Sensex, Nifty hit record closing highs as El Nino fears ebb; investor wealth nears $2 trillion

Mumbai - The benchmark Sensex soared to a record close of 30,248, while the broader Nifty breached the 9,400-mark for the first time on Wednesday as investors widened their exposure, spurred by forecast of a normal monsoon this year.

After a strong opening, the 30-share BSE Sensex continued its upward journey to hit a fresh intra-day high of 30,271.60 before ending at 30,248.17, spurting 314.92 points, or 1.05 percent.



The index broke its previous record closing of 30,133.35 reached on 26 April. It also surpassed its intra-day peak of 30,184.22 recorded on 27 April.

On similar lines, the NSE Nifty, after hitting an all-time high of 9,414.75, settled higher by 90.45 points, or 0.97 percent at 9,407.30.

This surpassed its previous record close of 9,359.90 on 4 May, as well as the intra-day peak of 9,377.10 hit on 5 May.

The stock market investor wealth is fast nearing the $2 trillion mark, following the dream run in share valuations that has propelled the benchmark Sensex to its new peak.

At close of trade on Wednesday, the total market capitalisation of BSE-listed companies stood at Rs 1,26,61,536 crore ($1.95 trillion) -- just about 2 percent away from the $2 trillion mark.

The BSE 30-share index Sensex has gained 13.6 percent so far this year. The rupee appreciation has further boosted the dollar valuation of the BSE-listed firms' market capitalisation.

A total of 42 companies on BSE have a market value of $10 billion or more.

The total market valuation of all listed firms on BSE had first hit Rs 100 trillion level on 28 November 2014.

From the 30-share pack, 22 advanced, while eight ended with losses.

"The Met Department's bullish monsoon forecast eased concerns over El Nino weather conditions and added further legs to the ongoing rally. Earnings positivity has obviously been keeping markets buoyant and prospects of FII turning buyers in equities also kept markets soar higher," said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

On BSE, 1,623 stocks advanced, while 1,222 declined and 176 remained unchanged.

Over 200 stocks hit their 52-week high level on the BSE on Wednesday.

"We believe the markets to continue this upward momentum. As the companies are able to post good earnings and now on the anticipation of better than normal monsoon, we expect markets to enjoy positive sentiments and see Nifty touching 9,500 in the coming session," said Foram Parekh, Research Analyst, Bonanza Portfolio Ltd.

TCS is the most valued Indian company with a market valuation of Rs 4,59,602.32 crore followed by RIL (Rs 4,42,018.71 crore).

Among the Sensex constituents, Bharti Airtel rose the most - 7.9 percent. It was followed by Hindustan Unilever (4.6 percent), HDFC (3.25 percent), Mahindra & Mahindra (2.6 percent) and Reliance Industries (2.2 percent).

Among top losers were Wipro (1.6 percent), ICICI Bank (almost 1 percent) and TCS (almost 1 percent).

With inputs from PTI

Updated Date: May 10, 2017 18:11 PM

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