Sensex, Nifty touch new record highs

Positive global cues and optimism over the upcoming quarterly earning results pushed the Indian equity markets to new closing highs on Wednesday.

Besides, the NSE Nifty touched a new record high level of 9,367 points intra-day trade. The BSE Sensex also effected a new record high of 30,167 points during intra-day trade.

Apart from positive global cues, appreciation in the rupee supported the rally in equity markets.

The wider 51-scrip Nifty of the National Stock Exchange (NSE) closed the day's trade higher by 45.25 points or 0.49 per cent at 9,351.85 points -- a new closing high.

The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange, which opened at 30,030.20 points, closed trade at 30,133.35 points -- up 190.11 points or 0.63 per cent from its previous close at 29,943.24 points.

The Sensex touched a high of 30,167.09 points and a low of 29,968.57 points during the intra-day trade.

The barometer's previous record high stood at 30,024.74 points which was reached on March 4, 2015.

In terms of the broader markets, the S&P BSE mid-cap index, however, closed lower by 0.12 per cent, while the small-cap index dipped by 0.63 per cent.

"Markets rallied further on Wednesday with the Nifty and Sensex closing at new highs. It was the third consecutive session of gains for the Nifty," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.

"The session was filled with volatility as key benchmark indices sharply pared gains in mid-afternoon trade after hitting fresh intra-day high earlier in the day and later recovering again towards the close."

Jasani observed that major Asian markets have ended on a positive note, whereas European indices like FTSE 100 and DAX traded lower.

According to Anand James, Chief Market Strategist of Geojit Financial Services, global positivity helped the rally to sustain early in the day, though derivatives expiry led to volatility which prompted long liquidation in the closing hour.

"Niti Aayog's stress on the need for lower land prices for affordable housing may have put pressure on realty, while RBI favouring more consolidation of PSBs helped BankNifty to continue its outperformance over benchmark index," James explained.

--IANS

rv/dg