BSE Sensex gained over 50 points to end at a new peak of 31,159.40, Nifty spurted almost 20 points to finish at 9,624.55.
Stocks continued their record- setting run for the fourth straight session on Tuesday with both the Sensex and Nifty finishing at lifetime highs as investors cheered the early arrival of monsoon. The BSE Sensex gained over 50 points to end at a new peak of 31,159.40, while the broader Nifty spurted almost 20 points to finish at 9,624.55.
Monsoon rains hit Kerala and the North East on Tuesday, two days before the normal onset date, boosting optimism about a rebound in the rural economy. Recouping previous losses, healthcare emerged as the top performing sector as participants opted for value-buying.
The BSE 30-share Sensex resumed higher at 31,111.73 and weathered bouts of volatility to touch a new all-time intra- day high of 31,220.38, surpassing its previous record of 31,214.39, reached in Monday's trade. It shed some gains on profit-booking and settled at 31,159.40, up 50.12 points, or 0.16%.
The Sensex surpassed its previous record closing of 31,109.28 hit on Monday. In four days, the index has gained 857.76 points. Similarly, the broader 50-issue NSE Nifty after shuttling between 9,635.30 and 9,581.20, settled at 9,624.55, up 19.65 points, or 0.20%. It broke its previous record closing of 9,604.90, hit on Monday.
Domestic institutional investors (DIIs) have been on a robust buying spree, partly offsetting the capital outflows by foreign funds and discouraging results posted by some bluechips, brokers said. DIIs bought shares worth a net Rs 290.53 crore, while foreign portfolio investors (FPIs) sold shares worth Rs 709.97 crore on Monday, as per provisional data from the stock exchanges. However, Sebi's tightening of P-Note norms tempered the mood, they added.
"Market traded range-bound as investors started booking profit due to recent rally. The arrival of monsoon ahead of IMD's schedule and the buoyancy to drive the consumption demand will keep the positive vibes in the market.
"Healthcare sector rebounded after a sharp correction due to the advantage of valuation and a prospect of long term story," said Vinod Nair, Head of Research, Geojit Financial Services. Among the sectoral indices, healthcare rose 2.28%, followed by realty 1.16%, banking 0.59%, oil&gas 0.53%, auto 0.48%, IT 0.41% and metal 0.26%. Adani Ports topped the gainers list in the Sensex pack by bouncing 3.43% after the company on Tuesday said it has reached an agreement with Queensland government on royalty payment for its US $16.5 billion Carmichael coal mine project in Australia.
It was followed by NTPC 3.17%, Dr Reddy's 2.33%, Hero MotoCorp 2.21%, ICICI Bank 1.89%, Lupin 1.87%, ONGC 1.86%, Gail 1.68%, SBI 1.55%, Cipla 1.38% and Axis Bank 1.34%. However, Power Grid fell 2.16%, ITC 1.77%, HDFC 1.18%, L&T 1.18%, Bharti Airtel 1.09% and TCS 0.77%. Overseas, markets in Hong Kong and China were closed for a public holiday. Japan's Nikkei was down 0.02%. European shares were also weak as investors shifted their attention to political events. CAC France, FTSE London and Dax Frankfurt lost between 0.54% and 0.03%.
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