Mumbai: Euphoric stock markets on Tuesday surged 1.71 percent to a record high while the rupee hit a 16-month peak on Tuesday, as a big win for the Bharatiya Janata Party (BJP) in the state elections. Just when it appeared stocks were dropping steam to maintain the bullish impetus available in the market, Reliance Industries, an underperformer in the past few years, rose to the occasion. A sharp rally in its shares and people of software behemoth TCS helped NSE’s benchmark Nifty cross 9000 when it comes to very first time.
BSE Sensex closed at 29,442.63, up 496.40 points or 1.71%, while NSE Nifty ended at 9,087, up 152.45 points or 1.71%. During the intraday, Nifty had also crossed 9,100-mark.
The Sensex of the S&P Bombay Stock Exchange (BSE), which opened at 29,500.19 points, closed at 29,593.73 points (provisional), up 134.59 points or 0.46 percent through the previous day’s close at 29,459.14 points.
On 30-share benchmark, among top gainers were ICICI Bank (5.99%), Hindustan Unilever (4.54%), Larsen & Toubro (4.40%), HDFC (3.69%) and Sun Pharma (3.61%). Among top losers were Bharti Airtel (-0.95%), Axis Bank (-0.88%), Coal India (-0.76%), Gail (-0.59%) and Bajaj Auto (-0.20%).
All the sectors on BSE performed well except Metal. The banking sector was number one gainer as it closed 2% up or 456.92 points.
Analysts try not to expect a sharp rally within the benchmark indices when you look at the near-term though FIIs are growing long positions in Nifty futures. “In the absolute short-term, I am a bit circumspect about markets rising sharply because there is no breakout. This is not going to be a runaway market and activity will be seen in pockets,” said Siddarth Bhamre, head – derivatives and technical research, Angel Broking.
“Reliance and TCS is performing well which lead Nifty to a good scale. It is very short-time as Nifty has rose over expectation. Pockets can be heavy for many of good investors,” said Bhavin Thakkar, owner and creator of mPiler – The Advisory Club.