Sensex ends just shy of 30K; Nifty50 settles above 9,250; Maruti up 4%
NEW DELHI: The domestic equity market continued its winning momentum for a second straight trading session of FY18 as benchmark indices hit fresh highs fuelled by heavy buying in bluechips such as Reliance Industries, Maruti Suzuki and L&T.
The UP government's decision to waive off farmers' loan of up to Rs 1,00,000, massive FII inflows and the RBI's monetary policy review, which is scheduled to announce its result on Thursday, were the major factors that contributed to the market rally.
On Wednesday, the 30-share index of BSE closed 64 points higher at 29,974.24 against the previous close of 29,910.22. The headline index, which opened at 29,996.03, hit intraday high and low of 30,007.48 and 29,817.69, respectively. It was the first time since March 2015 when the index breached the 30,000-level.
On similar lines, the Nifty50 of National Stock Exchange (NSE) closed at a record peak of 9,265.15, up 27 points.
"Nifty has almost reached to its immediate target of 9,300 and is likely to see some pause prior to further rise. A lot depends on the RBI governor's stance on key rates; however, majority expect unchanged stance this time," said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
"Traders should extra maintain caution on the rate sensitive part especially the banking pack due to scheduled expiry of Bank Nifty weekly contracts," Manglik added.
In the sectoral landscape, realty stocks surged the most, sending the S&P BSE Realty index 4 per cent higher at 1,671.21. The rally was fuelled by rise in shares of Sobha, Godrej Properties and Unitech. Stocks of consumer durables were the second best performers.
In stock-specific action, shares of Reliance Industries rallied for a fifth straight trading session on Wednesday to hit the Rs 1,400-mark for the first time since May 2008. The company is now just Rs 14,000 crore away in market value from displacing TCS as the most-valued firm on Dalal Street.
Unitech made a comeback with a bang as the shares of the company jumped over 15 per cent in Wednesday’s trade after the company said on Monday its managing directors, Sanjay Chandra and Ajay Chandra, committed no fraud with any investor and the delay in project delivery was due to reasons beyond control of the company.
Realty firm Sobha soared to a 2 year-high on upbeat operational update. Shares of the company closed at Rs 399 a piece, up 16.24 per cent.
On the global front, oil hit a one-month high near $55 a barrel on Wednesday as a drop in US inventories raised hopes that Opec-led supply restraint is clearing a glut, while an outage at a UK North Sea oilfield lent support.
Chinese stocks ended higher led by the Shanghai benchmark posting its best day in eight months, as investors cheered Beijing's decision to launch a new economic zone in Hebei province.
The blue-chip CSI300 index rose 1.4 per cent to 3,503.89 points, while the Shanghai Composite Index gained 1.5 per cent to 3,270.31 points.
European stocks opened higher.
The UP government's decision to waive off farmers' loan of up to Rs 1,00,000, massive FII inflows and the RBI's monetary policy review, which is scheduled to announce its result on Thursday, were the major factors that contributed to the market rally.
On Wednesday, the 30-share index of BSE closed 64 points higher at 29,974.24 against the previous close of 29,910.22. The headline index, which opened at 29,996.03, hit intraday high and low of 30,007.48 and 29,817.69, respectively. It was the first time since March 2015 when the index breached the 30,000-level.
On similar lines, the Nifty50 of National Stock Exchange (NSE) closed at a record peak of 9,265.15, up 27 points.
"Nifty has almost reached to its immediate target of 9,300 and is likely to see some pause prior to further rise. A lot depends on the RBI governor's stance on key rates; however, majority expect unchanged stance this time," said Jayant Manglik, President, Retail Distribution, Religare Securities Ltd.
"Traders should extra maintain caution on the rate sensitive part especially the banking pack due to scheduled expiry of Bank Nifty weekly contracts," Manglik added.
In the sectoral landscape, realty stocks surged the most, sending the S&P BSE Realty index 4 per cent higher at 1,671.21. The rally was fuelled by rise in shares of Sobha, Godrej Properties and Unitech. Stocks of consumer durables were the second best performers.
In stock-specific action, shares of Reliance Industries rallied for a fifth straight trading session on Wednesday to hit the Rs 1,400-mark for the first time since May 2008. The company is now just Rs 14,000 crore away in market value from displacing TCS as the most-valued firm on Dalal Street.
Unitech made a comeback with a bang as the shares of the company jumped over 15 per cent in Wednesday’s trade after the company said on Monday its managing directors, Sanjay Chandra and Ajay Chandra, committed no fraud with any investor and the delay in project delivery was due to reasons beyond control of the company.
Realty firm Sobha soared to a 2 year-high on upbeat operational update. Shares of the company closed at Rs 399 a piece, up 16.24 per cent.
On the global front, oil hit a one-month high near $55 a barrel on Wednesday as a drop in US inventories raised hopes that Opec-led supply restraint is clearing a glut, while an outage at a UK North Sea oilfield lent support.
Chinese stocks ended higher led by the Shanghai benchmark posting its best day in eight months, as investors cheered Beijing's decision to launch a new economic zone in Hebei province.
The blue-chip CSI300 index rose 1.4 per cent to 3,503.89 points, while the Shanghai Composite Index gained 1.5 per cent to 3,270.31 points.
European stocks opened higher.
