Equity indices scale new peaks

Mumbai, Jun 3 (PTI): | Publish Date: 6/4/2019 12:00:00 AM IST

Benchmark indices Sensex and Nifty Monday logged their fresh life-time closing highs on buying across the sectors, triggered by hopes of further rate cut by the RBI and continuity in reform measures by the new central government.   

The 30-share BSE Sensex zoomed over 553 points to close at a record high of 40,267.62; while the 50-share Nifty surged nearly 166 points to settle at 12,088.55 -- all-time closing peak for the index. 

Both indices also clocked their intra-day record highs by briefly touching 40,308.90 and 12,103.05, respectively, during the session.   

Market analysts said Indian markets went against the trend seen on other bourses as investors were buoyed by falling crude oil prices, foreign fund inflows and hopes of rate cut by the Reserve Bank. Besides, market participants are expecting more strong reform measures by the new NDA government after a landslide victory in the general election, they added. 

The Sensex majorly gained riding on a significant rally in heavyweights like HDFC twins, Reliance Industries and TCS.

In percentage terms, however, Hero MotoCorp topped the Sensex chart by surging 6.01 per cent. Other major gainers were Bajaj Auto, IndusInd Bank, Asian Paints, HUL, and Maruti, rallying up to 3.92 per cent.    

Barring ICICI Bank, NTPC and ITC, all Sensex constituents ended in the green.

Sectorally, BSE auto, healthcare, energy, consumer durables and metal were the top performers -- rising as much as 1.93 per cent.

All the 19 sectoral indices closed with gains. 

However, broader indices BSE midcap with 0.90 per cent rise and smallcap with 0.48 per cent gains underperformed the benchmark Sensex. 

The BSE gauge swung 598 points during the session and finally settled 553.42 points, or 1.39 per cent, higher at 40,267.62. The broader NSE benchmark surged 165.75 points, or 1.39 per cent, to settle at 12,088.55.

According to experts, investors lapped up stocks amid expectations of an interest rate cut by Reserve Bank of India (RBI) this week, especially after a disappointing GDP print for the March quarter.

Data from Central Statistics Office (CSO) showed that India’s economic growth rate slowed to five-year low of 5.8 per cent during January-March quarter of 2018-19.

The growth rate of the economy has weakened mainly due to poor performance in the farm sector as well as in the manufacturing sector.

The RBI may go for another round of rate cut, third in a row, on Thursday to prop up the economic growth which dropped to a five-year low in the final quarter of 2018-19, experts said.

The RBI’s Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy Thursday. The central bank had cut the short-term lending rate (repo rate) by 25 basis points each in its last two policy reviews.

The MPC headed by RBI Governor Shaktikanta Das will meet for three days beginning June 3 to firm up the second bi-monthly monetary policy of the fiscal.

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