hit new highs. A total of 108 securities hit new 52-week highs on NSE. CEAT, DLF, HUL, Maruti Suzuki, SBI, TVS Motor Company and Ultratech Cement were some of the prominent names in the list which hit new yearly highs.
Hero Motocorp led the list of gainers on Nifty 50 with the automaker’s scrip ending up over 3% at Rs 3,623, with volumes of over 3.72 lakh shares. Some of the other gainers included ACC, TCS, Bank of Baroda, Bharti Airtel, State Bank of India, Maruti and Wipro. Financials led the list of losers with Kotak Mahindra Bank being the top loser. The bank’s scrip ended down 1.65% at Rs 957 with volumes of over 23.97 lakh shares. Some of the other losers included Indiabulls Housing Finance, ONGC, M&M, Zee, Hindalco and Adani Ports.