Sensex smashes records, rises by over 150 points to 37,496, Nifty hits fresh high of 11,300 ahead of RBI policy meet today

Sensex spurted 159.95 points, or 0.42 percent, to an all-time high of 37,496.80.The gauge had gained 840.48 points in the previous five record-setting sessions and closed at an all-time high of 37,336.85 points in Friday's session.

Press Trust of India July 30, 2018 10:34:44 IST
Sensex smashes records, rises by over 150 points to 37,496, Nifty hits fresh high of 11,300 ahead of RBI policy meet today

Mumbai: Smashing all previous records, the BSE Sensex rose by over 150 points to 37,496.80, while the Nifty hit a fresh high of 11,300 in opening trade ahead of RBI policy meet beginning today.

The 30-share index spurted 159.95 points, or 0.42 percent, to an all-time high of 37,496.80.The gauge had gained 840.48 points in the previous five record-setting sessions and closed at an all-time high of 37,336.85 points in Friday's session.

The broader NSE Nifty too hit a new high by rising 31 points, or 0.27 percent, to 11,309.35.

Trading sentiment remained bullish backed by sustained capital inflows by foreign funds and widespread buying by retail investors, driven by strong earnings by some more bluechip companies that helped key indices to scale new peaks, brokers said.

All eyes will be on Reserve Bank of India's Monetary Policy Committee (MPC) meet to decide on its policy rates.

The Reserve Bank is likely to maintain status quo on the key interest rate on Wednesday notwithstanding elevated oil prices and government's announcement to steeply hike minimum support price for Kharif crops, experts said.

Reliance Industries rose by 0.94 percent to quote at 1,140.25 after the company Friday reported its highest-ever quarterly net profit as bumper earnings from the retail business, improved profitability of telecom arm and near doubling of earnings from petrochemical business offset lower margins from oil refining business.

Other gainers were SBI, ONGC, ICICI Bank, Vedanta, Coal India, Power Grid, Tata Motors, HUL, Tata Steel, TCS, Bharti Airtel, M&M, NTPC and Adani Ports, rising up to 3.24 percent. PSU, oil & gas, banking, power, metal, Infrastructure, consumer durables, and realty sector stocks were leading the rally.

Sensex smashes records rises by over 150 points to 37496 Nifty hits fresh high of 11300 ahead of RBI policy meet today

Representational image. Reuters image.

According to provisional exchange data, foreign institutional investors (FIIs) put in a net of Rs 738.05 crore and domestic institutional investors (DIIs) bought shares worth a net of Rs 406.12 crore on Friday.

Asian stocks declined as markets took cues from declines in Wall Street's last session, with a focus this week shifting to the Bank of Japan, which will declare its interest rate decision on Tuesday.

Nikkei shed 0.75 percent, Hong Kong's Hang Seng was down 0.66 percent, while Shanghai Composite index fell by 0.16 percent in early trade today.

US stocks closed lower Friday, following disappointing results from Twitter Inc. and bellwethers, including Exxon and Intel. Meanwhile, the Federal Reserve's Federal Open Market Committee will embark on its two-day meeting on Tuesday, with the US central bank expected to announce its decision on Wednesday. PTI DPL

Rupee slips 15 paise

The rupee opened 15 paise weaker against the US dollar at 68.80 at the Interbank Foreign Exchange ahead of RBI's monetary policy review beginning today.

Traders said fresh month-end demand of the US currency from importers and dollar's strength against some currencies overseas weighed on the domestic unit.

Global investors are also watching out for the US Federal Reserve meeting to decide interest rate.

The rupee on Friday closed almost flat at 68.65 against the US currency after a roller-coaster trading session.

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