Sensex, Nifty close at new high on earnings boost; SBI, ICICI Bank, Power Grid Corp surge
Sensex has now gained 507 points in four days
Mumbai: Benchmark Sensex raced to record highs for the fourth session in a row on Thursday as robust June quarter results spurred share purchases amid encouraging global cues.
The 30-share BSE Sensex surpassed the 37,000-mark for the first time in history to touch a high of 37,061.62 (intra-day).
It finally ended 126.41 points, or 0.34 percent higher at 36,984.64, smashing its previous record close of 36,858.23 reached on Wednesday.
The gauge has now gained 507 points in four days.
The NSE Nifty also hit a record intra-day high of 11,185.85, before finishing at a new peak of 11,167.30, up 35.30 points, or 0.32 percent. It bettered its previous closing high of 11,134.30 reached on 24 July.
Analysts said strong liquidity in the market following unabated buying by domestic investors and better-than-expected Q1 earnings by some index pivotals lifted the mood.
Covering-up of pending short positions on expiry of the July derivatives contracts and a strengthening rupee propped up the markets at high levels, they added.
European markets rose after the US and the European Union agreed to iron out their trade dispute through negotiations.
Meanwhile, on a net basis, domestic institutional investors (DIIs) bought shares worth Rs 97.64 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 1,195.75 crore on Wednesday, provisional data showed.
"Better Q1FY19 results from heavyweights and outperformance of PSU banks coupled with appreciation in rupee supported the main indices to touch another high.
"Additionally, the prospects of consumption story on the back of reduction in GST rates and good monsoon is restoring investors' confidence in the market," said Vinod Nair, Head of Research, Geojit Financial Services.
SBI was the biggest gainer in the Sensex pack, surging 5.62 percent, followed by ICICI Bank at 4.08 percent.
Other winners were Power Grid 4.04 percent, ONGC 1.98 percent, Axis Bank 1.84 percent, NTPC 1.66 percent, Bharti Airtel 1.63 percent, HDFC 1.17 percent and Hero Motocorp 0.83 percent, among others.
However, Maruti Suzuki lost the most, slumping 3.70 percent, following lower-than-expected results.
Yes Bank lost 3.61 percent, Asian Paints 1.08 percent, L&T 1.06 percent, TCS 0.81 percent, Wipro 0.76 percent and Vedanta 0.75 percent, among others.
Pharma major Dr Reddy's reported a nearly eight-fold jump in consolidated net profit to Rs 456.1 crore for the first quarter of 2018-19, mainly on account of robust sales.
Engineering and construction conglomerate Larsen & Toubro (L&T) on Wednesday reported a 43.14 cent jump in consolidated net profit at Rs 1,472 crore for the June quarter.
Among the sectoral indices, power rose 1.44 percent, bankex 1.43 percent, finance 1.29 percent, infrastructure 1.15 percent, realty 0.73 percent, healthcare 0.40 percent, FMCG 0.23 percent and oil & gas 0.18 percent.
Metal, IT, teck, capital goods, consumer durables and auto indices succumbed to late selling and shed up to 0.68 percent.
The broader markets displayed a firm trend as the BSE mid-cap index advanced 0.76 percent and the small-cap gauge climbed 0.31 percent.
Globally, Asian markets ended mixed and European shares rose after US President Donald Trump and European Commission chief Jean-Claude Juncker agreed to work towards easing trade tensions.
In Asia, Singapore inched up 0.05 percent, Taiwan rose 0.41 percent, while Hong Kong's Hang Seng dipped 0.48 percent, Shanghai Composite Index shed 0.71 percent and Japan's Nikkei fell 0.12 percent.
Among European markets, Frankfurt's DAX soared 1.18 percent and Paris CAC 40 was up 0.41 percent in their early session. London's FTSE, too gained 0.26 percent.
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