Markets
rallied to record highs today, with the Sensex ending just below the
30,000-mark and the Nifty finishing at 9,265.15, fuelled by bluechips
RIL and Maruti. Investors are in a wait-and-watch mode ahead of the
RBI's first bi-monthly policy review for 2017-18 due tomorrow. The
central bank is widely expected to hold rates, but there are hopes of
more steps being announced to address growing NPAs and excess
liquidity, traders said. The BSE 30-share index hit a high of
30,007.48 in intra-day trade, but slipped to 29,817.69 before
settling at 29,974.24, up 64.02 points or 0.21 per cent. This
surpassed its previous high of 29,910.22, recorded on April 3. The
gauge had gained 289.72 points in the previous session on Monday amid
sustained foreign capital inflows and a firming global trend.
Similarly, the broader 50-issue NSE Nifty touched 9,273.90 points on
sustained foreign fund inflows. However, due to profit-taking at
record levels, it shed some ground to close at 9,265.15, up by 27.30
points or 0.30 per cent. It broke the previous record of 9,237.85
reached on April 3. The Monetary Policy Committee, headed by RBI
Governor Urjit Patel, began its two-day meeting today. "With RBI
meet underway, hopes of measures towards NPA resolution and excess
liquidity extended banks' run, while other rate sensitive sectors
also tagged along, helping indices to record peaks. "Firm rupee
and immigration woes continue to bother IT companies, and
international cues should weigh more in the week ahead in light of US
jobs data and FOMC minutes release," said Anand James, Chief
Market Strategist, Geojit Financial Services Ltd. Meanwhile, Foreign
portfolio investors (FPIs) bought shares worth a net Rs 534.45 crore
on Monday, as per provisional data from the stock exchanges. Shares
of index heavyweight Reliance Industries maintained its winning
streak triggered by Jio prime membership offer, rising 3.19 per cent
to close at a fresh nine-year high of Rs 1,414.90. Maruti Suzuki
zoomed 4.40 per cent to end at an all-time high of Rs 6,339.40, while
L&T surged 2.18 per cent to Rs 1,696.85 on reports of the company
bagging huge orders. Among the sectoral indices, realty rose the most
by surging 4.08 per cent, followed by consumer durables (2.41 per
cent), capital goods (1.53 per cent), auto (1.09 per cent), metal
(0.94 per cent) and oil and gas (0.72 per cent). Gainers among the 30
Sensex stocks were Adani Ports (4.50 per cent), HUL (1.82 per cent),
Tata Steel (1.65 per cent), Axis Bank (up 1.54 per cent), Lupin (1.28
per cent), SBI (1.21 per cent), NTPC (1 per cent), Wipro (0.68 per
cent), Bharti Airtel (0.67 per cent), Tata Motors (0.66 per cent) and
M&M (0.37 per cent). The broader markets too remained extremely
bullish, with several stocks hitting 52-week highs, lifting the
small-cap index by 1.12 per cent and mid-cap index by 0.46 per cent.
Brokers said investor sentiment remained upbeat after a monthly
survey showed that manufacturing sector grew at its fastest pace in
five months in March, marking the third straight month of expansion.
Besides, strong FIIs inflows and the Lok Sabha clearing four GST
legislations, paving the way for the rollout of the new indirect tax
regime from July 1, added to the momentum. Globally, there was a
firming trend at other Asian markets while the European shares rose
in their late morning trade. Investors are awaiting minutes of the
Federal Reserve's last interest-rate meeting and US jobs data. In the
Asian region, Hong Kong's Hang Seng rose 0.57 per cent, Shanghai
Composite Index gained 1.48 per cent and Japan's Nikkei ended 0.27
per cent higher. Among European markets, London's FTSE and Paris CAC
rose by up to 0.23 per cent but Frankfurt's DAX was down 0.27 per
cent.
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