Sensex breaches 30,000 to hit record high as upbeat global cues, strong rupee buoy sentiment
The Sensex has rallied by 577.94 points in previous two sessions
Bulls wasted no time in early Wednesday trade propelling the benchmark Sensex to edge past the psychologically important 30,000-mark, as optimism in other key Asian indices and rupee's upward march besides a sentimental boost following BJP's strong show in Delhi civic polls boosted investor sentiment.
Sustained buying in key index heavyweights helped Sensex hit a record intra-day high of 30,118.86, up 176 points. This has surpassed the previous record high of 30,024.74 (intra-day) that the Sensex touched on 4 March, 2015.
The benchmark Nifty, too, maintained upward bias, scaling a high of 9.357.55.
At 11 am, the 30-share benchmark Sensex was at 30,063.35, up 120.11 points, or 0.4 percent from previous close. The gauge has rallied by 577.94 points in previous two sessions.
The broader 50-scrip Nifty was at 9,345.70, up 39.10 points, or 0.4 percent.
In tandem with the stock market rally, the rupee also surged ahead against the dollar, buoyed by persisting foreign fund inflows. The rupee appreciated by 19 paise to trade at nearly 21-month high of 64.07 against the dollar in early trade.
Forex dealers said that apart from weakness in the dollar against other currencies overseas, foreign fund inflows and a higher opening in the domestic equity market supported the rupee.
On 11 August, 2015, the rupee had touched an intra-day high of 64.33.
Yesterday, the rupee had gained 18 paise against the US dollar to end at a near 21-month high of 64.26 on sustained dollar unwinding from exporters and corporates amid positive global cues.
Encouraging earnings and positive Asian cues also contributed to the stellar show of the bourses.
All the BSE sectoral indices led by FMCG, metal, bank and IT, were trading in positive zone with gains of up to 0.57 percent.
Shares of Wipro surged 2.36 percent to Rs 506.20 after the company yesterday posted a marginal increase in its consolidated profit at Rs 2,267 crore for the quarter ended March and said it will issue bonus shares within the next two months.
Other major gainers that supported the key indices were M&M (1.19 percent), Axis Bank (1.05 percent), HDFC Ltd (1.03 percent), Tata Steel (0.89 percent) and ITC (0.75 percent).
Brokers said that sentiments remained bullish largely on due to a better-than-expected earnings by some bluechip companies so far and foreign fund inflows, apart from a firming tend in global markets with investors awaiting the release of President Donald Trump's tax reforms later in the day.
Among other Asian markets, Hong Kong's Hang Seng was up 0.56 percent, while Japan's Nikkei rose 0.73 percent in early trade today. Shanghai Composite Index gained 0.36 percent.
The US Dow Jones Industrial Average ended 1.12 percent higher in overnight trade.
With PTI inputs
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