Published On: Wed, May 10th, 2017

Sensex, Nifty hit lifetime highs on normal monsoon forecast

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Markets soared to record highs in late morning trade today on widespread buying spurred by forecast of a normal monsoon amid positive global cues. The BSE Sensex zoomed 264 points to quote at an all-time high of 30,197.66, while the broader NSE Nifty scaled 9,390.15.

Sentiment got a leg up after data showed that foreign funds, which were net sellers on the Indian bourses for the past few sessions, made fresh purchases in yesterday’s trade, brokers said.

The Indian Meteorological Department (IMD) yesterday said the monsoon this year could be ‘normal’ and bring 100 per cent rainfall instead of 96 per cent it predicted earlier, which is expected to give a booster dose to the rural economy. After a strong opening, the 30-share BSE index rallied to 30,197.66 by spurting 264.41 points, or 0.88 per cent.

The benchmark surpassed its previous peak of 30,184.22 (intra-day) recorded on April 27. On similar lines, the National Stock Exchange index Nifty surged 73.30 points, or 0.78 per cent, to 9,390.15, overtaking its previous (intra-day) high of 9,377.10 reached on May 5.

Reflecting the bullish mood, all the BSE sectoral indices led by FMCG, power, capital goods and healthcare were trading in the positive zone with gains of up to 1.77 per cent. Major index gainers were HUL, Bharti Airtel, M&M, HDFC Ltd, Adani Ports, Cipla, Power Grid, Reliance Industries, ITC Ltd, NTPC, Bajaj Auto, HDFC Bank and L&T.

Other Asian markets were trading higher following an overnight positive lead from European and US markets.

Hong Kong’s Hang Seng was up 0.64 per cent while Japan’s Nikkei gained 0.30 per cent in early trade. Shanghai Composite Index too was up 0.18 per cent.

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