Mumbai, July 25 (IANS) Expectations of healthy quarterly results, coupled with broadly positive global cues lifted the key Indian equity index — NSE Nifty — above the 10,000-points mark during early-morning trade session on Tuesday.
The index breached the 10,000-points level mark during the day’s early trade session at 9.15 a.m. just after the pre-open session which lasted for 15 minutes.
In trade parlance the NSE Nifty experienced — the Gap-Up opening — from its Monday’s close at 9,966.40 points, as factors such as hopes of a lending rate cut by the Reserve Bank of India (RBI) in its next policy review meet, along with inflows of foreign funds and consistent projection of healthy economic growth enhanced investors risk taking appetite.
The wider Nifty of the National Stock Exchange (NSE) touched a high of 10,011.30 points and a low of 9,954.70 points.
At 10.15 a.m. the index ceded some of its gains to trade at 9,971.80 points, marginally up by 0.05 per cent from its previous close.
“Broadly supportive global cues and continuing momentum led the NSE Nifty to touch the new all-time high above the 10,000-points mark,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, investors’ sentiments were boosted on the expectations of healthy quarterly results.
“Market participants expect healthy quarterly results going forward,” Desai told IANS.
The Nifty 50 is a diversified 50 stock index accounting for 12 sectors of the economy.
It is used for a variety of purposes such as benchmarking fund portfolios, index based derivatives and index funds.
Nifty 50 is owned and managed by India Index Services and Products Ltd. (IISL).