Scale new highs on FII buys, oil
Hit intra-day records before moderating as all-round buying aids rally, see gains over last six sessions
MUMBAI: Markets kissed record highs again on Tuesday as continued overseas fund inflows, lower oil prices and positive global cues boosted sentiments.
After rising to a lifetime high of 26,530.84 in intra-day trade, the benchmark BSE Sensex rose 29.71 points, or 0.11% to end at a new closing peak of 26,420.67. The broader NSE Nifty also zoomed up to its all-time intraday high of 7,918.55, before settling at a record 7,897.50, up 23.25 points, or 0.30%.
Both the indices had marked their record close on Monday when they ended at 26,390.96 and 7,874.25 respectively. They have gained over 1,090 points and almost 329 points respectively over the last six sessions.
Hopes that the government will take more steps to strengthen the domestic economy also triggered dollar inflows.
“Foreign investors are supporting the rally. Sentiment is positive but cautious. Markets will trade range-bound for the time being,” said Suresh Parmar, head, institutional equities, KJMC Capital Markets.
Foreign investors have pumped in $12.33 billion (₹74,806 crore) in equities so far this year.
Brokers said that easing global crude oil prices will give respite to Prime Minister Narendra Modi’s government to tackle both current account and fiscal deficits and also lower the subsidy bill. “Profit booking was seen in banking at higher levels. Auto stocks provided strong support,” said Kiran Kumar Kavikondala, CEO, Wealthrays Securities.
Among the sectoral indices, auto rose the most (up 2.25%) followed by realty (up 1.63%), power (up 1.25 %) and capital goods (up 1.11%).
Of the 30 Sensex stocks, 19 ended with gains led by M&M (up 3.67%), Tata Motors (up 2.95%), BHEL (up 2.80%) and Bajaj Auto (up 2.46%).