Mumbai : Making record a habit of sorts, the Nifty on Wednesday closed above 10,000 in a first and the Sensex set a fresh life high, powered by unabated capital inflows amid quarterly earnings optimism.
Speculators covered their short positions ahead of the July derivatives expiry tomorrow, building up the momentum. FII inflows ensured there is enough liquidity to support the stocks despite lingering concerns over stretched valuations, reports PTI.
“Better first quarter results and short covering ahead of F&O expiry took the market to new heights… On the global front, rising consensus expectations for status quo on US key interest rate is providing support to the market,” said Vinod Nair, Head of Research, Geojit Financial Services.
After hitting a fresh intra-day life high of 10,025.95, the 50-share NSE index ended at a new peak of 10,020.65, up 56.10 points, or 0.56 per cent, surpassing its last closing record of 9,966.40 hit on July 24.
Metal stocks contributed big, tracking a rally in global commodity prices — particularly base metals on expectations of rising demand from China and a weak dollar. Vedanta rallied 2.33 per cent at a three year high after the company’s consolidated profit after tax doubled for the June quarter.
Tata Steel, Jindal Steel and Power and Hindustan Zinc went higher by up to 8.37 per cent. The 30-share Sensex rallied to an all-time high of 32,413.63 too, before ending up 154.19 points, or 0.48 per cent, at a new record 32,382.46.
It broke previous closing high of 32,245.87 reached on July 24. The gauge has lost 17.60 points.
Nifty will continue to symbolise India’s growth story: Limaye
With the NSE benchmark index closing above the 10,000 mark for the first time in history, its chief Vikram Limaye said Nifty 50 will continue to symbolise India’s growth story across the world.
After hitting a fresh intra-day life high of 10,025.95, the 50-share NSE index ended at a new peak of 10,020.65, up 56.10 points, or 0.56 per cent, surpassing its last closing record of 9,966.40 hit on July 24, reports PTI.
Speaking at the bell-ringing ceremony in Mumbai to celebrate Nifty 50 closing beyond 10,000 points, Vikram Limaye, MD and CEO, NSE said, “Over the years, Nifty 50 has become a coveted global brand. I am confident that with the support of all the stakeholders, Nifty 50 will continue to symbolise India’s growth story across the world.” “I am optimistic about the country’s medium to long term growth prospects. Political and macro-economic stability are two important ingredients for any investor and on both these counts, India is doing exceedingly well,” he said.