Nifty takes a leap, hits record 9,123 on BJP’s poll success

BSE, cross currency, derivatives, INR, US Dollar (USD), Pound Sterling (GBP) - USD, USD - Japanese Yen (JPY), Business, NewsMobile, Mobile News, India

The BJP’s landslide victory in UP and Uttarakhand worked wonders for the market as the Nifty hit an all-time high of 9,123 and the Sensex soared 616 points in opening trade today after a gush of capital inflows.

What made mood more buoyant was better than expected industrial output numbers. IIP (index of industrial production) in January bounced back by expanding 2.7 per cent year-on-year.

All sectoral indices led by bank, capital goods and realty were in the positive zone with gains up to 2.20 percent.

The 50-share NSE Nifty climbed 188.20 points, or 2.10 percent, to record an all-time high of 9,122.75 intra-day, surpassing its previous corresponding figure of 9,119.20 on March 4, 2015.

The 30-share Sensex too zoomed 615.70 points, or 2.12 percent, to trade at 29,561.93, a level last seen on March 4, 2015. The gauge had gained 44.29 points in the past two sessions.

Markets were shut yesterday on account of Holi.

Sentiment turned extremely bullish as the BJP’s huge victory in Uttar Pradesh and Uttarakhand is seen as giving a fillip to the government’s reform agenda, which triggered a flurry of buying by participants, including foreign and domestic institutional investors.

Besides, expectations of more liquidity in bourses had a positive impact, traders added.

Also Read: British MPs approve bill to begin Brexit

Sectorally, the BSE bank index gained the most, rising 2.20 per cent, followed by capital goods 2.10 per cent and realty by 1.61 per cent.

In rest of Asia, Shanghai Composite and Hong Kong’s Hang Seng were up while Japan’s Nikkei dropped in early trade today as investors look ahead to the Federal Reserve’s policy meeting this week.

The US Dow Jones Industrial Average lost 0.10 percent yesterday.

Also Read: Supreme Court to hear Congress’ petition against Manohar Parrikar as Goa CM

LEAVE A REPLY

Please enter your comment!
Please enter your name here