Sensex closes above 30,000 for first time ever, Nifty ends at 9,351

The market breadth, indicating the overall health of the market, however, turned negative

Extending gains for the third consecutive session, the benchmark indices on Wednesday ended at fresh closing highs tracking gains in Asian and US markets, while back home, a string of solid quarterly results also boosted the sentiment. 

In intraday trade, the S&P BSE Sensex rallied as much as 224 points to 30,167, surpassing its previous all-time high level of 30,024 hit on March 04, 2015, while the broader Nifty50 rose 60 points to 9,367 to hit its fresh lifetime high for second day in a row.

The 30-share Sensex finished at 30,133, up 190 points, while the broader Nifty50 ended at 9,351, up 45 points. 

In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap indices were down 0.1% and 0.6%, respectively.

The market breadth, indicating the overall health of the market, turned negative. On BSE, 949 shares rose and 1,957 shares fell. A total of 139 shares were unchanged.

"Market has made a higher-high on account of rising global optimism due to ease in political risk in Euro zone and expectation of tax reform in the US. Volatility emerged during the late hours due to profit booking but short-covering ahead of the expiry navigated the direction back to north. Optimism on earnings and continued buying by local investors is directing the recent rally in the market," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectors and stocks 

Mahindra & Mahindra (up 3.6%), ITC (up 3.3%) and HDFC (up 2.3%) were the top gainers on Sensex, while Adani Ports, Infosys and Power Grid shed the most.  

Among sectors, Nifty FMCG (up 2.3%) was the top mover, led by gains in ITC, Marico and Brittania, which gained anywhere between 2-3%.  

Nifty Bank settled at fresh high of 22,243, up 0.8%. PNB, IDFC Bank, YES Bank and ICICI Bank were the top movers on the index.

Among individual stocks, IDFC Bank gained as much as 6.5% to hit its highest in more than two months after posting a 7% increase in March quarter profit on Tuesday. The stock settled at Rs 61, up 2% on the BSE.

Nucleus Software Exports hit 52-week high of Rs 330, up 16% in intraday trade after the company said its board has approved buyback of shares at a price not exceeding Rs 350 per share via tender offer. The stock finished at Rs 311, up 9% on the BSE.

Reliance Capital gained 1.6% to Rs 640 after its subsidiary Reliance Home Finance reported nearly twofold rise in net profit at Rs 173 crore for the financial year ended March 31, 2017 against Rs 87 crore a year ago. 

Allcargo Logistics rallied 10% to Rs 198.30 after nearly 15% of total equity of the company exchanged hands via block deal on the counter. The stock ended at Rs 190, up 6%.

Wipro pared morning gains to shed nearly 1%. The stock gained 4% in intraday trade after the company announced issue of bonus shares in the proportion of 1:1, that is 1 bonus shares for every 1 shares held in the company.

Global markets

European markets opened slightly lower on Wednesday ahead of an important tax announcement in the US. The pan-European Stoxx 600 was 0.14% lower, while Germany's DAX and Britain's FTSE 100 were trading flat with negative bias. 

Asian stocks extended gains for a fifth consecutive day on Wednesday, as renewed optimism about the world's biggest economy brightened the outlook for risky assets while the euro held on to previous gains as political concerns in France ebbed.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.5%. Stock markets in Japan and Australia led gainers.

Fanning the market's rally were reports that President Donald Trump's tax reform proposals, due to be announced on Wednesday, would include a slashing of the corporate tax rate and lower taxes on offshore earnings stockpiled by US companies overseas. 

(With inputs from Reuters)