Sensex scales Mount 30,000

Mumbai, April 26

Markets raced past milestones on a record-setting spree today, with the benchmark Sensex closing above the 30,000-mark for the first time, while the broader Nifty hit a new peak, buoyed by unabated funds inflows and a global rally.

Stocks saw frenzied buying, in line with global shares, which have been on a high after the first round victory of centrist Emmanuel Macron in French presidential elections.

Investors are also keeping an eye on US President Donald Trump’s much-awaited tax reforms. Traders said the impressive show by the ruling BJP in Delhi civic polls added to the positivity.

The BSE 30-share Sensex opened on a strong footing and surged to a lifetime high of 30,167.09 points in intra-day trade, before settling at 30,133.35, up 190.11 points.

This surpassed its previous record close of 29,974.24, reached on April 5. The gauge had hit its previous intra-day high of 30,024.74 on March 4, 2015.

The Sensex has gained 768.05 points in three days.

Similarly, the NSE Nifty scaled a new high of 9,367 before finally settling 45.25 points higher at 9,351.85, a new record closing.

Its previous closing high of 9,306.60 was hit in yesterday’s trade. It also broke the previous intra-day record of 9,309.20.

The rupee strengthened past the 64-mark to a near 21-month high of 63.93 (intra-day) against the dollar, which added to the momentum.

Meanwhile, foreign portfolio investors (FPIs) and domestic institutional investors bought shares worth a net Rs 178.82 crore and Rs 998.26 crore, respectively yesterday, as per provisional data from the stock exchanges.

Overseas, Asian indices ended higher following overnight rally in US stocks on strong earnings announcements and expectations surrounding US President Donald Trump’s impending tax reforms.

Back home, of the 30-share Sensex pack, 18 scrips ended higher while 12 closed lower.

Major gainers were ITC 3.36%, M&M 3.29%, HDFC 2.36%, HUL 1.78%, ICICI Bank 1.61%, Tata Motors 1.17%, Airtel 1.14%, Maruti 0.88%, HDFC Bank 0.73% and Asian Paints 0.73%.

"Market has made a higher high on account of rising global optimism due to ease in political risk in Eurozone and expectation of tax reform in the US.

"Volatility emerged during the late hours due to profit booking but short covering ahead the expiry navigated the direction back to north. Optimism on earnings and continued buying by local investors is directing the recent rally in the market," said Vinod Nair, Head of Research, Geojit Financial Services. — PTI