Sensex, Nifty hit fresh lifetime highs on positive monsoon forecast

The benchmark indices Sensex and Nifty extended gains to hit their fresh record highs on Wednesday tracking positive trade seen in Asian markets, while back home the Indian Meteorological Department (IMD) stating that the prospects of the monsoon have brightened due to reduced chances of El-Nino, also contributed to the gains.

The 30-share Sensex rose as much as 274 points to its record high of 30207, while the 50-share Nifty added 75 points to its lifetime high of 9,392. The last time, both the indices had hit their respective fresh highs on May 05. 

At 11:53 am, the S&P BSE Sensex was trading at 30,160, up 227 points, while the broader Nifty50 was ruling at 9,381, up 64 points. 

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices added 0.9% and 0.8%, respectively. 

"The support for the index remains at 9,270 (89-EMA level on the hourly chart), which we believe would provide a rock solid support in the near term. On the flipside, we continue to see this uptrend getting extended gradually towards the 9,400 mark," said brokerage Angel Broking in a research note. 

Buzzing stocks

Among NSE indices, the Nifty FMCG index was the leading sectoral gainer led by gains in Hindustan Unilever (HUL) GlaxoSmithKline Consumer Healthcare, United Spirits and Emami, which gained anywhere between 3-5%. HUL hit its all-time high of Rs 998 on the NSE. 

Bharti Airtel pared all its losses to gain over 7% to Rs 360 even as the telecom giant registered a sharp 72% decline in consolidated net income at Rs 373.4 crore for the fourth quarter ending on March 2017, hit by "sustained predatory pricing" by newcomer Reliance Jio. 

Jubilant Life Sciences gained over 3% to Rs 796 after the company said it has restarted its manufacturing operations at Gajraula in Uttar Pradesh, except distillery unit.  

Among losers, InterGlobe Aviation tanked over 3% to Rs 1104 after the owner of the country's largest airline IndiGo posted a nearly 25% fall in net profit at Rs Rs 440 crore in the March quarter of financial year 2016-17, hurt by rising fuel costs.

Earnings today

Phoenix Mills, Kirloskar Oil Engines, Hero MotoCorp, Zee Entertainment, Bharat Dalmia, Siemens and MIC Electronics are among BSE-listed companies scheduled to report March quarter results today. 

Monsoon rains expected to be above average

India looks likely to receive above average monsoon rainfall as concern over the El Nino weather condition has eased in the past few weeks, the chief of the weather office said on Tuesday, raising prospects of higher farm and economic growth.

The state-run India Meteorological Department (IMD) on April 18 forecast this year's monsoon rains at 96 per cent of a 50-year average of 89 cm.

"Things have changed for good since then," K J Ramesh, director general of the state-run India Meteorological Department, told Reuters in an interview.

'3% GDP growth not achievable this year in US' 

The US economy will fall short of the Trump administration's goal of 3% growth this year and will only achieve that when its regulatory, tax, trade and energy policies are fully in place, Commerce Secretary Wilbur Ross said on Tuesday.

The GDP target "is certainly not achievable this year," Ross told Reuters in an interview. "The Congress has been slow-walking everything. We don't even have half the people in place."

Global markets

Asian markets were trading higher. China's Shanghai Composite was op 0.3%, Hong Kong's Hang Seng gained 0.9%, while Japan's Nikkei added 0.3%. 

The S&P 500 fell on Tuesday after edging up to an intra-day record high for the second straight session, while Apple became the first US company to close with a market capitalization above $800 billion.

The Dow Jones Industrial Average declined 0.17% to end at 20,975.78 points and the S&P 500 lost 0.10% to 2,396.92 points.

The Nasdaq Composite added 0.29% to close at a record high of 6,120.59, helped by Apple.

(With inputs from Reuters)