IMD's rain forecast boosts sentiment; Sensex, Nifty touch record intra-day highs

Mumbai: With the IMD's prediction of 100 percent rainfall giving a boost to investors' sentiment, the Indian equity markets zoomed higher during the mid-afternoon trade session on Wednesday.

The benchmark indices touched record intra-day high levels, as positive global cues and healthy buying in automobile, capital goods and FMCG stocks, too, supported the upward trajectory.



The wider 51-scrip Nifty of the National Stock Exchange (NSE) touched a new intra-day high of 9,392.50 points. Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched a record high of 30,207.13 points intra-day.

At around 12.50 p.m., the NSE Nifty surged by 66.50 points or 0.71 percent to 9,383.35 points.

The Sensex of the BSE traded above the important 30,000 mark. It opened at 29,988.78 points to trade at 30,172.96 points (at 12.50 p.m.) -- up 239.71 points or 0.80 percent from the previous day's close at 29,933.25 points.

The BSE market breadth was bullish, with 1,560 advances and 1,054 declines.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark indices started off the day on a firm note tracking positive Asian cues, with the CNX Nifty hitting fresh all time high levels during the morning session.

"Sentiments got a boost after the IMD yesterday said the monsoon this year could be 'normal' and bring 100 percent rainfall instead of 96 percent it had predicted earlier," Desai told IANS.

"IT and banking sector stocks currently traded with mixed sentiments due to profit booking at higher levels, while media-entertainment and power sector stocks complimented the firmness of the markets."

On Tuesday, the Nifty inched up by 2.80 points or 0.03 percent to close at 9,316.85 points, while the BSE Sensex closed at 29,933.25 -- up 7.10 points or 0.02 percent.

Updated Date: May 10, 2017 14:33 PM

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