Equities soar on domestic cues, key indices touch new high

Equities soar on domestic cues, key indices touch new high

Positive domestic cues, coupled with a strong rupee and healthy buying in capital goods and consumer durables sectors, gave a fillip to the Indian equity markets during the mid-afternoon trade session on Monday.

Both the key Indian indices touched new 52-week high levels during the intra-day trade.

The NSE Nifty made a record high opening at 9,220.60 points and touched a fresh 52-week high of 9,224.65 points. Similarly, the BSE Sensex touched a new high of 29,858 points.

Healthy macro-economic data — the Nikkei India Manufacturing Purchasing Managers’ Index (PMI) which showed that India’s manufacturing activity rose to 52.5 in March from 50.7 in February — aided the upward trajectory of the key Indian indices.

Besides, investors’ sentiments were buoyed by the passage of the Goods and Services Tax Bill 2017 — a major tax reform — and Finance Minister Arun Jaitley’s pegging India’s GDP growth at 7.7 per cent in 2018.

At around 1.40 p.m., the wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 49.85 points or 0.54 per cent to 9,223.60 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 29,737.73 points, traded at 29,853.82 points — up 233.32 points or 0.79 per cent from the previous close at 29,620.50 points.

The Sensex has so far touched a new 52-week high of 29,858 points and a low of 29,705.72 points during the intra-day trade.

The BSE market breadth was bullish — with 1,922 advances and 776 declines.

On Friday, the benchmark indices closed on a flat note as negative global cues hampered investors’ sentiments.

The NSE Nifty closed flat — unchanged at 9,173.75 points, while the BSE Sensex closed at 29,620.50 points — down 26.92 points or 0.09 per cent.

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