Close to 100 stocks trading nearing lifetime high on BSE
12 May 2017, 01:19 | Virginia Benson
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With investors' positive sentiment that widened their buying spree following the forecast of a normal Monsoon this year by Indian Meteorological Department (IMD), benchmarks Sensex and Nifty surpassed its previous record closing and hit fresh record highs on Wednesday.
The BSE Sensex zoomed 264 points to quote at an all-time high of 30,197.66, while the broader NSE Nifty scaled 9,390.15.
On similar lines, the NSE Nifty, after hitting an all- time high of 9,414.75, settled higher by 90.45 points, or 0.97 per cent at 9,407.30.
The Sensex and Nifty were trading flat due to heavy selling in power, oil & gas, PSU and capital goods stocks amid weak European cues.
Major contributors to the key indices were HeroMoto, Bajaj Auto, Adani Ports, ITC, Sun Pharma, and SBI.
The BSE market breadth was bullish - with 1,577 advances and 988 declines.
Midcaps and banks gained around half a percent, along with the IT index.
The indices had ended at record highs in yesterday's session as well after the weather office said monsoon rainfall this year will exceed its earlier forecast, easing inflation worries.
The total turnover on BSE amounted to Rs 4,031.10 crore, higher than Rs 3,625.49 crore registered during the previous trading session.
The rupee gained marginally at 64.52 to the U.S. dollar on Thursday in early session.
"We believe Hero MotoCorp is the best pick, with a likely revival in the rural economy, as approximately 50% of sales are in the rural markets", HDFC Securities said in a note.
Among the top gainers were Bharti Airtel, HDFC and Hindustan Unilever, while Wipro, Tata Consultancy Services, IDBI Bank, Biocon and ICICI Bank incurred losses. Hong Kong's Hang Seng index closed up 0.4%, while South Korea's Kospi index ended 1.2% higher.
Elsewhere in Asia, China's Shanghai Composite index and Japan's Nikkei 225 index rose 0.3% each. State Bank of India and Bank of Baroda climbed 0.8 per cent and 1 per cent, respectively.
The shares of the mid-cap and small-caps showed good trade as indices of both were up, approximately to a percent each.
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