Mumbai: Extending yesterday's rally, the benchmark BSE Sensex jumped over 200 points to record a new high of 36,747.87 in early trade today amid buying by domestic institutional investors and easing global crude oil prices.
The market rally was driven by strong buying on the oil and gas, banking, PSU and realty counters and strength in the rupee.
The 30-share BSE index spurted by 227.91 points, or 0.62 percent, to hit a new high of 36,747.87, surpassing its previous record of 36,740.07 recorded on 13 July. However, at 09.50 hours, the index pared some gains and was trading 108.72 points, or 0.30 percent, higher at 36,628.68.
The gauge had gained 196.19 points in the previous session.
The 50-share NSE Nifty also rose by 62.05 points, or 0.56 percent, to 11,070.10.
Traders said positive cues from other Asian markets, tracking overnight gains in the US market following upbeat remarks from Federal Reserve Chairman Jerome Powell during his congressional testimony boosted investor sentiment.
Domestic institutional investors (DIIs) bought shares worth a net of Rs 840.06 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 673.99 crore yesterday, provisional data released by stock exchanges showed.
Major gainers include Adani Ports, HDFC Bank, Sun Pharma, ONGC, Coal India, HDFC Ltd, Asian Paint, Wipro, Bajaj Auto, Hero MotoCorp, Maruti Suzuki, Infosys, PowerGrid, L&T, RIL and TCS, rising up to 1.65 percent.
Sectoral indices led by oil and gas, PSU, realty and banking stocks gained up to 1.12 percent.
Other Asian markets were trading higher too. Key indices such Japan's Nikkei rose 0.90 per cent, Shanghai Composite Index 0.43 per cent and Hong Kong's Hang Seng 0.29 per cent in early trade.
The US Dow Jones Industrial Average ended 0.22 percent higher yesterday.
Rupee rises 12 paise
The rupee firmed up by 12 paise to 68.33 against the US dollar on increased selling of the American currency by exporters and banks.
Forex dealers said besides sustained selling of the greenback, a higher opening of the domestic equity markets boosted the rupee at the interbank forex market. However, the dollar's strength against some currencies overseas capped the gains of the domestic unit.
The dollar firmed after Federal Reserve Chairman Jerome Powell's US economic outlook reinforced views that the central bank is on track to hike interest rates gradually.
Yesterday, the local currency bounced back to settle at a fresh two-week high of 68.45 against the US currency, gaining 12 paise as crude oil prices beat a hasty retreat, easing inflation and trade deficit worries.
Updated Date: Jul 18, 2018 10:48 AM