New Delhi, April 5 (IANS) The S&P BSE Sensex rose to its record intra-day high of over 30,000 points, as healthy buying was witnessed in Maruti Suzuki, Reliance Industries and Larsen and Toubro (LT). However, the barometer index closed slightly below the psychologically significant mark.
The other key index of the Indian equity markets — NSE Nifty — too touched a new 52-week intra-day high of 9,273.90 points, but it failed to hold on the level and closed at 9,265.15 points.
According to market observers, healthy inflow of foreign funds, along with positive tax collection data and global cues elevated the equity markets.
Besides, buying was witnessed in consumer durables, capital goods and automobile stocks just a day before the Reserve Bank of India (RBI) conducts its policy review.
Index-wise, the wider 51-scrip NSE Nifty after opening at a record high of 9,264.40 points, closed at 9,265.15 points — up 27.30 points or 0.30 per cent.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,996.03 points, closed at 29,974.24 points — up 64.02 points or 0.21 per cent from the previous close at 29,910.22 points.
The Sensex touched another new 52-week high of 30,007.48 points and a low of 29,817.69 points. The BSE market breadth was bullish with 1,987 advances and 936 declines.
In terms of the broader markets, the mid-cap and small indices, too, touched new 52-week highs. The S&P BSE mid-cap index closed higher by 0.46 per cent and the small-cap index surged by 1.12 per cent.
“Markets zoomed higher to new highs driven by a rally in index heavyweights, ahead of the RBI’s monetary policy meeting’s outcome,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“It was the third consecutive session of gains for the Nifty. The Sensex touched the crucial benchmark of 30,000 points during the intra-day, while the Nifty too hit a record intra-day high of 9,274 points, before closing below that mark.”
Market observers pointed out that investors’ sentiments were buoyed a day after the central government reported a total tax collection of Rs 17.10 lakh crore during 2016-17 — an increase of 18 per cent — over 2015-16.
In addition, investors expect a positive announcement on the public sector banks’ NPA (non-performing assets) issues, said Vijay Singhania, founder and Director of brokerage firm Trade Smart Online.
“The markets were positive mainly on expectation of the NPA (non-performing assets) resolution, due to which the component of the banking stocks increased. Also, there is much liquidity in the markets,” Singhania told IANS.
On the currency front, the Indian rupee strengthened by 15 paise to 64.88 against a US dollar from its previous close of 65.03 to a greenback.
In terms of investments, provisional data with the exchanges showed that the foreign institutional investors (FIIs) purchased scrip worth Rs 340.13 crore, while the domestic institutional investors (DIIs) divested scrip worth Rs 194.05 crore.
“Among the sectors, IT sector stocks faced resistance at higher due to profit booking and witnessed volatile trades,” commented Dhruv Desai, Director and Chief Operating Officer of Tradebulls on sector-specific movement.
“PSU banks, realty and metal remained top performing sectors on the positive side.”
Besides, the S&P BSE consumer durables index augmented by 369.36 points, followed by the capital goods index, which surged by 259.51 points, and the automobile index, which rose by 241.77 points.
On the other hand, the IT index fell by 81.41 points, the Teck (technology, media and entertainment) index slipped by 12.20 points, and the FMCG index was lower by 9.11 points.
Major Sensex gainers on Wednesday were: Adani Ports, up 4.50 per cent at Rs 357.25; Maruti Suzuki, up 4.40 per cent at Rs 6,339.40; Reliance Industries, up 3.19 per cent at Rs 1,414.90; Larsen and Toubro (L&T), up 2.18 per cent at Rs 1,696.85; and Hindustan Unilever, up 1.82 per cent at Rs 935.30.
Major Sensex losers were: HDFC, down 2.78 per cent at Rs 1,490.05; Coal India, down 1.69 per cent at Rs 290; Infosys, down 1.39 per cent at Rs 995.40; Asian Paints, down 0.98 per cent at Rs 1,080.45; and ITC, down 0.98 per cent at Rs 278.95.