Buying support buoys equity markets


The BSE Sensex continued with its record setting spree to quote at an all-time high of 30,346.69 while the NSE Nifty scaled a new peak of 9,450.65 in opening trade on Thursday on sustained fund inflows, largely driven by forecast of a normal monsoon, amid positive Asian cues.

Mumbai/Bhubaneswar: Benchmark equity indices Sensex and Nifty on Wednesday, after consolidation, surged to record high on the back of board based buying interest. The 50-share NSE Nifty also dipped under selling pressure in the last half hour of trade and closed 12 points higher. It was followed by Bajaj Auto 3.12 percent, Adani Ports 2.28 percent, SBI 1.15 percent, ITC 1.00 percent, Sun Pharma 0.93 percent and Wipro 0.89 percent.

The BSE Sensex rose more than 1 percent on Thursday to its highest close in a month as stocks of blue chip companies such as.

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The monsoon delivers about 70 per cent of India's annual rainfall and is a critical factor as almost half of the country's farmland lacks irrigation. "It later shifted into sideways range for better part of the day and slipped into decline towards the end", Deepak Jasani, Head (Retail Research), HDFC Securities, told IANS.

The indices had ended at record highs in yesterday's session as well after the weather office said monsoon rainfall this year will exceed its earlier forecast, easing inflation worries. NTPC, Tata Motors, Hero Motocorp, HDFC and Infosys are down marginally. Key indices in China, Hong Kong, Japan, singapore, South Korea and taiwan rose up to 1.16 per cent.

The 30-share barometer was trading higher by 159.62 points, or 0.53 per cent, at 30,092.87 with all sectoral indices led by FMCG, metal, consumer durables, oil & gas and power leading the rally.

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According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the equity benchmark indices traded with firm sentiments throughout the session tracking positive global cues and appreciation of the rupee against the United States dollar.

HCL Technologies, a constituent of the Nifty, fell 0.4% to 838.65 rupees.

In terms of the broader markets, the S&P BSE mid-cap index rose by 0.50 per cent while the small-cap index was up 0.70 per cent.

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