Extending gains for the fifth consecutive session, the key Indian equity indices yesterday rode the bulls and escalated to record highs with the BSE Sensex closing above the 36,000-mark and the NSE Nifty50 above the 11,000-mark for the first time.
Market observers said sentiments were given a boost by the country’s healthy economic growth outlook projected by the International Monetary Fund (IMF) and optimism over the Union budget to be presented next week.
Apart from positive global cues and influx of foreign funds, the bull run of the benchmark indices was also sustained by upbeat quarterly corporate earnings and healthy buying in metals, banking and oil and gas stocks.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 300 points to a record intra-day high of 36,170.83 points.
On a closing basis, the Sensex scaled a new high of 36,139.98 points – up 341.97 points or 0.96% – from its Monday’s close at 35,798.01 points.
However, the BSE market breadth was bearish as 1,545 stocks declined as against 1,380 advances.
At the National Stock Exchange (NSE), the broader Nifty50 closed above the 11,000-mark – up 117.50 points or 1.07% at a fresh high of 11,083.70 points.
The NSE Nifty50 scaled a new intra-day high of 11,092.90 points – just a few points away from the 11,100-mark.
Meanwhile, the rupee strengthened by 10 paise to close at 63.77 against the US dollar from its previous close at 63.87.
“All the sectoral indices ended in the green except the media sector. Bank Nifty ended 1.29% up with the PSU Bank Nifty gaining 3.97%,” said Anita Gandhi, whole time director at Arihant Capital Markets.
“There was optimism across with the Prime Minister at Davos and IMF projecting India to grow at 7.4% in 2018. In spite of nearing January derivatives expiry, markets did not experience any selling pressure,” she added.
All the 19 sub-indices of the BSE closed in the green, with the S&P BSE metals index surging the most – up the 649.36 points – followed by banking index by 500.19 points and oil and gas index by 308.09 points.