Sensex, Nifty Hit Record Highs on Earnings, Monsoon Optimism

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Sensex, Nifty Hit Record Highs on Earnings, Monsoon Optimism
Sampurna Majumder - 16 April 2019

India’s domestic stock markets ended up gaining several points on Tuesday with the benchmark indices clocking new record highs, just a day after the meteorological department predicted the average monsoon this year. The S&P BSE Sensex climbed up as high as 372.12 points to an all-time high of 39,277.96. On the other hand NSE Nifty ascended 96.7 points to a record of 11,787.05. Both the Nifty and the Sensex surpassed their previous record highs of 39,270.14 and 11,761.00 registered on April 3. Advances in the banking and financial services sector and metal stock led to the gains in the markets today.

Sharp at 12.35 pm, the Sensex traded 332.12 points higher at 39,237.96 and the Nifty was up 90.40 points at 11,780.75. Forty-one stocks on the 50-scrip benchmark index traded in the positive zone at the time. Top gainers at Nifty50 were IndusInd Bank, ICICI Bank, Titan, Asian Paints, Hindalco and L&T, trading between 1.77 per cent and 2.80 per cent higher.

On the other hand, PowerGrid, Infosys, Tata Motors and Coal India close up to 0.63 per cent lower. From the IT pack, Wipro shares were in focus ahead of the announcement of quarterly earnings by the company due in the day. The Wipro stock fell as much as 3.08 per cent in afternoon. It said it was investigating a potential breach of some of its employee accounts due to an advanced phishing campaign. The company will declare its quarterly results later in the day.

Commenting on today’s performance, Vinod Nair, Head of Research, Geojit Financial Services, said "Market rallied to a new high supported by optimism over quarter earnings and positive global market. A better monsoon outlook from IMD provided relief to investors, who are keen on earnings outcome to accumulate quality stocks despite election led volatility.”

Elsewhere in Asia, markets in Japan, China and Korea ended on a positive note. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed by mid-morning. Japan's Nikkei edged up 0.2 per cent. In Europe, bourses in Germany, France and the UK were trading in the positive terrain in early deals.

Global crude oil benchmark Brent futures fell 0.11 per cent to USD 71.10 per barrel

Meanwhile, the Indian rupee depreciated 24 paise to 69.67 against the US dollar intra-day.

(With inputs from PTI and Reuters)

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