Sensex rallies over 300 points to hit a new peak of 37,293, Nifty breaches 11,200 mark

Keeping up its record-setting spree for the fifth straight session the 30-share Sensex added 308.77 points or 0.83% to hit a new peak of 37,293.41.

Press Trust of India July 27, 2018 10:28:44 IST
Sensex rallies over 300 points to hit a new peak of 37,293, Nifty breaches 11,200 mark

Mumbai: The Sensex rallied over 300 points, and Nifty breached the 11,200 mark for the first time in early trade today, as ITC lifted benchmark bourses to fresh life-time highs after posting strong Q1 results.

A better-then-expected quarterly earnings by select index heavyweights, positive Asian cues and firm foreign capital inflows boosted investor sentiment here.

Keeping up its record-setting spree for the fifth straight session the 30-share Sensex added 308.77 points, or 0.83 percent, to hit a new peak of 37,293.41. The index had gained 633.41 points in the previous five straight sessions.

NSE Nifty, too, jumped 77 points or 0.69 percent to quote at a new high of 11,244.30.

All BSE sectoral indices, led by FMCG, metal, consumer durables, banking, power, and auto, rose up to 1.27 percent.

ITC was the top gainer in the Sensex pack, surging 6.48 percent to Rs 305.75, after it posted 10 percent increase in standalone net profit at Rs 2,818.68 crore for the first quarter ended on 30 June, 2018, aided by lower expenses, good growth in agri-business and other FMCG business despite decline in cigarettes sales.

Sensex rallies over 300 points to hit a new peak of 37293 Nifty breaches 11200 mark

Representative image. . Reuters

Other gainers were Tata Steel, ICICI Bank, Hero MotoCorp, Bajaj Auto, Asian Paints, Kotak Bank, Bharti Airtel, Tata Motors, HDFC Bank, Vedanta, HDFC and Wipro, surging up to 3 percent.

RIL rose 0.45 percent to Rs 1,115.45, ahead of its quarterly earnings scheduled today.

Brokers said investors were busy creating new positions following the beginning of the August futures and options (F&O) series leading to the rally.

Moreover, data showing that foreign institutional investors made sizeable buying yesterday, buoyed sentiment.

Foreign portfolio investors (FPIs) bought shares worth a net of Rs 2,453.57 crore, while domestic institutional investors (DIIs) sold shares worth a net of Rs 2,716.04 crore yesterday, provisional data showed.

Overseas, Asian stocks edged higher following a series of steps by China shifting to stimulus mode.

Japan's Nikkei quoted 0.28 percent higher, Hong Kong's Hang Seng gained 0.03 percent in the early trade.

However, China's Shanghai composite index shed 0.06 percent.

The Dow Jones Industrial Average ended 0.44 percent higher yesterday.

Rupee rises 6 paise against US dollar

Extending its rising streak for the third day, the rupee appreciated by 6 paise against the US dollar to 68.60 in early trade today amid weakness in the greenback against other currencies overseas and rally in domestic equities.

Selling of the American currency by exporters and banks and a higher opening in the domestic equity market boosted the rupee, forex dealers said.

Yesterday, the rupee had gained 13 paise to close at a fresh one-week high of 68.66 against the US dollar as a steady unwinding of the greenback by exporters and banks helped the local unit extend gains for the second day.

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