Sensex scales new high at 37,790, soars 200 points; Nifty breaches 11,400-mark on gains in FMCG, PSU, banking, tech stocks
Sensex gained 391 points in the past session on Friday after the weather office said monsoon will be normal in August and September, boosting growth prospects of the rural economy.
Mumbai: Extending Friday's rally, the benchmark BSE Sensex jumped over 200 points to record a new high of 37,790.72 in early trade, and NSE Nifty breached the 11,400 mark today on widespread buying by consumer durables, PSU and banking counters amid firm Asian cues.
The Sensex spurted by 234.56 points, or 0.62 percent, to hit a new high of 37,790.72, surpassing its previous record of 37,711.87 clocked on 1 August.
While, Nifty also soared past 11,400 mark by rising 62.80 points, or 0.55 percent, to 11,423.60, breaching previous (intra-day) high of 11,390.55 on 1 August.
Besides, fresh buying by domestic institutional investors (DIIs) and strengthening rupee also boosted investor sentiment here.
The market rally was driven by strong activity on the consumer durables, PSU, banking, healthcare, metal, power, infrastructure, IT, tech, auto, FMCG and oil and gas counters, rising up to 1.03 percent.
The gauge gained 391 points in the past session on Friday after the weather office said monsoon will be normal in August and September, boosting growth prospects of the rural economy.
Major gainers include ICICI Bank, SBI, Yes Bank, Vedanta, Tata Steel, Adani Ports, Bharti Airtel, Axis Bank, Tata Motors, Infosys, Coal India, Hero Motocorp, Tata Motors, ONGC, RIL, M&M, Sun Pharma, Bajaj Auto, NTPC, TCS, ITC, L&T and Power Grid, gaining up to 2.59 percent.
Domestic institutional investors (DIIs) bought shares worth a net of Rs 87.08 crore, while foreign portfolio investors (FPIs) sold shares worth a net of Rs 5.87 crore on Friday, provisional data showed.
Traders said positive cues from other Asian markets and fresh buying by domestic institutional investors, influenced sentiments here.
Overseas, Asian stocks were trading higher. US stocks closed higher on Friday as positive earnings surprises lifted shares.
Japan's Nikkei rose 0.35 percent, Hong Kong's Hang Seng 0.94 percent, while Shanghai Composite Index shed 0.14 percent in early trade.
The US Dow Jones Industrial Average ended 0.54 percent higher on Friday's trade.
Rupee rises 6 paise
Extending its rising streak for the second day, the rupee appreciated by 6 paise against the US dollar to 68.54 in early trade today on increased selling of the American currency by exporters and banks amid higher domestic equity market.
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 after the US job data reinforced investors' expectations the Federal Reserve will gradually raise interest rates this year, capped the gains of the domestic unit.
On Friday, the rupee had gained 10 paise to end at 68.60 against the US dollar in line with a stellar rally in domestic equities despite ongoing global trade war jitters.
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