Sensex, Nifty hit lifetime highs on normal monsoon forecast

Posted May 12, 2017

It further stated that Asian indexes were cautiously higher in early Thursday trade, following a mixed close stateside as investors noted Snap's Dollars 2.2 billion loss, and monitored potential fallout on President Donald Trump's policies after FBI Director James Comey was sacked.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 22.35 points or 0.24 percent to 9,307.65 points.

At 3.15 pm, the 30-share BSE index Sensex was up 16.53 points or 0.05 per cent at 30,264.70 and the 50-share NSE index Nifty was up 16.1 points or 0.17 per cent at 9,423.40. Sensex had also soared 338 points to touch 30,271. Market breadth remained negative as 1583 stocks closed in the negative, 1,247 stocks finished higher and 162 remained unchanged.

The gauge had gained 389.37 points in previous three sessions to close at a record high of 30,248.17 in yesterday's session. "Both the benchmark indices are now witnessing firm sentiments and we expect the Indian equities to continue with firm trades in the second half of the session as well".

The pan-European STOXX 600 index fell 0.2%, led down by construction and materials stocks, having hit its highest since August 2015 on Tuesday.

Zee Entertainment Enterprises jumped 5.7% to 545.35 rupees, taking its two-day gains to almost 10%.

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The Nifty PSU bank index rose as much as 0.91 per cent. "Financial services stocks were also seen rallying reflecting markets' expectations for further strength in equities", said Anand James, Chief Market Strategist, Geojit Financial Services in a note.

"Appreciation of Indian rupee against the USA dollar also supported the firmness".

"Auto and bank stocks rallied on hopes of an increase in rural incomes on strong monsoon forecasts", said Akash Jain, vice president of research, at Ajcon Global. India VIX closed lower by 4.7% at 11.1 levels.

Sectorwise, the S&P BSE automobile index augmented by 333.39 points, followed by the FMCG index by 169.23 points and the healthcare index by 139.17 points.

Telecom operator Bharti Airtel was among the top losers on the Sensex on Thursday, ending down 1.8% at 366.10 rupees.

The shares of the mid-cap and small-caps showed good trade as indices of both were up, approximately to a percent each.