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Equities surge to new highs; global cues, results fuel upsurge (Lead)

Mumbai, Nov 1 (IANS) Positive global cues, coupled with a strong rupee and healthy buying in banking, metals and FMCG stocks, propelled the key Indian equity indices to new record highs during the mid-afternoon trade session on Wednesday.

According to market observers, expectations of upbeat quarterly results, as well as the latest report that India for the first time has moved into the top 100 in the World Bank’s Ease of Doing Business global rankings riding on sustained government reforms, gave a boost to investors’ sentiments.

Around 1.05 p.m., the broader Nifty50 of the National Stock Exchange (NSE) rose by 105.05 points, or 1.02 per cent, to trade at a fresh high of 10,440.35 points.

On an intra-day basis, the Nifty50 scaled a new high of 10,451.65 points — surpassing its previous high of 10,384.50 points touched on October 30.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,344.23 points, traded at 33,625.56 points — surging 412.43 points or 1.24 per cent — from its previous close at 33,213.13 points.

The Sensex has so far touched a high of 33,651.52 points during intra-day trade, breaching its previous record high of 33,340.17 points (October 30).

The BSE market breadth was bullish — 1,625 advances and 1,002 declines.

“The BSE Sensex jumped more than 250 points to hit an all-time high on Wednesday after closing lower in the previous session. The broader NSE’s Nifty, too, rose in the morning hours to cross the 10,400 mark for the first time,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“The Indian rupee opened at six-week high against the US dollar. India’s ranking in the World Bank ease of doing business survey for 2018 climbed a record 30 notches to 100 as a range of regulatory and policy reforms put in place by the Union and state governments over the past four years started delivering results,” he added.

On Tuesday, the benchmark indices closed on a flat-to-negative note as investors booked profits in metals, automobile and IT stocks.

The Nifty50 closed lower by 28.35 points, or 0.27 per cent, at 10,335.30 points, while the Sensex closed at 33,213.13 points — down 53.03 points or 0.16 per cent.

–IANS
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