Markets
were on cloud nine today as forecast of a normal monsoon triggered
massive buying, lifting benchmarks Sensex and Nifty to their all-time
closing highs. The Sensex soared 314 points to end at 30,248, while
the broader NSE Nifty finished above the 9,400-mark for the first
time. Fertiliser and FMCG counters led the charge after the Indian
Meteorological Department (IMD) yesterday said monsoon rainfall will
be higher than earlier forecast, which would give a booster dose to
the rural economy. After a strong opening, the 30-share BSE Sensex
continued its upward journey to hit a fresh intra-day high of
30,271.60 before ending at 30,248.17, up 314.92 points, or 1.05 per
cent. The index broke its previous record closing of 30,133.35
reached on April 26. It also surpassed its intra-day peak of
30,184.22 recorded on April 27. On similar lines, the NSE Nifty,
after hitting an all- time high of 9,414.75, settled higher by 90.45
points, or 0.97 per cent at 9,407.30. This surpassed its previous
record close of 9,359.90 on May 4, as well as the intra-day high of
9,377.10 hit on May 5. "IMD's latest upgrade on normal monsoon
due to ease in El Nino effect has added optimism in the market,
taking it to a new high. "A good monsoon will raise the
prospects of the Indian economy especially for FMCG and consumer
durables sector," said Vinod Nair, Head of Research, Geojit
Financial Services. Sentiment also got a leg up after data showed
that foreign funds, which were net sellers on the Indian bourses for
the past few sessions, made fresh purchases in yesterday's trade,
brokers said. FIIs bought shares worth net Rs 332.87 crore yesterday,
as per provisional figures issued by stock exchanges. In the
fertiliser and chemicals space, shares of Rashtriya Chemicals and
Fertilizers, Fertilisers and Chemicals Travancore (FACT), Madras
Fertilizer and Chambal Fertilisers and Chemicals surged by up to to
6.89 per cent. Among BSE's sectoral indices, telecom stole the show
by rising 4.59 per cent, while FMCG, auto and energy gained over a
percent. IT and realty were the only laggards. Bharti Airtel was the
biggest gainer in the Sensex pack, surging 7.87 per cent to Rs 372.70
even as the company reported its lowest quarterly profit in four
years for the January-March period. It was followed by HUL 4.60 per
cent, HDFC 3.25 per cent, M&M 2.59 per cent, Reliance 2.17 per
cent, Bajaj Auto 1.74 per cent, Axis Bank 1.68 per cent, Maruti 1.53
per cent, Cipla 1.49 per cent and Tata Motors 1.25 per cent. However,
Wipro fell 1.64 per cent, Asian Paints 1.14 per cent, ICICI Bank 0.91
per cent, TCS 0.86 per cent and Gail 0.84 per cent. Overseas, Asian
markets ended mixed, with Hong Kong's Hang Seng rising 0.51 per cent
and Japan's Nikkei gaining 0.29 per cent. European bourses were
trading lower after unexpected firing of Federal Bureau of
Investigation (FBI) Director James Comey by the Trump administration.
France CAC and Germany Dax fell by up to 0.09 per cent, while
London's FTSE was up 0.17 per cent.
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