Sensex, Nifty hit new high on Lok Sabha exit polls forecast
BSE Sensex hit yet another record high of 23,921.91 in opening trade today on heavy fund inflows
All the sectoral indices led by oil and gas, PSUs, power, banking, realty and capital goods sectors were trading in the positive zone with gains up to 2.21 per cent.
The 50-share NSE Nifty also breached the psychological 7,100 mark for the first time by surging 101.95 points, or 1.45 per cent, to trade at a new high of 7,116.20.
The 30-share Sensex rose by 370.91 points, or 1.57 per cent, to trade at an all-time high of 23,921.91, surpassing its previous intra-day record of 23,572.88 reached yesterday. The gauge had rallied over 1,206 points in the past two sessions.
Brokers said sustained capital inflows by foreign funds at the domestic bourses and widespread buying by retail investors after exit polls showing the BJP-led NDA forming the government lifted the key indices to new highs.
Further, a firming trend in other Asian markets following overnight gains on the US bourses buoyed the trading sentiment here, they said.
Sectorally, the BSE oil and gas sector index gained the most, rising 2.21 per cent, followed by PSU index 2.16 per cent and capital goods by 1.98 per cent.
Among other Asian markets, Hong Kong’s Hang Seng rose 0.78 per cent while Japan’s Nikkei gained 1.79 per cent in early trade today.
The US Dow Jones Industrial Average gained 0.68 per cent to close at record high in yesterday’s trade.
Rupee up 28 paise against dollar in early trade
The rupee erased its early gains but was still quoted higher by 28 paise to 59.77 against the American currency in morning trade on fresh selling of dollars by banks and exporters on the back of persistent foreign capital inflows into equity market.
Weakness of the dollar in the overseas market also boosted the rupee, a forex dealer said.
The rupee resumed higher at 59.70 per dollar as against the last closing level of 60.05 at the Interbank Foreign Exchange market and firmed up further to a high of 59.59 before quoting at 59.77 per dollar at 1000 hours.
It hovered in a range of 59.59-59.78 per dollar during the morning deals.
Banks and exporters preferred to reduce their dollar position on hopes of more foreign capital inflows on the back of strong equity market.
In New York market, the dollar fell against the British pound yesterday as investors looked ahead to two key UK data reports due Wednesday that could determine if the pound takes another run higher to the USD 1.70 level.