The Sensex has gained till date since Modi government came into power stand at 24.41%
Bulls rejoiced on the eve of Modi government's three-year completion, with the Sensex climbing 448 points to make a fresh record high and Nifty again crossing the 9500 mark.
The rally was fuelled by the US Federal Reserve hinting cautious approach to future rate hikes due to the economic slowdown.
The BSE Sensex hit a fresh high at 30750.03, rising 448.39 points, or 1.48%, while the broader Nifty surged 149.20 points to 9509.75. Sensex last ended at an all-time high on May 17. On the other hand, the broader Nifty breached the 9500 mark yet again, surging 149.20 points, or 1.59%, after retreating to 9300 in the previous two sessions.
The Sensex has gained till date since Modi government came into power stand at 24.41%.
It rose 16.62% in the third year and 11.84% in the first year of the government. However, it fell 5.99% in the second year.
Thursday's rally was led by industrial equipment makers and banks. Larsen & Toubro rose 5% while Ashok Leyland jumped 4.6% after its fourth-quarter net profit and revenue beat estimates. Bharat Financial Inclusion jumped 9.6% followed by ICICI Bank, HDFC Bank and Infosys. Voltas rose another 6.25%. However, Lupin plunged 7.31%.
The BSE Capital Goods index rallied the most, up 3.52%. Banking spiked 2.82%, IT 2.32% and realty 2.01%. The small-cap and mid-cap indices climbed 2.01% and 1.35%, respectively.
While experts were anticipating some index fluctuation on Thursday owing to the expiry of derivatives contracts for May, the India VIX, a gauge of expected stock-price swings, fell 12% since 2007.
The rupee gained strength for the second day against the dollar that bolstered sentiment, appreciating 25 paise to trade at 64.48.
Despite the recent highs, experts remain bullish Nifty will recoil to 9400 in the near term. Investors are advised to stay on the positive side and use any intra-day fall towards 9480–9450 to create long positions, say experts.
"We are seeing a higher roll over cost across stocks with Nifty roll cost of 52-55 bps, highest in last 12 months (this is considering 46 bps of dividend). A good rollover percentage in auto names and higher roll cost suggest the sector will outperform next month, while lower roll cost in PSU banks suggest the sector to underperform next month," S Hariharan, head - sales trading, Emkay Global Financial Services, said.
The rally in domestic equities was largely in line with the upsurge in Asian markets reflecting overnight gains on the Wall Street. Key indices like Hong Kong's Hang Seng, China's Shanghai Composite and Japan's Nikkei ended higher. In Europe, while London's FTSE closed the day with gains, Germany's Dax Performance Index closed lower.
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The Sensex has gained till date since Modi government came into power stand at 24.41%.
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