NEW DELHI: I don’t compete with anyone else, but myself!
The domestic equity market seems to be following this adage these days, breaking records one after another.
On Wednesday, the benchmark indices hit new milestone, getting past their record closing high levels they had touched just two weeks back.
Riding high on the Indian Meteorological Department’s (IMD’s) projection of a normal monsoon and 100 per cent rainfall this year instead of a 96 per cent rainfall projected earlier, the bulls swung back into action and lifted the indices to new peaks
The S&P BSE Sensex jumped 315 points to settle above the 30,200 level for the first time in its history by ending at 30,248. On April 26, the index closed above the 30,000 level for the time ever.
The 30-share index, which opened at 29,988 against the previous close of 29,933, hit an intraday high and low of 30,271 and 29,987, respectively. HDFC, Reliance IndustriesBSE 2.17 % and HDFC BankBSE 1.02 % were the major contributors to the surge in the index.
On similar lines, the broader Nifty50 of the National Stock Exchange (NSE) soared 90.45 points to close above the 9,400 level at 9,407 with 33 constituents ending in the green.
Falling crude prices, better-than-expected Q4 results for most companies and strong FII flows were other key factors that fuelled the market to its zenith.
In the sectoral landscape, telecom stocks advanced the most, thanks to a rally in the shares of Bharti Airtel, Idea CellularBSE 4.14 % and Bharti Infratel. Bharti AirtelBSE 7.87 % surged over 9 per cent in Wednessday’s trade as top brokerage firms maintained ‘buy’ ratings on the telecom stock despite the company having reported a 69 per cent fall in March quarter net profit at Rs 470.60 crore.
FMCG, healthcare and auto were the other top sectoral gainers in Wednesday’s session.
Among individual stocks, Marksans Pharma surged 12.46 per cent to Rs 54.15 apiece. Hindustan Unilever (HUL) surged as much as 4.36 per cent in early trade and scaled a new record high after a global brokerage firm upgraded shares of parent company, Unilever PL.
Elsewhere in Asia, Shanghai stocks surrendered gains to end at their lowest level since mid-October, after producer price inflation cooled more than expected and worries persisted over tightening financial regulations, said a Reuters report.
The blue-chip CSI300 index fell 0.5 per cent to 3,337, down for the eighth straight session, while the Shanghai Composite Index lost 0.9 per cent to 3,052.
European shares fell in early trade on Wednesday, slipping from a 21-month high hit in the previous session, as disappointing earnings weighed on individual stocks, though index losses were capped by strength in financials.
In the commodities space, gold prices edged up from an eight-week low hit on Tuesday, even as the dollar slipped after US President Donald Trump abruptly dismissed FBI Director James Comey.
Oil futures rose in Asian trade after Saudi Arabia pledged to cut supplies to the region, as Opec battles against rising US output that is threatening to derail its attempts to end a sustained global glut.