Sensex scales record high, hits 30K, Nifty50 holds above 9,300

NEW DELHI: Benchmark indices opened at a new all-time high on Wednesday on strong global cues, strengthening of rupee to 64 a dollar level, in line quarterly earnings and firm liquidity in the market. Easing geopolitical tensions too pushed stocks higher.

The BSE Sensex hit its record high level of 30,071.61, surpassing its previous high of 30,024 made in March 2015. At 9.30 am, the index was trading 100 points, or 0.34 per cent, higher at 30,043.65. Nifty50 which hit 9,300 for the first time on Tuesday, rallied and hit its fresh all-time high of 9,343.15
The index was later trading at 9,332.25, up 0.28 per cent.

The BSE Sensex has rallied over 12 per cent this calendar, outperforming global peers. Foreign investors investing in India have infact generated 19 per cent return on their investments as suggested by Dollex 30 index. The outcome of Round 1 of French elections that held on April 23 in favour of Centrist Emmanuel Macron a pro-European Union ex-banker has been cheered by global markets. Earnings of index heavyweight Reliance Industries too have instilled confidence among investors. Besides, one could not undermine the roll of short coverings ahead of expiry of April futures and options series contracts.

“Going forward, sustenance of positive results momentum and more importantly management commentary about FY18 earnings recovery prospects will be a key thing to monitor as valuations do not offer much comfort from hereon,” said Gautam Duggad, Head of Research at Motilal Oswal Securities.
Among Sensex stocks, Wipro climbed 2.28 per cent to Rs 505.85 on BSE after better-than-expected Q4 results. Mahindra & Mahindra (M&M) rose 1.15 per cent to Rs 1,322 per cent.

Axis Bank advanced 1.02 per cent to Rs 520.40 ahead of its quarterly earnings. The private sector lender Axis Bank is likely to report subdued net profit growth for the quarter ended March 31 on Wednesday. Edelweiss Securities in a research note said, “While earnings of retail heavy private banks are expected to be stable, those of corporate heavy banks such as Axis Bank will be under pressure on elevated credit costs.”

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