Sensex, Nifty hit lifetime highs on normal monsoon forecast

Representational Image

Representational Image

The party continues on Indian stock markets, with the benchmark indices consolidating their previous day's gains and hitting new highs on Thursday in early trade, tracking bullish Asian cues.

On similar lines, the 50-share NSE Nifty gained 15.10 points, or 0.16%, to 9,422.40 after scaling a fresh intra-day high of 9,450.65.

The 30-share index, which opened at 30,309.71, against previous close of 30,248.17 hit an intraday high and low of 30,366.43 and 30,207.11, respectively.

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The S&P BSE Sensex on Thursday settled at 30,250.98, just 3 points up after witnessing a 159-point swing during the day. It was followed by HUL 4.60 per cent, HDFC 3.25 per cent, M&M 2.59 per cent, Reliance 2.17 per cent, Bajaj Auto 1.74 per cent, Axis Bank 1.68 per cent, Maruti 1.53 per cent, Cipla 1.49 per cent and Tata Motors 1.25 per cent.

Brokers said that continued buying by foreign funds as well as retail investors after forecast of a normal monsoon this year lifted the key indices to new highs.

"Most banking stocks now traded with firm sentiments lead by Canara Bank, Bank of India and Bank of Baroda".

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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. The made net investments worth of Rs 333 crore in equities, the stock exchange provisional data shows. Major gainer Hero MotoCorp rose 4.26%.

Market breadth was positive with more than two shares advancing for every share that declined. "But profit booking towards the end of session dragged the stocks off their session highs". "As the companies are able to post good earnings and now on the anticipation of better than normal monsoon, we expect markets to enjoy positive sentiments and see Nifty touching 9,500 in the coming session", said Foram Parekh, Research Analyst, Bonanza Portfolio Ltd. Japan's Nikkei 225 is trading in green, up by 0.21 per cent, Hang Seng was up by 0.24 per cent while South Korea's Kospi was up by 0.78 per cent.

All sectoral indices led by realty, consumer durables, metal, power and capital goods were trading in the positive terrain, rising up to 1.96 per cent.

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