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Sensex tops 31,300-mark in early trade, hits new high tracking strong global markets recovery

Domestic equity indices jumped sharply early Friday trade, with benchmark Sensex scaling above 31,300-mark to hit a new intra-day high of 31,332.56, as overnight gains in the US market and subsequent rally in key Asian indices lifted market sentiment back home, said dealers.

The 30-share Sensex gained nearly 200 points as local traders took cues from following upbeat data on US manufacturing and employment and buoyant European factory growth. Although, strong US data indicates that Federal Reserve might raise interest rates at its 13-14 June policy meeting, Indian markets are taking heart from the fact that the recent rally in local markets were mainly due to gush of liquidity from the domestic investors.

At 10:35 AM, the Sensex trimmed some of its early gains, but was still up 104.32 points, or 0.3 percent at 31,241.91.



The broader 50-stock Nifty was at 9,643.40, up 27.30 points or 0.3 percent from previous close. The index hit a high of 9,673.50 a short while ago.

Market breadth was also upbeat, with 1,300 stocks advancing against 820 losers on BSE.

Europe's manufacturing sector continued to expand at a solid pace. The IHS Markit's Manufacturing Purchasing Managers' Index for the euro zone rose to 57.0 in May, up from April's 56.7 and its highest level since April 2011. Further signs of recovery could prompt the European Central Bank to sound a little more optimistic on the economy at its June 8 meeting, a Reuters report said.

Elsewhere in currency markets, the offshore Chinese yuan eased 0.5 percent after having hit its highest level since October the previous day.

The yuan stepped back to 6.7868 to the dollar from Thursday's high of 6.7245.

Also, MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.6 percent, led by gains in Korea, while Japan's Nikkei gained over 1 percent to top the psychologically important 20,000-point level for the first time since August 2015.

In view of the robust global equity markets' sentiment, investors back home resorted to buying in key frontline stocks.

Among the key gainers in the Sensex pack, Bharti Airtel was the top performer rising 3.4 percent. Other gainers such as Tata Motors rose 1.8 percent, HeroMoto Corp added 1.7 percent, NTPC gained 1.5 pecent and Adani Ports, too, was up 1.5 percent.

Updated Date: Jun 02, 2017 10:37 AM

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