Markets hit fresh record highs on Monsoon news

Randall Padilla
May 12, 2017

The benchmark equity indices touched new highs on Wednesday as an improved monsoon forecast lifted investor sentiment and led to gains across sectors.

Both indices also scaled new closing highs with BSE Sensex settling the day 315 points higher at 30,248 while the broader Nifty50 was ended at 9,407, up 90 points. Sensex closed higher by 7 points at 29,933 level.

"Nifty shifted into minor upside move today and closed the day higher by around 28 points led by cement and bank stocks on a low volume day".

The index broke its previous record closing of 30,133.35 reached on April 26, surpassing its intra-day peak of 30,184.22 recorded on April 27.

In the midcap space, the S&P BSE Midcap index ended 8 points higher at 14,957.13 with United Breweries (UBL) emerging top gainer and ABB the worst laggard.

India is likely to receive higher monsoon rainfall than previously forecast as concern over the El Nino weather condition has eased, the chief of the weather office said on Tuesday.

"The ordinance is definitely having a positive impact", Sedani said.

So far, by 9.15 a.m., 629 shares had advanced against a decline of 172 shares, while 45 shares remained unchanged. They bought equities worth Rs 50.25 billion and sold equities worth Rs 37.19 billion. The stock spurted by more than 3.17 times in today's trade.

Traders said buying activity picked up as positive cues started emerging from other Asian bourses following a Wall Street rally at the close of last week. Japan's Nikkei 225 is trading in green, up by 0.21 per cent, Hang Seng was up by 0.24 per cent while South Korea's Kospi was up by 0.78 per cent.

Among the sectoral indices, consumer durables rose 1.65 per cent, auto 0.98 per cent, metal 0.69 per cent, teck 0.57 per cent, healthcare 0.55 per cent and IT 0.29 per cent. Major contributors to the key indices were Tata Steel, M&M, Lupin, ONGC, Cipla, Axis Bank, ITC Ltd, ICICI Bank, Sun Pharma, Adani Ports and SBI, gaining by up to 1.42 per cent.

However, power fell 1.22 per cent, utilities 1.03 per cent, oil&gas 0.93 per cent, energy 0.63 per cent and capital goods 0.51 per cent.

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