Sensex, Nifty at record closing high ahead of PM Modi's swearing-in ceremony
TIMESOFINDIA.COM | Updated: May 30, 2019, 15:58 ISTHighlights
- On the BSE index, NTPC, Bharti Airtel, Yes Bank, TCS, Bajaj Finance, SBI and Reliance Industries were among the major gainers with their stocks surging as much as 3.32 per cent
- 21 out of 30 stocks witnessed gains on the BSE platform
(Representative image)NEW DELHI: Equity indices on Thursday finished in green with the benchmark BSE sensex rising over 300 points ahead of Prime Minister Narendra Modi's swearing-in ceremony. Sensex soared 330 points or 0.84 per cent to finish at record closing of 39,832, while the broader NSE Nifty moved 85 points or 0.71 per cent to settle at fresh closing high of 11,945.
On the BSE index, NTPC, Bharti Airtel, Yes Bank, TCS, Bajaj Finance, SBI and Reliance Industries were among the major gainers with their stocks surging as much as 3.32 per cent. 21 out of 30 stocks witnessed gains on the BSE platform.
On NSE, sub-indices Nifty Financial Service and IT gained the most, up as much as 1.16 per cent.
"A stable government is attractive and stocks are outperforming on hopes of new policies," AK Prabhakar, head of research at IDBI Capital, told news agency Reuters.
"After today's ceremony (ministry announcements), we'll look at budget, tax reforms and based on these markets are positive," he added.
Investors are also cautious ahead of the expiry of May futures and options (F&O) contracts, traders said.
Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.
(With agency inputs)
On the BSE index, NTPC, Bharti Airtel, Yes Bank, TCS, Bajaj Finance, SBI and Reliance Industries were among the major gainers with their stocks surging as much as 3.32 per cent. 21 out of 30 stocks witnessed gains on the BSE platform.
On NSE, sub-indices Nifty Financial Service and IT gained the most, up as much as 1.16 per cent.
"A stable government is attractive and stocks are outperforming on hopes of new policies," AK Prabhakar, head of research at IDBI Capital, told news agency Reuters.
Modi govt 2.0: PM to meet those selected for ministerial berths before swearing-in
MPs selected for ministerial berths will meet Prime Minister Narendra Modi at his residence at 4.30 pm on Thursday, shortly before the swearing-in ceremony, sources said.
"After today's ceremony (ministry announcements), we'll look at budget, tax reforms and based on these markets are positive," he added.
Investors are also cautious ahead of the expiry of May futures and options (F&O) contracts, traders said.
Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.
(With agency inputs)
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