The rally was driven by hopes of earnings growth and continued buying by domestic investors. Rising global optimisim on French elections results and likely announcement of tax reforms by Donald Trump in the US also pushed the markets higher.
The Sensex on Wednesday closed above the 30,000 mark for the first time on strong quarterly earnings and an appreciating rupee which triggered buying activity.
The S&P BSE Sensex ended the session 190 points higher at 30,133.35. The Nifty 50 settled the day at 9,351.85, up 45.25 points at 9,351.85, a new record closing. BSE’s market cap rose to Rs 124.83 lakh crore.
In the banking space, the Bank Nifty index touched the fresh 52-week high of 22276 level up by 222 points. Punjab National Bank was the eye-catcher among the banking stocks which closed higher by 3.66% at Rs 167 per share. The private sector bank stocks like HDFC Bank, ICICI Bank and Kotak Bank while the public-sector bank stocks like State Bank of India and Punjab National Bank were the top contributors to the Bank Nifty’s gains.
Reliance Industries, India’s largest conglomerate, has reported a 12.3 per cent rise in Q4 net profit which bouyed market sentiment. Private sector lender HDFC Bank last week reported a 18.2 per cent growth in net profit at Rs 3,990 crore for the March quarter.
At the time of market closing, the data available with the National Stock Exchange shows that the S Chand IPO got subscribed by 24% on its first day of subscription.
Swaraj Engines Ltd closed higher by 12.71% at Rs 1863.65 per share.
Nucleus Software Exports Ltd. closed higher by 9.58% at Rs 311.2 per share.
Cummins India Ltd. closed higher by 4.15% at Rs 1010 per share.
Apollo Hospitals Enterprise Ltd. closed higher by 4.08% at Rs 1216.5 per share.
The rupee was trading at 63.93 per US dollar.
Top 5 Nifty Gainers: M&M. (3.64%), ITC (3.48%), HINDALCO (3.05%),HINDUNILVR (1.98%) and HDFC (1.79%).
Top 5 Nifty Losers: TECHM (-2.90%), INFRATEL (-2.64%), ADANIPORTS (-2.63%), HCLTECH (-2.31%) and INFY (-1.64%)
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