Sensex breaches 31,000, Nifty nears 9,600 as Modi govt celebrates 3 yrs in office

Persistent inflow of foreign funds and sustained buying by retail investors are buoying the stock market.

FP Staff May 26, 2017 14:37:08 IST
Sensex breaches 31,000, Nifty nears 9,600 as Modi govt celebrates 3 yrs in office

Mumbai - The benchmark BSE Sensex soared past the 31,000-mark for the first time on Friday, coinciding with three-year anniversary of Prime Minister Narendra Modi's government, on sustained fund inflows amid robust corporate earnings.

The broader Nifty too gained 81.55 points, or 0.85 percent, to hit a new lifetime high of 9,591.30.

At 1:45 pm, the 30-share index flared up by 284.27 points, or 0.92 percent, to hit 31,034.30. The gauge had rallied 448.39 points in the previous session.

Sensex breaches 31000 Nifty nears 9600 as Modi govt celebrates 3 yrs in office

Reuters

All the sectoral indices, led by metal, capital goods, auto and power, were trading in positive zone with gains of up to 3.53 percent.

The benchmark BSE Sensex has risen 27 percent since the BJP-led NDA won the general election in May 2014.

Marketmen said persistent inflow of foreign funds and sustained buying by retail investors, buoyed by a series of positive cues such as early onset of monsoon, upbeat quarterly earnings and finalisation of rates by the GST Council, fuelled the rally.

Firmness in the rupee against the dollar and fall in global crude oil prices also influenced trading sentiment, brokers said.

At 2:31 pm, the rupee was up 16 paise at 64.46 against the dollar.

Creation of new positions by participants following the beginning of the June futures and options (F&O) series too added to the momentum, they added.

Prominent gainers among the 30 Sensex stocks were Tata Steel, Adani Ports, Reliance Industries, Asian Paints, Power Grid, Bharti Airtel, L&T, Infosys, HDFC Ltd, M&M, Hero MotoCorp, ICICI Bank, ITC Ltd, ONGC, Maruti Suzuki, Wipro and Coal India, gaining up to 5.99 percent.

A mixed trend at other Asian markets and a better opening in Europe also helped the key indices.

With PTI inputs

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