Sensex soars 182 points to all-time high of 38,875, Nifty scales new peak of 11,751; Rupee firms up by 10 paise

Mumbai: Benchmark indices continued their record-setting trend for the second straight session with the BSE Sensex soaring 182 points to an all-time high of 38,875.86 on heavy buying by foreign funds and domestic institutional investors, tracking strong global markets. The broader NSE Nifty too hit a record high of 11,751.20.

Trading sentiments remained extremely bullish largely in tandem with a firm trend at other Asian bourses, taking another record lead from Wall Street as investors cheered news of trade deal between the US and Mexico.

Sentiment also got a lift following an improvement in liquidity in the market on fresh inflows by foreign funds, brokers said.

Strong gains in metal, power, tech, healthcare and IT, fertilisers and sugar stocks lifted the key indices to new highs.

The 30-share index surged 181.75 points, or 0.46 percent, to trade at an all-time high of 38,875.86, surpassing its previous high of 38,736.88, recorded in yesterday's trade.

The gauge had gained 442.31 points yesterday to close at record high of 38,694.11.

Representational image. Reuters

Representational image. Reuters

All sectoral indices led by metal and power packs were trading in the positive zone, rising up to 0.95 percent.

The NSE index Nifty too hit a new high of 11,751.20 by gaining 59.25 points, or 0.50 percent. It also breached previous record of 11,700.95 (intra-day) hit yesterday.

Index heavyweight Reliance Industries was quoting at an all-time high of Rs 1,304.30.

Other top gainers that lifted the key indices were NTPC, Coal India, Vedanta, Sun Pharma, Asian Paints, Tata Steel, PowerGrid, ONGC, IndusInd Bank, Kotak Bank, HDFC, Tata Motors, Bharti Airtel and TCS, gaining up to 3.37 percent.

Domestic institutional investors had bought shares a worth a net of Rs 1,117.24 crore, while FIIs accumulated equities to the tune of Rs 252.52 crore yesterday, provisional data showed.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.27 percent, while Japan's Nikkei rose 0.39 percent and Shanghai Composite Index gained 0.01 per cent in early trade today.
Meanwhile, the US Dow Jones Industrial Average ended 1.01 percent higher yesterday.

Rupee rises 10 paise

The rupee firmed up by 10 paise to 70.06 against the US dollar in early trade at the Interbank Forex market today on selling of the American currency by exporters and banks amid fresh foreign funds inflow.

Besides, the dollar's weakness against other currencies overseas gave the rupee strength, dealers said. They said a record opening of the domestic equity markets, too kept the rupee firm.

Yesterday, the rupee had retreated sharply to hit a record closing low of 70.16 against the dollar, plunging by 25 paise despite a huge rally in equities and easing worries over near-term monetary policy tightening by the US Fed.

Foreign institutional investors (FIIs) bought shares worth a net of Rs 252.52 crore, while domestic institution investors (DIIs) accumulated shares to the tune of Rs 1,117.24 crore yesterday, as per provisional data.


Updated Date: Aug 28, 2018 10:44 AM

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