SENSEX SCALES MOUNT 30K

However, the mid-cap and small-cap indices which made new highs in intraday trades could not sustain the gains and ended 0.1 and 0.6 per cent lower, respectively. On the BSE, shares of 952 companies registered gains against declines posted by 1,954 companies.

FPIs sold equities worth ~492 crore on Wednesday while the domestic institutions bought shares worth ~1,011 crore, provisional data from the BSE showed.

Market participants say Indian equities are currently in a “sweet spot” as both the domestic and global triggers are looking positive. On the international front, the fears of a Brexit-like fallout in France seem to have been allayed for the time being with centrist Emmanuel Macron winning the first round of polls. Concerns over Trump administration’s protectionist agenda have also cooled down as the new government has not undertaken any major adverse decisions yet. Back home, while the monsoon is expected to be normal, the economy also seems to be on a strong footing.

“The Sensex, today (on Wednesday), touched the 30,000 level in anticipation of strong economic and earnings growth going ahead. The economy is on a strong footing with relatively strong macroeconomic fundamentals. Also, factors such as structural shift towards digitisation of the economy coupled with increased focus on channelisation of financial savings, are expected to keep the financial market buoyant for the next three to five years,” said Pankaj Pandey, head of research, ICICI Securites.